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.
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