Archive

Risk Lessons

Position sizing, stops, patience, liquidity, and being wrong.

May 25 Nick Leeson, Account 88888, and the Trade Barings Could Not See Nick Leeson did not just make a bad bet on Japan. Barings let a losing book become an accounting fiction until the fiction needed more cash than the bank could survive. May 25 Larry Williams and the Problem With a Record Year Larry Williams is famous for turning a small futures account into a contest legend. The more useful story is what that record does not teach. May 24 Stanley Druckenmiller and the Art of Waiting A source-led dossier on Stanley Druckenmiller, patience, position sizing, asymmetric trades, and why his method is easy to admire but dangerous to copy.