A haircut, in the financial industry, is a percentage discount
that's applied informally to the market value of a stock or the
face value of a bond in an attempt to account for the risk of
loss that the investment poses.
So, for example, a stock with a market value of 100 may get a
haircut of 20%, to 80, when an analyst or money manager tries
to anticipate what is likely to happen to the price.
"Don't let the fear of losing be greater than the excitement of winning."