The people who lost all their money in FTX (or most of it), or in doing inadvisable things like shorting stocks, or going far out on margin and all that — you never win doing things like that. Or very, very rarely at least.

If something sounds too good to be true, it is. Heavily paraphrasing Warren Buffett here, the primary goal should be to survive. If you don’t do that you have nothing. No, I’m not making much money right now in the market, but who cares? I have nearly all the money I already made. I’m doing great. I wasn’t out on margin, didn’t “invest” or put any money in FTX and have free cash I can throw at the market any time I like.

In short, I survived with nearly all my capital and am ready for what’s next. And that’s the way you do it.