If I Had A Million Dollars . . . I'd Probably Lose It in the Market

Though it's no literary masterpiece, I highly recommend What I Learned Losing a Million Dollars; Jim Paul and Brendan Moynihan give a candid account of Paul's meteoric rise and fall in the futures industry, and along the way, you learn the difference between a gambler, a trader, a speculator, and an investor . . . and why speculators suddenly decide they are actually investors (just after the stocks they own take a nosedive) ; this is a book about human psychology and how it needs to be subverted in order to be successful in the market; the secret is to be like Ayn Rand -- when she was asked if gun control laws violated the Second Amendment, she said: "I don't know, I haven't thought about it" . . . but it's really hard to take that sort of objective and rational approach when you're dealing with your money.


zman said...

When asked about gun control, Ayn Rand shrugged?

Dave said...

wild, right?

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