1/ Ed Viesturs is the only American to have climbed all of the world’s 14 mountains over 8,000 meters, and only the sixth person to do so without the aid of an oxygen tank (which he feels can be burdensome).

2/ Over a 23-year span, Viesturs went on 29 Himalayan expeditions. He stood atop Everest seven times, with his first successful ascent of the mountain in 1990 and his last in 2009.

3/ His remarkable track record is due to his conservative nature with respect to risk in the mountains. He never lost a team member on a climb and no one was seriously injured. Some combination of training, skills, instinct, and a dash of luck always worked in the right way.

4/ "I have, if not a deeply religious bent, at least a spiritual one," he says. "The Sherpas have taught me to tread lightly and gently while climbing these peaks. To climb with humility and respect. Mountains are not conquered: they simply do or do not allow us to climb them."

5/ In 1987, on his first Everest attempt, Viesturs backed off 300 feet below the summit because conditions were not right. This commitment to safety allowed him to climb mountains with such great success. “Getting to the top is optional. Getting down is mandatory.”

6/ Most accidents and deaths on the high peaks are due to human error, with ambition and desire overpowering common sense. What some people call “summit fever,” he calls “groupthink,” when a majority of the group, desperate to reach the top, disregards dangers.

7/ The least experienced climber tags along thinking if everyone else is going, then it should be just fine. “It’s almost a lemming-type effect. People get swept up in it, it’s that psychological feeling of safety.” No one gives any thought to the acceptable level of risk

8/ "About safety, I have a real pet peeve," Viesturs says. "Countless times someone will refer to me as a 'risk taker.' I always correct him or her: 'I’m not a risk taker. I’m a risk manager. You’re constantly thinking, if this happens, then what do I do?'"

9/ "I’ve learned that I need to listen to my instincts. The signals we receive from them are not imaginary." In a 1992 expedition to K2, he committed a nearly fatal error when he failed to acknowledge those signals and kept pushing on toward the summit.

10/ "I knew I was making a mistake; I knew I should just simply go down... I kept saying, “Well, let me go on for another 15 minutes and then I’ll decide.” He couldn’t make a decision, and he put it off so long that he got to the top while it snowed pretty heavily.

11/ There were moments he was convinced he wasn't going to make it down. He said to himself, “Ed, you’ve made the last and most stupid mistake of your life.” When he got to camp, he was so angry with himself. For Viesturs, a mistake is a mistake, even if you get away with it.

12/ He notes that it doesn’t matter how long you’ve been there, how much money you’ve spent, how much energy you’ve expended. If the situation isn’t good, go down. The mountain’s always going to be there. You can always go back.

13/ "What I learned from that episode has stayed with me for good," Viesturs says. "It can be summed up in a few words: Your instincts are telling you something. Trust them and listen to them... If it feels wrong, it is wrong."

14/ "When I am climbing, I listen to the mountain. All the information is there, which helps me decide what to do. Arrogance and hubris need to be put aside, and humility and thoughtfulness are essential. That is how I survived so many expeditions into a dangerous arena."

15/ Just as there are risks in climbing, there are risks in investing, but there are also ways to manage the risks. If you eliminate the errors in judgment and manage the mistakes, you can make it relatively safe. The biggest risk you need to manage is your self.

16/ The lesson from Viesturs is to invest with humility and respect—that markets are not conquered: they simply do or do not allow us to make money. We must stay open-minded and flexible when challenged by the market. Dogmatism and hubris need to be put aside.

17/ It doesn’t matter how long you’ve been thinking about a trade, how much time and money you’ve spent, or how much research you’ve done. If the situation isn’t looking good, get out. The market’s always going to be there. You can always get back in. Don’t be a hero.

18/ Each day, listen to the market intently. All the information is right there. Avoid "groupthink" and strive to reduce the influence of emotions and ego on your trading. This is a dangerous arena and just when you think you have it all figured out, you don’t. Respect.