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What I Learned Losing A Million Dollars Kindle Edition

by Brendan Moynihan (Author) Format: Kindle Edition
4.3 out of 5 stars 1,716 ratings

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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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  1. Print length
    192 pages
  2. Language
    English
  3. Publication date
    August 11, 2014
  4. File size
    1.0 MB
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Editorial Reviews

Review

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

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

One of the rare noncharlatanic books in finance. -- Nassim Nicholas Taleb, from Antifragile: Things That Gain from Disorder

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.

[An] enlightening read. -- Brenda Jubin ― Investing.com

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

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

About the Author

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.

Product details

  • ASIN ‏ : ‎ B00MNMHBA0
  • Publisher ‏ : ‎ Seneca and Marcus LLC (August 11, 2014)
  • Publication date ‏ : ‎ August 11, 2014
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 1.0 MB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 192 pages
  • Customer Reviews:
    4.3 out of 5 stars 1,716 ratings

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  1. Brendan Moynihan

    Brendan Moynihan

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    Brendan Moynihan is an editor-at-large for Bloomberg News, where he manages the popular column Chart of the Day and writes about the economy and Wall Street. He has been with the company since 2007 after spending more than twenty years on Wall Street as a trader and risk manager. He is the author of Trading on Expectations (Wiley, 1997) and co-author of What I Learned Losing A Million Dollars (Infrared Press, 1994). He lives in Brentwood, Tennessee, with his wife and two sons, and is currently writing a book on English grammar.

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    Jim Paul

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Customer reviews

4.3 out of 5 stars
1,716 global ratings

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Customers say

Customers find the book instructive, with one noting how it explains the psychology of investing, and many consider it a must-read for traders. The writing style is matter-of-fact and easy to read, and customers appreciate its humorous accounts. While the book is well worth the investment, customers have mixed opinions about the story quality, with some enjoying it while others find it boring. The investment strategy receives criticism, with one customer noting that the approach conflicts with value investing principles.

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105 customers mention "Educational value"97 positive8 negative

Customers find the book instructive and insightful, with one customer noting it provides a perfect mix of academic and practical knowledge, while another mentions it offers a surprisingly technical evaluation of the mindsets involved in trading.

"...book progresses, his eyes are opened and he becomes very humble and instructive. My hat's off to this guy. Writing a book about his mistakes...." Read more

"...and errors in depth and analyses how to avoid emotional mistakes, remain objective and stay on plan. Easier said than done...." Read more

"Main take away from this book is to plan effectively to exit and enter plans if not and your emotions take control of you, your at the mercy of the..." Read more

"...line--I liked this very readable book, and feel it will help me in future investing!" Read more

63 customers mention "Readability"63 positive0 negative

Customers find the book easy and enjoyable to read, describing it as a must-read for traders.

"...Congratulations Mr Paul, Excellent book!!" Read more

"It’s a quick read and the anecdotes make it entertaining, if you can say that about losing over $1.5 Million!..." Read more

"...That is for sure and for certain. This was an entertaing read and well worth the money...." Read more

"...Bottom line--I liked this very readable book, and feel it will help me in future investing!" Read more

33 customers mention "Writing style"29 positive4 negative

Customers appreciate the writing style of the book, which is straightforward and easy to read, with one customer noting its matter-of-fact tone.

"...describes a process to help the investor avoid losing which is simple to implement...." Read more

"...of view – the psychological mechanisms exemplified in easy to identify with language explain much of how business and historical arrogance forms,..." Read more

"...this book stellar compared to other trading books, is that it is very well written and thorough in it's explanations...." Read more

"...you do not learn anything from it, it is a remarkably entertaing and easy read...." Read more

26 customers mention "Psychology"20 positive6 negative

Customers appreciate how the book meticulously explores the underlying psychology of financial losses, with one customer noting how it helps minimize losses by depersonalizing them.

"...Then he explores the fallacies and errors in depth and analyses how to avoid emotional mistakes, remain objective and stay on plan...." Read more

"Great lessons about luck, ego, power, demise, recovery, and conversion to wise but not fearful risk-taking...." Read more

"Behavioral economics before the field was truly formed. A nice application of psychology and personal insight. Well worth the read." Read more

"...He came across as arrogant and self-absorbed. I forced myself to finish the book, and I have to say. I apologize for my initial opinions on this...." Read more

25 customers mention "Value for money"22 positive3 negative

Customers find the book well worth the investment, particularly for those who invest, with one customer noting it's the best self-help finance book they've read.

