Great investors manage risk first.

Most investors focus on returns, but few focus on risk and think about how much they could lose.

Greed blinds people's eyes, and after a short period of revelry, there is often a bottomless abyss.

All great investors strictly follow trading disciplines and strategies and manage risk.

After all, only when you have money can you have fun.

The following ten quotes are the crystallization of the wisdom of legendary Wall Street investors. The only thing they value most is risk.

1) Jeffrey Gundlach, CEO & Chief Investment Officer of Doubleline, a well-known bond fund. “The art of investing is to gain returns while taking risks, and to diversify risks in a portfolio.” Great investors always focus on “managing risks.”

”, because although risk does not mean how much money you will make, it is about how much money you will lose.

In investing or gambling, only when you have money can you have fun.

If you risk too much and lose too much, you may be out of the game.

2) Ray Dalio, founder of hedge fund Bridgewater “The most common mistake investors make is to believe that recent trends may continue. They feel that the ‘good investments’ that have appeared in the recent period will still be ‘good investments’ in the future.

Generally speaking, high returns in the past simply mean that the asset is getting more expensive, making it worse, not better.” Good investments and bad investments are not static.

A common mistake investors make is thinking "this time is different."

But in fact, neither central bank intervention nor other human factors can eliminate the economic cycle.

If you come out to hang out, you will always have to pay back.

Brokers want you to "always be investing" so they can charge you more.

But as an investor, you should always remember that "you pay the price and get the value." Good companies will eventually shine, but until then, you need to be patient.

3) Seth Klarman, President & CEO & Founder of Baupost, the ninth largest hedge fund in the world “Most investors focus on returns and think about how much money they can make, but few pay attention to risks and think about how much they may lose.

” Affected by cognitive biases, investors’ behavioral habits are precisely the biggest risk in investment.

"Greed and fear" dominate the entire investment cycle of investors, and the end result is that investors tend to "buy high and sell low."

4) Jeremy Grantham, co-founder & chief investment officer of asset management giant GMO “Taking risks will not make you rewarded, but buying cheap assets will. If you buy an asset because it is risky, then you don’t

You're rewarded for it; you're punished for it." Successful investors avoid "risk" at all costs, even if it means poor returns in the short term.

Because while the media and Wall Street will always fool you into chasing high short-term returns, ultimately these excessive "risks" will make your portfolio's long-term returns very poor.

5) Jesse Livermore, the legendary short seller on Wall Street, famous for shorting the stock market in 1907 and 1929, is the prototype of "Memoirs of a Stock Operator" "The mortal enemies of speculators are: ignorance, greed, fear, hope. All the textbooks in the world, on the planet

All exchange rules can’t eliminate these inherent characteristics of human nature.” Letting emotions dominate your investment strategy is always a recipe for disaster.

All great investors strictly follow trading disciplines and strategies and manage risk.

6) Howard Marks, co-president & co-founder of hedge fund Oaktree “Rule 1: All things must be cyclical; Rule 2: Your best opportunities come when others forget Rule 1.” and

Like Ray Dalio, understand that nothing lasts forever, which is very important for long-term investing.

In order to "buy low," you must first learn to "sell high."

Nothing escapes cyclicality, and after a lengthy rise, assets are more likely to fall rather than rise further.

7) James Montier, strategist of asset management giant GMO “There is a strategy that seems simple, but is actually not simple... buy when assets are cheap and sell when they are expensive... Value is the primary decisive factor in long-term investment.

, and it is also the easiest thing for us to grasp in the laws of the financial world. "Cheap" refers to the price of an asset being lower than its intrinsic value, not that it is cheap.

Most of the time when a stock is cheap, it's priced for a reason.

However, a very expensive stock can also be "cheap."

8) George Soros “It doesn’t matter whether you are right or wrong. What matters is how much money you make when you are right and how much you lose when you are wrong.” Back to risk management.