Risk—Bruce Kovner Quote

In line with the post I just made on risk, I think that Bruce Kovner's words in Jack Schwager's book Market Wizards (2006) are very useful:

I would say risk management is the most important thing to be well understood.
Undertrade, undertrade, undertrade is my second piece of advice. Whatever you
think your position ought to be, cut it at least in half (p. 82).