"...One of the best trading books I've read (over 150 books). If you are smart, you will read this book before you start trading...." Read more

"...As this book states, you can make money in any number of ways and many of them opposite from one another...." Read more

"This is a valuable and insightful book...." Read more

"...and well worth the investment." Read more

6 customers mention "Humor"6 positive0 negative

Customers find the book humorous, describing it as a super funny account.

"It’s a quick read and the anecdotes make it entertaining, if you can say that about losing over $1.5 Million!..." Read more

"First part is good and funny. Second part is a little boring. Third part is good, but not funny...." Read more

"Book split into two parts: the first is an entertaining story, the second is the authors reflection on why he lost everything...." Read more

"...The book it both funny and really insightful! The last few chapters about losses delivers the bang for buck!" Read more

26 customers mention "Story quality"17 positive9 negative

Customers have mixed opinions about the story quality of the book.

"This book provides a great narrative. It is one of the best books I have ever read...." Read more

"...He then pragmatically examines and dissects the story, distilling lessons about the psychology of loss, the different types of risk activities,..." Read more

"...The second half of the book is much more wordy filler – giving too many examples and overselling the point...." Read more

"First part is good and funny. Second part is a little boring. Third part is good, but not funny...." Read more

9 customers mention "Investment strategy"0 positive9 negative

Customers have mixed views on the investment strategy in the book, with some finding it meaningful in terms of losing money, while others criticize it for focusing on trading rather than value investing principles.

"...book is much more wordy filler – giving too many examples and overselling the point...." Read more

"...And this book represents the other side of the equation - People who lose money...." Read more

"...The early chapters of the book are boring and almost seem trivial. The authors labor about his business that is not really interesting...." Read more

"...The approach simply conflicts with principles of value investing and not even relevant for most part...." Read more

Top reviews from the United States

  • MLK
    5.0 out of 5 stars Excelent writing.
    Reviewed in the United States on December 30, 2018
    Verified Purchase
    I started off disliking the 'author' this book. He came across as arrogant and self-absorbed. I forced myself to finish the book, and I have to say. I apologize for my initial opinions on this. This book perfectly depicts a successful trader who has developed the idea he is successful just because he is superior to all others. His intuition is superior to our research and study.

    As the book progresses, his eyes are opened and he becomes very humble and instructive. My hat's off to this guy. Writing a book about his mistakes. This is extremely rare. Most financial writers are selling a service or their superiority (and mostly your inferiority) I can see a little of me 25 years ago.

    I know a few traders where I can see this very same thing happening. It's painful to watch. But, they will not accept any input from the 'less intelligent' people.

    One of the best trading books I've read (over 150 books). If you are smart, you will read this book before you start trading. This book should be required reading in any financial training institution. Online trading schools should give this book to all their students.

    Congratulations Mr Paul, Excellent book!!
    27 people found this helpful
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  • Ernesto Alcantara
    4.0 out of 5 stars Smarten up!
    Reviewed in the United States on September 6, 2024
    Verified Purchase
    It’s a quick read and the anecdotes make it entertaining, if you can say that about losing over $1.5 Million!

    The first portion of the book allows you to related to the main character and probably identify with some of the errors you have commited yourself. Then he explores the fallacies and errors in depth and analyses how to avoid emotional mistakes, remain objective and stay on plan. Easier said than done.

    In the end one will be smarter, if not wiser, when engaging in a continuous decision making process like the markets.
    One person found this helpful
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  • Christopher
    5.0 out of 5 stars Have a Plan
    Reviewed in the United States on January 22, 2025
    Verified Purchase
    Main take away from this book is to plan effectively to exit and enter plans if not and your emotions take control of you, your at the mercy of the markets.
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  • Peter Koziar
    3.0 out of 5 stars Useful anecdotes, bogs down a bit on conclusion
    Reviewed in the United States on March 1, 2024
    Verified Purchase
    The initial portion of the book describes the history of one of the authors, including the mistakes that he had made. Although the writing was a little rough in places, there was a lot that I could identify with.

    Then, it got more into theory. I loved the chapter that described the difference between speculators, investors, gamblers and bettors. Once again, I could identify with times that I had claimed to be "investing" but was really "gambling."

    Where I thought the book fell down a bit was when it came time to talk about solutions. I agree that one needs a plan, but there were very few suggestions as to how to develop such a plan. Hints were dropped as far as "exit strategy" and stop-loss limits, but that's a very complex topic. If you set your stops too tight, you'll always be stopped out. If you set them too loosely, you'll increase your risk.

    For example, when dealing with very volatile securities like penny stocks, a tight stop is pretty much worthless.

