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What I Learned Losing a Million Dollars$
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Jim Paul and Brendan Moynihan

Print publication date: 2013

Print ISBN-13: 9780231164689

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231164689.001.0001

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Conclusion

Conclusion

Chapter:
(p.145) Conclusion
Source:
What I Learned Losing a Million Dollars
Author(s):

Jim Paul

Brendan Moynihan

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231164689.003.0010

This chapter compares the behavior of an investor with that of a poker player. Like the poker player, the investor risks his money not knowing how the individual company, stocks in general, or the economy as a whole will perform. In relation to these comparisons, the chapter concludes that while measured inconsistency may be the key to success in poker, disciplined consistency is the key to success in the markets once an investor developed rules and made it a game—having and following a plan does not guarantee success, nor does it make an investor infallible; however, a plan is necessary for consistent loss control. Thus, there is nothing to learn from the bluffing aspect of poker, but there is something to learn from part of the lockjaw poker player's strategy.

Keywords:   behavior, investor, poker player, money, stocks, economy

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