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    What I Learned Losing a Million Dollars (Columbia Business School Publishing) (Hardback) By (author) Jim Paul, By (author) Brendan Moynihan, Foreword by Jack D. Schwager

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    DescriptionJim 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.

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  • Full bibliographic data for What I Learned Losing a Million Dollars

    What I Learned Losing a Million Dollars
    Authors and contributors
    By (author) Jim Paul, By (author) Brendan Moynihan, Foreword by Jack D. Schwager
    Physical properties
    Format: Hardback
    Number of pages: 192
    Width: 145 mm
    Height: 211 mm
    Thickness: 25 mm
    Weight: 200 g
    ISBN 13: 9780231164689
    ISBN 10: 0231164688

    B&T Book Type: NF
    BIC E4L: BIO
    Nielsen BookScan Product Class 3: T4.0A
    BIC subject category V2: BM
    B&T Modifier: Region of Publication: 01
    B&T Modifier: Academic Level: 05
    Ingram Subject Code: BA
    DC22: B
    BIC subject category V2: KFFH
    B&T General Subject: 180
    LC subject heading:
    Warengruppen-Systematik des deutschen Buchhandels: 17810
    BISAC V2.8: BUS019000
    LC subject heading:
    BISAC V2.8: BUS014000, BUS036060
    B&T Merchandise Category: UP
    BIC subject category V2: KJVW
    LC subject heading:
    BISAC V2.8: BUS050020
    B&T Approval Code: A47504600
    BISAC V2.8: BUS029000
    LC subject heading: ,
    BISAC V2.8: BUS025000, BIO026000, BIO003000
    LC subject heading:
    DC23: 332.6
    DC22: 332.64/5092
    LC classification: HG6046 .P38 2013
    Thema V1.0: DNC, KJH, KFFH, KJVW
    Illustrations note
    1 black & white line drawings
    Columbia University Press
    Imprint name
    Columbia University Press
    Publication date
    01 June 2013
    Publication City/Country
    New York
    Author Information
    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.
    Review quote
    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 5/26/2013 [An] enlightening read. -- Brenda Jubin Investing.com 6/10/13 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 9/25/2013
    Table of contents
    ForewordPreface to the Columbia EditionPrefacePart I. Reminiscences of a Trader1. From Hunger2. To the Real World3. Wood That I Would Trade4. Spectacular Speculator5. The QuestPart II. Lessons Learned6. The Psychological Dynamics of Loss7. The Psychological Fallacies of Risk8. The Psychological CrowdPart III. Tying It All Together9. RulesConclusionPostscriptAppendixNotesBibliography