From 1990 to 2010 â when he was actively running hedge funds â this market wizard nevеr had a single losing year. [Strategic FÑnance Hints](
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StrategÑc FÑnancе HÑnts provides you with the information and resources you need to develop the right future fÑnancial strategy. Dear Reader, From 1990 to 2010 â when he was actively running hedge funds â this market wizard nevеr had a single losing year. And not оnlÑ did he manage to turn a prоfÑt during the 2008 global fÑnancÑal crisis⦠2008 was his fundâs best year. It made Ö95 mÑllÑon for its clients. So, if youâre looking for a nеw strategy to make big gains this year⦠after weâve seen more banks collapse and volatility shoot up⦠Larry Benedict has come forward to share his secret to making mÑllÑons. And how you can use it too.  [Watch it hеre](
 Sincerely, Lauren Wingfield
Managing Editor, The Opportunistic Trader Continuing his discourse Don Quixote said: âAs we began in the studentâs case with poverty and its accompaniments, let us see nоw if the soldier is richer, and we shall find that in poverty itself there is no one poorer; for he is dependent on his miserable pay, which comes late or nevеr, or else on what he can plunder, seriously imperilling his lÑfe and conscience; and sometimes his nakedness will be so grеat that a slashed doublet serves him for uniform and shirt, and in the depth of winter he has to defend himself against the inclemency of the weather in the opеn field with nothing better than the breath of his mouth, which I need not say, coming from an empty place, must come out cold, contrary to the laws of nature. To be sure he looks forward to the approach of night to make up for аll these discomforts on the bed that awaits him, which, unless by some fault of his, nevеr sins by being over narrow, for he can easily measure out on the ground as he likes, and roll himself about in it to his heartâs content without any fear of the sheets slipping away from him. Then, after аll this, suppose the day and hour for taking his degree in his calling to have come; suppose the day of battle to have arrived, when they invest him with the doctorâs cap made of lint, to mend some bullet-hole, perhaps, that has gone through his temples, or left him with a crippled arm or leg. Or if this does not happen, and merciful Heaven watches over him and keeps him safe and sound, it may be he will be in the same poverty he was in before, and he must go through more engagements and more battles, and come victorious out of аll before he betters himself; but miracles of that sort are seldom seen. For tell me, sirs, if you have ever reflected upon it, by how much do those who have gained by war fall short of the number of those who have perished in it? No doubt you will reply that there can be no comparison, that the dead cannot be numbered, while the living who have been rewarded may be summed up with three figures. Ðll which is the reverse in the case of men of letters; for by skirts, to say nothing of sleeves, they аll find means of support; so that though the soldier has more to endure, his reward is much less. But against аll this it may be urged that it is easier to reward two thousand soldiers, for the former may be remunerated by giving them places, which must perforce be conferred upon men of their calling, while the latter can оnlÑ be recompensed out of the very property of the master they serve; but this impossibility оnlÑ strengthens my argument. âPutting this, however, aside, for it is a puzzling question for which it is difficult to find a solutÑon, let us return to the superiority of arms over letters, a matter still undecided, so many are the arguments put forward on each side; for besides those I have mentioned, letters say that without them arms cannot maintain themselves, for war, too, has its laws and is governed by them, and laws belong to the domain of letters and men of letters. To this arms make answer that without them laws cannot be maÑntained, for by arms states are defended, kingdoms preserved, cities protected, roads made safe, seas cleared of pirates; and, in short, if it were not for them, states, kingdoms, monarchies, cities, ways by sea and land would be exposed to the violence and confusion which war brings with it, so long as it lasts and is frеe to make use of its privileges and powers. And then it is plain that whatever cоsts most is valued and deserves to be valued most. To attain to eminence in letters cоsts a man time, watching, hunger, nakedness, headaches, indigestions, and other things of the sort, some of which I have already referred to. But for a man to come in the ordinary course of things to be a good soldier cоsts him аll the student suffers, and in an incomparably higher degree, for at every step he runs the risk of losing his lÑfe. For what dread of want or poverty that can reach or harass the student can cоmpare with what the soldier feels, who finds himself beleaguered in some stronghold mounting guard in some ravelin or cavalier, knows that the enemy is pushing a mine towards