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What I Learned Losing a Million Dollars (Columbia Business School Publishing) Hardcover – April 30, 2013
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Worthwhile reading for those who don't believe in the holy grail in the markets; a must-read for those who do. (Jack Schwager, author of Hedge Fund Market Wizards)
A novel approach aimed at pushing you inside your head and outside the losing habits most folks adopt right after multiple successes. A must-have for traders blessed with a string of hot trades. (Ken Fisher, Fisher Investments FORBES)
At Ned Davis Research, we like to say that we are in the business of making mistakes and that the only difference between winners and losers is that winners make small mistakes and losers, big mistakes. This book does an excellent job in explaining in simple English the potential psychological 'flaws' that cause investors to make big mistakes. (Ned Davis, Ned Davis Research, Inc.)
One of the rare noncharlatanic books in finance. (Nassim Nicholas Taleb, from Antifragile: Things That Gain from Disorder)
Plenty of books recount past successes or focus on how to make money in the market, but what about keeping the money you already have? This may seem like a high-class problem, but it is a very real challenge for investors with substantial capital. (John Mihaljevic Beyond Proxy)
[An] enlightening read. (Brenda Jubin Investing.com)
The book points out very early that many successful investors have opposing styles and theories on how to make money, and that they can not all be right at the same time. The most important point to take from the book is how to avoid losing money... (Steve Osbiston Financial Times Advisor)
About the Author
Jim Paul (1943–2001) was first vice president in charge of the Morgan Stanley Dean Witter & Co. International Energy Unit in New York City. During his twenty-five-year career in the futures industry, he was a retail broker, floor trader, and research director and served on the Chicago Mercantile Exchange Board of Governors and the Executive Committee.
Brendan Moynihan is a managing director at Marketfield Asset Management LLC, where his understanding of markets and the media helps shape their macro views and allocations. He is an adjunct professor of finance at Vanderbilt University's Owen Graduate School of Management. He is also the author of Financial Origami: How the Wall Street Model Broke. He lives in Barrington Hills, Illinois, with his wife and two sons.
Jack Schwager is the author of the best-selling Market Wizard series as well as the three-volume Schwager on Futures. His latest work, Market Sense and Nonsense, was published in November 2012. He is currently the portfolio manager for the ADMIS Diversified Strategies Fund. His experience includes twenty-two years as director of futures research for some of Wall Street's leading firms.
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Most of the things author says can be summed up as the "winners curse", which is a very well known fact of life.
This means, if you win and believe you own it exclusively to own wits and diligence, beware, because you will
suffer a respectful set back. Or, as we say around here, the higher you go, the worst the fall.
So, if things are working well, good, take advantage of it, but do not think your are untouchable and above the rest of us, common mortals.
Good reading. Useful if you have not as yet come to know the winners curse.
Besides this and great definitions and examples there is not much else in the book
I would recommend this book to anyone who doesn't want to spend money out of their ass... only to go broke in the end.
The initial story about Jim Paul's loss is interesting but really only sets the context for Moynihan's analysis in the 2nd half of the book. That part is truly outstanding - every business owner should read it. I would also encourage those to listen to Moynihan's podcast interview on the Tim Ferriss show (which is where I heard about it).
The book is simple and straightforward - but most great lessons in life are. A+ book.