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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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What I Learned Losing a Million Dollars

Jim Paul

Brendan Moynihan

Columbia University Press

This chapter recounts why the author decided to join a bean-oil market when the lumber market, where he had been working, dwindled down. It also discusses the response of the author when the bean-oil market lost profits. When the interest rates of the housing market skyrocketed and lumber market between 1979 and 1980, lumber prices hurtled, and volume in the lumber pit lessened. The author then decided to join the bean-oil market where he initially made $60,000 a day. However, the market eventually plummeted due to rumors that Soviets were negotiating agreements to buy soybeans from the United States. The market continued to grind lower, and proceeded to lose about $20,000 to $25,000 a day. The author, however, decided not to pull out the money, and stayed in the market longer, hoping that the market will rise up, but he end up losing more money.

Keywords:   bean-oil market, lumber market, housing market, market, money

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