What I Learned Losing a Million Dollars
by Jim Paul, Brendan Moynihan, Jack D. Schwager
✅ Editor: Columbia University Press
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Jim Paul’s meteoric rise took him from a small town in northern Kentucky to the Governor of the Chicago Stock Exchange, but he lost all his fortune, reputation, and employment in a deadly attack of excessive economic prideIn this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul’s disastrous decision and examine the psychological factors behind poor financial practices in several economic sectorsThis book-winning a 2014 Axiome d’Affaires Gold Book Medal Award begins with the uninterrupted chain of successes that have enabled Paul to achieve a jet-setting lifestyle and land a key place with the Chicago Mercantile Exchange.He then described the circumstances that led to Paul’s $1.6 million loss and the bulk of the lessons he learned from him-especially that, although there are as many ways to make money in the markets, as there are people involved in them, all the losses come from the same few sourcesInvestors lose money in the markets, either because of errors in their analysis or because of psychological barriers preventing the application of analysisWhile all methods of analysis have some validity, and take this into account in cases where they are not working, psychological factors may keep an investor in a losing position, forcing him to abandon one method for the other in order to rationalize decisions already made.Paul and Moynihan’s warning tale includes strategies to avoid the loss associated with a simple framework for understanding, acceptance, and dodging the dangers of investment, trade, and speculation.
Jim Paul, Brendan Moynihan, Jack D. Schwager – What I Learned Losing a Million Dollars – Easy
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