Transcript
Introduction
"You've got to love to lose money, hate to make money, love to lose money, hate to make money. But we are human beings, we love to make money, hate to lose money. So we must overcome that humanness about us." This is Klipp's Paradox, repeated countless times by a sage old Chicago trader named Everett Klipp, and through which I first happened upon an investment approach, one that I would quickly make my own.
This is the roundabout approach. Indeed central to the very message of this book: Rather than pursue the direct route of immediate gain, we will seek the difficult and roundabout route of immediate loss, an intermediate step which begets an advantage for even greater potential gain. This is the age-old strategy of the military general and of the entrepreneur.
Because of its difficulty, it will remain the circuitous road least traveled, so contrary to our wiring and to our perception of time. And this is why it is ultimately so effective. To Klipp, time is not exogenous, but it's an endogenous, primary factor of things and patience the most precious treasure. Indeed, Klipp with a simple message that encapsulated how he survived and thrived for more than 5 decades in the perilous future markets of the Chicago Board of Trade.