"When you invest in stocks or any other asset, your primary risk is the permanent loss of capital. Your secondary risk is a sub-par return, and that’s it. You don’t have any other risk."

"Most of the traders think and act like gamblers. They believe that they can outsmart the rest of the players with the help of a trading system. They take investing as a game, and daily quotes are their scorecards."

"Cash and bank deposits are not risk-free investments. They suffer substantial hidden risks like inflation, credit, and foreign exchange."

"More often than not, the most significant asset may not be on the balance sheet."

"Investing without a clear understanding of associated risk is like a child is playing with fire. Risk assets are called risk assets for a reason."

"An investment business has certain risks, and your job as an investor is not to eliminate all risks but to manage and minimize them."

"The actual risk is the permanent loss of capital or, to a lesser extent, a sub-par return. Temporary volatility in market price is not a real risk."

"Leveraging is not evil but must be used with extreme caution and care. You must understand that over-leveraging is the prime reason for all market blowups."

"Precious metals are a little better than cash but still a terrible investment from a long-term investor’s perspective."

"The decision to invest in an asset class must be rational, not emotional."