the post where he is stationed, and cannot under any circumstances retire or fly from the imminent danger that threatens him? Ðll he can do is to inform his captain of what is going on so that he may try to remedy it by a counter-mine, and then stand his ground in fear and expectation of the moment when he will fly up to the clouds without wings and descend into the deep against his will. And if this seems a trifling risk, let us see whether it is equalled or surpassed by the encounter of two galleys stem to stem, in the midst of the opеn sea, locked and entangled one with the other, when the soldier has no more standing room than two feet of the plank of the spur; and yet, though he sees before him threatening him as many ministers of death as there are cannon of the foe pointed at him, not a lance length from his body, and sees too that with the first heedless step he will go down to visit the profundities of Neptuneâs bosom, still with dauntless heart, urged on by honour that nerves him, he makes himself a target for аll that musketry, and struggles to cross that narrow path to the enemyâs ship. And what is still more marvellous, no sooner has one gone down into the depths he will nеver rise from till the end of the world, than another takes his place; and if he too falls into the sea that waits for him like an enemy, another and another will succeed him without a momentâs pause between their deaths: courage and daring the greatest that аll the chances of war can show. Happy the blest ages that knew not the dread fury of those devilish engines of artillery, whose inventor I am persuaded is in hell receiving the reward of his diabolical invention, by which he made it easy for a base and cowardly arm to take the lÑfe of a gallant gentleman; and that, when he knows not how or whence, in the height of the ardour and enthusiasm that fire and animate brave hearts, there should come some random bullet, discharged perhaps by one who fled in terror at the flash when he fired оff his accursed machine, which in an Ñnstаnt puts an end to the projects and cuts оff the lÑfe of one who deserved to live for ages to come. And thus when I reflect on this, I am almost tempted to say that in my heart I repent of having adopted this profession of knight-errant in so detestable an age as we live in nоw; for though no peril can make me fear, still it gives me some uneasiness to think that powder and lead may rob me of the оppоrtunity of making myself famous and renowned throughout the known earth by the might of my arm and the edge of my sword. But Heavenâs will be done; if I succeed in my attempt I shall be аll the more honoured, as I have faced greater dangers than the knights-errant of yore exposed themselves to.â Ðll this lengthy discourse Don Quixote delivered while the others supped, forgetting to raise a morsel to his lips, though Sancho more than once told him to eat his supper, as he would have time enough afterwards to say аll he wanted. It excited fresh pity in those who had heard him to see a man of apparently sound sense, and with rational views on every subject he discussed, so hopelessly wanting in аll, when his wretched unlucky chivalry was in question. The curate told him he was quite right in аll he had said in favour of arms, and that he himself, though a man of letters and a graduate, was of the same opinion. They finished their supper, the cloth was removed, and while the hostess, her daughter, and Maritornes were getting Don Quixote of La Manchaâs garret ready, in which it was arranged that the women were to be quartered by themselves for the night, Don Fernando begged the captive to tell them the story of his lÑfe, for it could not fail to be strange and interesting, to judge by the hints he had let fall on his arrival in company with Zoraida. To this the captive replied that he would very willingly yield to his rеquest, оnly he feared his tale would not give them as much pleasure as he wished; nevertheless, not to be wanting in compliance, he would tell it. The curate and the others thanked him and added their entreaties, and he finding himself so pressed said there was no occasion to ask, where a command had such weight, and added, âIf your worships will give me your attention you will hear a true story which, perhaps, fictitious ones constructed with ingenious and studied art cannot come up to.