- Series: Columbia Business School Publishing
- Hardcover: 192 pages
- Publisher: Columbia University Press; 1 edition (April 30, 2013)
- Language: English
- ISBN-10: 0231164688
- ISBN-13: 978-0231164689
- Product Dimensions: 5.8 x 0.8 x 8.2 inches
- Shipping Weight: 7 ounces (View shipping rates and policies)
- Average Customer Review: 171 customer reviews
- Amazon Best Sellers Rank: #84,821 in Books (See Top 100 in Books)
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What I Learned Losing a Million Dollars (Columbia Business School Publishing) 1st Edition
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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.
Top customer reviews
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Initially winning in the stock market is perhaps more dangerous than losing because it is natural to feel that you have won due to skill or insight, rather than luck or happening to enter the market during favorable conditions. The author describes a process to help the investor avoid losing which is simple to implement.
Assumptions: It is always good to look for underlying assumptions!
1) The author assumes you also have a strategy for winning, and that there are many winning strategies that may be conflicting, but which can all work when conditions are right for them. This may be true.
2) The author assumes that the market will have ups and downs, sometimes dramatic ones, but that it will continue more or less as it has been for over a hundred years. This might not be true.
It is unclear to what extent the increasing computerization of market actions, hidden market activities such as dark pool investing, and the increase in nationally sponsored arbitrage and large player collusions will affect the risk of investing.
For example, you may have a good strategy to win in the market and may have learned how not to lose from this book-- But if your money has been invested with some future broker equivalent of a Jon Corzine, your account may be diverted and squandered illegally and without your knowledge and, if your broker (like Corzine) has the right political connections, he will never be prosecuted and you will never get your money back. Maybe these issues are beyond the scope of this book, but it would have been helpful to have a small discussion in it of the role of various types of market rigging, and how to detect and avoid them.
Bottom line--I liked this very readable book, and feel it will help me in future investing!
One of the profound conclusions introduced early on is that there are many contradictory ways of making money – but only one way that the ultimately successful keep from losing money; and that is to not let your ego get hung up in your investments and to cut your losses beyond a certain point. The authors own personal sequence of getting drawn in are detailed in ways we all can empathize with, and Johnson in Vietnam is then paralled as a broader example.
Roughly the first half of the book is well thought out and succinct. The second half of the book is much more wordy filler – giving too many examples and overselling the point. Once I realized the author didn’t have much more to say, I found myself skimming over the latter half of the book and onto the conclusion.
This book is very unique. The first half is written in a “high information density” style (i.e., you don’t have to read much to get a lot out of it), and well worth the investment.
The author's introspection about his losses and his 'delayering' of the human mind (that is responsible for all the foolish/clever things we do) is commendable. The real-life examples (PBS, Ayn Rand, President Lyndon Johnson, Goizueta (Coke)) are enlightening and very educative.
The early chapters of the book are boring and almost seem trivial. The authors labor about his business that is not really interesting. Ideas and points that could be explained in sentences have been made to occupy pages..
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.