http://www.businessinsider.com/paul-singers-elliottt-has-investing-advice-for-hedge-fund-managers-2017-5
“No security price is too high (or low) that it cannot go higher (or lower);Turns in markets are impossible to time;
Big changes in market prices frequently occur far in advance of when the reasons for the changes become apparent, and by then it is too late to incorporate the new information into one’s trading at the old prices; (this is so true! – nd)
One of the most important reasons to avoid significant losses is to avoid the painful and sometimes terminal effect of severe adversity on the quality of money managers’ decision-making processes; and
A wide and deep education about the world, not just about capital structures, corporate business strategies and industry dynamics, is essential to the long-term success of money managers.”
These lessons “have shaped Elliott’s attitude towards trading, investing, predictability of markets, risk management and building an organization,” Elliott added.