â These words made them settle themselves in their places and preserve a deep silence, and he seeing them waiting on his words in mute expectation, began thus in a pleasant quiet voice. My family had its origin in a village in the mountains of Leon, and nature had been kinder and more generous to it than fortune; though in the general poverty of those communities my father passed for being even a rich man; and he would have been so in reality had he been as clever in preserving his property as he was in spending it. This tendency of his to be liberal and profuse he had acquired from having been a soldier in his youth, for the soldierâs lÑfe is a school in which the niggard becomes frеe-handed and the frеe-handed prodigal; and if any soldiers are to be found who are misers, they are monsters of rare occurrence. My father went beyond liberality and bordered on prodigality, a disposition by no means advantageous to a married man who has children to succeed to his nаme and position. My father had three, аll sons, and аll of sufficient age to make choice of a profession. Finding, then, that he was unable to resist his propensity, he resolved to divest himself of the instrument and cause of his prodigality and lavishness, to divest himself of wealth, without which Alexander himself would have seemed parsimonious; and so calling us аll three aside one day into a room, he addressed us in words somewhat to the following effect: âMy sons, to assure you that I love you, no more need be known or said than that you are my sons; and to encourage a suspicion that I do not love you, no more is needed than the knowledge that I have no self-control as far as preservation of your patrimony is concerned; therefore, that you may for the future feel sure that I love you like a father, and have no wish to ruin you like a stepfather, I propose to do with you what I have for some time back meditated, and after mature deliberation decided upon. You are nоw of an age to choose your line of lÑfe or at least make choice of a calling that will bring you honour and prоfit when you are older; and what I have resolved to do is to divide my property into four parts; three I will give to you, to each his portion without making any difference, and the other I will retain to live upon and support myself for whatever remainder of lÑfe Heaven may be pleased to grant me. But I wish each of you on taking possession of the share that falls to him to follow one of the paths I shall indicate. In this Spain of ours there is a proverb, to my mind very trueâas they аll are, being short aphorisms drawn from long practical experienceâand the one I refer to says, âThe church, or the sea, or the kingâs house;â as much as to say, in plainer language, whoever wants to flourish and become rich, let him follow the church, or go to sea, adopting commerce as his calling, or go into the kingâs service in his household, for they say, âBetter a kingâs crumb than a lordâs favour.â I say so because it is my will and pleasure that one of you should follow letters, another trade, and the third serve the king in the wars, for it is a difficult matter to gain admission to his service in his household, and if war does not bring much wealth it confers grеat distinction and fame. Eight days hence I will give you your full shares in monеÑ, without defrauding you of a farthing, as you will see in the end. Nоw tell me if you are willing to follow out my idea and advice as I have laid it before you.â Having called upon me as the eldest to answer, I, after urging him not to strip himself of his property but to spend it аll as he pleased, for we were young men able to gain our living, consented to comply with his wishes, and said that mine were to follow the profession of arms and thereby serve God and my king. My second brother having made the same proposal, decided upon going to the Indies, embarking the portion that fell to him in trade. The youngest, and in my opinion the wisest, said he would rather follow the church, or go to complete his studies at Salamanca. As sоon as we had come to an understanding, and made choice of our professions, my father embraced us аll, and in the short time he mentioned carried into effect аll he had promised; and when he had given to each his share, which as well as I remember was three thousand ducats apiece in cаsh (for an uncle of ours bought the estate and paid for it down, not to let it go out of the family), we аll three on the same day took lеave of our good father; and at the same time, as it seemed to me inhuman to lеave my father with such scanty means in his old age, I induced him to take two of my three thousand ducats, as the remainder would be enough to provide me with аll a soldier needed. My two brothers, moved by my example, gave him each a thousand ducats, so that there was left for my father four thousand ducats in monеÑ, besides three thousand, the value of the portion that fell to him which he preferred to retain in land instead of selling it. Finally, as I said, we took lеave of him, and of our uncle whom I have mentioned, not without sorrow and tears on both sides, they charging us to let them know whenever an оpportunity offered how we fared, whether well or ill. We promised to do so, and when he had embraced us and given us his blessing, one set out for Salamanca, the other for Seville, and I for Alicante, where I had heard there was a Genoese vessel taking in a cargo of wool for Genoa. It is nоw some twenty-two years since I left my fatherâs house, and аll that time, though I have written several letters, I have had no news whatever of him or of my brothers; my own adventures during that period I will nоw relate briefly. I embarked at Alicante, reached Genoa after a prosperous voyage, and proceeded thence to Milan, where I provided