dno
> The Zurich Axioms - how to risk and win
> On Risk Worry is not a sickness but a sign
> of health - if you are not worried, you are
> not risking enough.
> Always play for meaningful stakes - if an
> amount is so small that its loss won't make
> any significant difference, then it isn't
> likely to bring any significant gains
> either.
> Resist the allure of diversification. On
> Greed Always take your profit too soon.
> Decide in advance what gain you want from
> a venture, and when you get it, get out.
> On Hope When the ship starts sinking, don't
> pray. Jump.
> Accept small losses cheerfully as a fact
> of life. Expect to experience several while
> awaiting a large gain. On Forecasts Human
> behavior cannot be predicted. Distrust
> anyone who claims to know the future,
> however dimly.

> On Patterns Chaos is not dangerous until
> it starts to look orderly.
> Beware the historian's trap - it is based
> on the age-old but entirely unwarranted
> belief that the orderly repetition of
> history allows for accurate forecasting in
> certain situations.
> Beware the chartist's illusion - it is
> characteristic of human minds to perceive
> links of cause and effect where none exist.
> Beware the Gambler's fallacy - there's no
> such thing as "Today's my lucky
> day" or "I'm hot tonight".
> On Mobility Avoid putting down roots. They
> impede motion.
> Do not become trapped in a souring venture
> because of sentiments like loyalty and
> nostalgia.
> Never hesitate to abandon a venture if
> something more attractive comes into view.
> On Intuition A hunch can be trusted if it
> can be explained.
> Never confuse a hunch with a hope. On
> the Occult If astrology worked, all
> astrologers would be rich.
> A superstition need not be exorcised. It
> can be enjoyed, provided it is kept in its
> place. On Optimism & Pessimism
> Optimism means expecting the best, but
> confidence mean knowing how you will handle
> the worst.
> Never make a move if you are merely
> optimistic. On Consensus Disregard the
> majority opinion. It is probably wrong.
> Never follow speculative fads. Often, the
> best time to buy something is when nobody
> else wants it. On Stubbornness If it
> doesn't pay off the first time, forget it.
> Never try to save a bad investment by
> "averaging down". On Planning
> Long-range plans engender the dangerous
> belief that the future is under control. It
> is important never to take your own
> long-range plans or other people's
> seriously.
> Shunlong-term investments.