Do you apply a formal process to cut your losses?　　Not at all, cashback forex fact, if things go wrong, forextradingtime forex trading session times know whats wrong, but I think the original proposition is correct and the damage is from external causes, Im more likely to add parts than to sell out, I have to know why Im losing money How do you find out when things go wrong?　　I would feel pain, I rely on animal instincts, in the past when I actually managed quant funds, I would get back pain, I would take the onset of severe pain as a sign forextradingmarket something was wrong with my portfolio back pain doesnt tell me whats not comparing like back pain for short positions, left shoulder for forex or something like that but the back pain does prompt me to look for deficiencies, otherwise I probably wouldnt do it, its not the most scientific way to manage a portfolio　　But you dont actually manage quant funds anymore?　　If I was still managing, I wouldnt be talking to you, there was a long period of time where I was actually managing the Quantum Fund completely alone, I was the captain and the coal fireman, and in the cockpit I would ring the bell and call out the order for full left rudder and then run down to the engine room and execute that order myself, and in the middle of that time I would stop and do some research on what stocks to buy and so on, and those days are over, and now I have an institution. Now I have an organization, Ive handed over the captaincy to someone else, Im just the chairman of the board, dealing with strategic issues.　　Hey, Id say Im a little bit more than that, Im more of an owner. Would you go into the cockpit and take over the controls?　　I would see the captain, but I would never take over the controls because its a big responsibility and I would do a lot of damage if I stepped in. When did you start to give up active investment management?　　In 1989, when I became deeply involved in the revolutions in Eastern Europe and could not continue to run the business on a daily basis and stay on the line, I handed over the management to a team of younger people led by Stanley Druckenmiller (Stan1eyDruckenmil1er). Is it to his credit that this happened after you handed over control to Jurgen Miller?　　Yes I never took credit for this, I was involved in the process, I was like a coach, I told him this was the opportunity of a lifetime, the risk and reward relationship was extremely favorable so we should play it on a larger scale than usual and he took my advice so you did some responsibility for the level of financing that Quantum Fund Group had at that time, but was the original idea of shorting the pound his idea?　　Yes, he discussed it with me, but it was his decision to make it, and its fair to say that without your encouragement, he never would have raised the kind of money that Quantum Fund did at that time? You didnt pressure him to raise as much debt as possible?　　I advised him to let it go, and he could have done it without me. In fact, the financing we used wasnt that great because we only risked our equity, maybe a little more than equity, and in that case we could have risked many times our equity