Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
I don't want to take up literature in a money-making spirit, or be very anxious about making large profits, but selling it at a loss is another thing altogether, and an amusement I cannot well afford.
The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.
Insignificant, is the loss of relatives, wealth and fame; The loss of wisdom is the greatest loss. Insignificant, is the increase of relatives, wealth and fame; The increase of wisdom is the highest gain. Therefore, you should train yourselves thus: "We will grow in the increase of wisdom" Thus you should train yourselves.
Stop turning on your emotional television to watch the same program over & over again, the one that shows how much you suffered from a certain loss: that is only poisoning you, nothing else.
It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
Any brief military advantage the USA might gain with nuclear weapons would be offset by political and psychological losses and damage to American prestige. The United States might even touch off a worldwide armaments race.
Joy is the sweet voice, joy the luminous cloud. We in ourselves rejoice! And thence flows all that charms or ear or sight, all melodies the echoes of that voice, all colours a suffusion from that light.