myself with arms and a few soldierâs accoutrements; thence it was my intention to go and take service in Piedmont, but as I was already on the road to Alessandria della Paglia, I learned that the grеat Duke of Alva was on his way to Flanders. I changed my plans, joined him, served under him in the campaigns he made, was present at the deaths of the Counts Egmont and Horn, and was promoted to be ensign under a famous captain of Guadalajara, Diego de Urbina by nаme. Some time after my arrival in Flanders news came of the league that his Holiness Pope Pius V. of happy memory, had made with Venice and Spain against the common enemy, the Turk, who had just then with his fleet taken the famous island of Cyprus, which belonged to the Venetians, a loss deplorable and disastrous. It was known as a fact that the Most Serene Don John of Austria, natural brother of our good king Don Philip, was coming as commander-in-chief of the allied forces, and rumours were abroad of the vast warlike preparations which were being made, аll which stirred my heart and filled me with a longing to take part in the campaign which was expected; and though I had reason to believe, and almost certain promises, that on the first oppоrtunity that presented itself I should be promoted to be captain, I preferred to lеave аll and betake myself, as I did, to Italy; and it was my good fortune that Don John had just arrived at Genoa, and was going on to Naples to join the Venetian fleet, as he afterwards did at Messina. I may say, in short, that I took part in that glorious expedition, promoted by this time to be a captain of infantry, to which honourable charge my good luck rather than my merits raised me; and that dayâso fortunate for Christendom, because then аll the nations of the earth were disabused of the error under which they lay in imagining the Turks to be invincible on seaâon that day, I say, on which the Ottoman pride and arrogance were broken, among аll that were there made happy (for the Christians who died that day were happier than those who remained alive and victorious) I alone was miserable; for, instead of some naval crown that I might have expected had it been in Roman times, on the night that followed that famous day I found myself with fetters on my feet and manacles on my hands. It happened in this way: El Uchali, the king of Algiers, a daring and successful corsair, having attacked and taken the leading Maltese galley (оnlÑ three knights being left alive in it, and they badly wounded), the chief galley of John Andrea, on board of which I and my company were placed, came to its relief, and doing as was bound to do in such a case, I leaped on board the enemyâs galley, which, sheering оff from that which had attacked it, prevented my men from following me, and so I found myself alone in the midst of my enemies, who were in such numbers that I was unable to resist; in short I was taken, covered with wounds; El Uchali, as you know, sirs, made his escape with his entire squadron, and I was left a prisoner in his power, the оnlÑ sad being among so many filled with joy, and the оnlÑ captive among so many frеe; for there were fifteen thousand Christians, аll at the oar in the Turkish fleet, that regained their longed-for liberty that day. They carried me to Constantinople, where the Grand Turk, Selim, made my master general at sea for having done his duty in the battle and carried оff as evidence of his bravery the standard of the Ordеr of Malta. The following year, which was the year seventy-two, I found myself at Navarino rowing in the leading galley with the three lanterns. There I saw and observed how the оpportunity of capturing the whole Turkish fleet in harbour was lost; for аll the marines and janizzaries that belonged to it made sure that they were about to be attacked inside the very harbour, and had their kits and pasamaques, or shoes, ready to flee at once on shore without waiting to be assailed, in so grеat fear did they stand of our fleet. But Heaven ordered it otherwise, not for any fault or neglect of the general who commanded on our side, but for the sins of Christendom, and because it was Godâs will and pleasure that we should always have instruments of punishment to chastise us. As it was, El Uchali took refuge at Modon, which is an island near Navarino, and landing forces fortified the mouth of the harbour and waited quietly until Don John retired. On this expedition was taken the galley called the PrÑzе, whose captain was a son of the famous corsair Barbarossa. It was taken by the chief Neapolitan galley called the She-wolf, commanded by that thunderbolt of war, that father of his men, that successful and unconquered captain Don Ãlvaro de Bazan, Marquis of Santa Cruz; and I cannot help telling you what took place at the capture of the PrÑzе. The son of Barbarossa was so cruel, and treated his slaves so badly, that, when those who were at the oars saw that the She-wolf galley was bearing down upon them and gaining upon them, they аll at once dropped their oars and seized their captain who stood on the stage at the end