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What I Learned Losing a Million Dollars by Brendan Moynihan and Jim Paul (2013, Hardcover)

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About this product

Product Information

Jim Paul's meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all--his fortune, his reputation, and his job--in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul's disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors. This book--winner of a 2014 Axiom Business Book award gold medal--begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul's $1.6 million loss and the essential lessons he learned from it--primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources. Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made. Paul and Moynihan's cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.

Product Identifiers

Publisher
Columbia University Press
ISBN-10
0231164688
ISBN-13
9780231164689
eBay Product ID (ePID)
150626665

Product Key Features

Author
Jim Paul, Brendan Moynihan
Format
Hardcover
Language
English
Topic
Investments & Securities / Commodities / General, Corporate & Business History, Business, Investments & Securities / General
Publication Year
2013
Type
Textbook
Genre
Biography & Autobiography, Business & Economics
Number of Pages
192 Pages

Dimensions

Item Length
0.8in
Item Height
0.1in
Item Width
0.6in
Item Weight
12.8 Oz

Additional Product Features

Lc Classification Number
Hg6046.P38 2013
Grade from
College Graduate Student
Reviews
A new, 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., 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., 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., 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..., Worthwhile reading for those who don't believe in the holy grail in the markets; a must-read for those who do., 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., At Ned Davis Research, we like to say that we are in the business of making mistakes and the only difference between the winners and the losers is that the winners make small mistakes and the 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.'
Publication Name
What I Learned Losing a Million Dollars
Table of Content
Foreword Preface to the Columbia Edition Preface Part I. Reminiscences of a Trader 1. From Hunger 2. To the Real World 3. Wood That I Would Trade 4. Spectacular Speculator 5. The Quest Part II. Lessons Learned 6. The Psychological Dynamics of Loss 7. The Psychological Fallacies of Risk 8. The Psychological Crowd Part III. Tying It All Together 9. Rules Conclusion Postscript Appendix Notes Bibliography
Copyright Date
2013
Lccn
2012-040403
Dewey Decimal
332.64/5092
Intended Audience
Scholarly & Professional
Dewey Edition
23
Illustrated
Yes