How to Define a Statesman

QUESTION: You have said that all we have are politicians, not statesmen. What is your definition of a statesman?


ANSWER: A statesman is one who admits when he has made a mistake and has the wisdom to correct it before it does any more harm. This is the same quality required to be a successful hedge fund manager. If you cannot quickly realize when you are wrong and get out of a bad trade, you will lose your shirt, pants, wife, kids, and the dog.