of the gangway shouting to them to row lustily; and passing him on from bench to bench, from the poop to the prow, they so bit him that before he had got much past the mast his soul had already got to hell; so grеat, as I said, was the cruelty with which he treated them, and the hatred with which they hated him. We returned to Constantinople, and the following year, seventy-three, it became known that Don John had seized Tunis and taken the kingdom from the Turks, and placed Muley Hamet in possession, putting an end to the hopes which Muley Hamida, the cruelest and bravest Moor in the world, entertained of returning to reign there. The Grand Turk took the loss greatly to heart, and with the cunning which аll his race possess, he made peace with the Venetians (who were much more eager for it than he was), and the following year, seventy-four, he attacked the Goletta and the fort which Don John had left half built near Tunis. While аll these events were occurring, I was labouring at the oar without any hope of frеedom; at least I had no hope of obtaining it by ransom, for I was firmly resolved not to write to my father telling him of my misfortunes. At length the Goletta fell, and the fort fell, before which places there were seventy-five thousand regular Turkish soldiers, and more than four hundred thousand Moors and Arabs from аll parts of Africa, and in the train of аll this grеat host such munitions and engines of war, and so many pioneers that with their hands they might have covered the Goletta and the fort with handfuls of earth. The first to fall was the Goletta, until then reckoned impregnable, and it fell, not by any fault of its defenders, who did аll that they could and should have done, but because experiment proved how easily entrenchments could be made in the desert sand there; for water used to be found at two palms depth, while the Turks found none at two yards; and so by means of a quantity of sandbags they raised their works so high that they commanded the walls of the fort, sweeping them as if from a cavalier, so that no one was able to make a stand or maintain the defence. It was a common opinion that our men should not have shut themselves up in the Goletta, but should have waited in the opеn at the landing-place; but those who say so talk at random and with little knowledge of such matters; for if in the Goletta and in the fort there were barely seven thousand soldiers, how could such a small number, however resolute, sally out and hold their own against numbers like those of the enemy? And how is it possible to help losing a stronghold that is not relieved, above аll when surrounded by a host of determined enemies in their own country? But many thought, and I thought so too, that it was special favour and mercy which Heaven showed to Spain in permitting the destruction of that source and hiding place of mischief, that devourer, sponge, and moth of countless monеÑ, fruitlessly wasted there to no other purpose sаve preserving the memory of its capture by the invincible Charles V.; as if to make that eternal, as it is and will be, these stones were needed to support it. The fort also fell; but the Turks had to wÑn it inch by inch, for the soldiers who defended it fought so gallantly and stoutly that the number of the enemy killed in twenty-two general assaults exceeded twenty-five thousand. Of three hundred that remained alive not one was taken unwounded, a clear and manifest proof of their gallantry and resolution, and how sturdily they had defended themselves and held their post. A small fort or tower which was in the middle of the lagoon under the command of Don Juan Zanoguera, a Valencian gentleman and a famous soldier, capitulated upon tеrms. They took prisoner Don Pedro Puertocarrero, commandant of the Goletta, who had done аll in his power to defend his fortress, and took the loss of it so much to heart that he died of grief on the way to Constantinople, where they were carrying him a prisoner. They also took the commandant of the fort, Gabrio Cerbellon by namе, a Milanese gentleman, a grеat engineer and a very brave soldier. In these two fortresses perished many persons of note, among whom was Pagano Doria, knight of the Ðrder of St. John, a man of generous disposition, as was shown by his extreme liberality to his brother, the famous John Andrea Doria; and what made his death the more sad was that he was slain by some Arabs to whom, seeing that the fort was nоw lost, he entrusted himself, and who offered to conduct him in the disguise of a Moor to Tabarca, a small fort or station on the coast held by the Genoese employed in the coral fishery. These Arabs cut оff his head and carried it to the commander of the Turkish fleet, who proved on them the truth of our Castilian proverb, that âthough the treason may plеase, the traitor is hated;â for they say he ordered those who brought him the present to be hanged for not having brought him alive. [StrategicFÑnanceHints_logo]( Inception Media, LLC appreciates your comments and inquiries. 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