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“In many ways, large profits are even more insidious than large losses in terms of emotional destabilization. I think it's important not to be emotionally attached to large profits. I've certainly made some of my worst trades after long periods of winning. When you're on a big winning streak, there's a temptation to think that you're doing something special, which will allow you to continue to propel yourself upward. You start to think that you can afford to make shoddy decisions. You can imagine what happens next. As a general rule, losses make you strong and profits make you weak.”

“You don't see Los Angeles erecting a museum dedicated to the birth place of the Crips and the Bloods and the Mexican Mafia, with a special guided bus tour highlighting the rise of the crack trade, yet you can hop on a bus in Chicago tomorrow to see the famous locales of murders. I have to imagine there's some wonderful academic book on the sociology of this out there.”