    By the way, the original edition dated back to the late 90's, and it was a little bit humorous to see that some of the companies that he extolled for good management didn't survive the 2001 crash, and others sank without a trace in 2008. On the other hand, other managers that he was a bit disdainful of (for example, Steve Jobs) wound up being stupendous successes.
    2 people found this helpful
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  • Thomas A. Majewski
    5.0 out of 5 stars The "Holy Grail" of Advice
    Reviewed in the United States on January 16, 2010
    Verified Purchase
    I had heard of this book over 10 years ago but never added it to my collection of trading books. Recently the title popped into my head out of the blue and I decided I had to purchase this book...as I was thinking it would be the last book I would ever need to learn about trading...and it just might be!

    I have been trading off and on for over 15 years. Trading when I had capital or made some profits and not trading after I gave it all away. If you believe anything about trading and investing let it be this: trader beware as you will sooner or later give it all away.

    You are probably saying, no not me or thinking you are somehow different or special and immune from losing all or most of your capital and hard earned profits. OK, I promise you that time will bring you down off of your high horse. And that is the point of staying in the trading game; to trade another day.

    As this book states, you can make money in any number of ways and many of them opposite from one another. To stay in the game, you will be fighting human nature all the way. This is where this book explains quite well how we treat losses and losing which very few writings have covered in depth.

    That is the "Holy Grail" as I see it...learning to control losses before they take you out of the game. This is the reason that so many wash out of the trading/investing world. Other than just taking your money out of your account, this is the only way people leave the game. Major losses force them out, not the market itself.

    Forget about finding the "secret" to making profits and spend more time understanding how losses will destory your account. This book can definitely help you in this regard. As you will eventually discover, failure to control losses will knock you for a loop and it does not matter what you are trading or how you are investing.

    This should be the first book you read before entering any market or making any trades. You can learn all the great methods of making money from the masters, however the other side of the coin is learning how to keep it. The choice is yours because if you choose to ignore the possibility of losing your capital, the markets will soon bring you back to earth. That is for sure and for certain.

    This was an entertaing read and well worth the money. Learn the lessons of this trader and author and you will save its cost a thousand times over by protecting your capital from your own unsuspecting self.
    13 people found this helpful
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Top reviews from other countries

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  • Simone Guidi
    5.0 out of 5 stars Libro in inglese facile
    Reviewed in Italy on September 12, 2024
    Verified Purchase
    Il libro è unico nel suo genere, io non sono un grande esperto di lingua inglese, ma comunque con l'aiuto del traduttore e molta pazienza sono riuscito a leggere il libro.
    Report
  • Dan James
    5.0 out of 5 stars Required Reading for Traders
    Reviewed in India on September 14, 2019
    Verified Purchase
    This book is required reading for anyone interested in making money from the markets.
    Report
  • Caio Pereira
    5.0 out of 5 stars Grandes ensinamentos! Muito bom!
    Reviewed in Brazil on July 9, 2020
    Verified Purchase
    O livro "What I Learned Losing A Milllion Dollars" foi escrito por Jim Paul e Brendan Moynihan e conta a história, a ascenção e a derrocada de Jim no universo dos investimentos.

    Jim conta de forma bastante divertida como conseguiu crescer na carreira, de trader profissional e como - em um único golpe - perdeu todo o dinheiro que havia acumulado durante anos: cerca de um milhão de dólares.

    Diferente de muitos outros livros sobre investimentos e mercado financeiro, esse livro fala sobre o fracasso. Jim conta que existem muitas formas de ganhar dinheiro no mercado financeiro ou no mundo dos negócios, porém são poucas as formas de se perder dinheiro. E o fator psicológico é o elemento-chave que desencadeia uma série de perdas e fracassos.

    O grande erro está em personalizar as perdas. Tratar uma decisão de investimento como uma aposta ou um jogo. Muitas pessoas entram em investimentos buscando estarem certas. Isso é um grande erro. O fato de um ativo se valorizar ou desvalorizar não deve ser relacionado a um acerto ou um erro. É apenas um fato. Uma vez que o encaramos como um erro, estamos personalizando a perda. Jogando contra nossa autoestima.

    Além disso, existe o famoso "efeito manada". Jim conta que não é preciso estar presente em um grupo para começar a demonstrar os sintomas de um efeito manada. Uma pessoa sozinha pode se deixar levar pelas emoções e começar a agir por impulso, colocando em risco seu patrimônio. É provável que essa pessoa até passe pelos 5 estágios da perspectiva da morte: negação, raiva, barganha, depressão e aceitação.

    Não tem tradução, mas a leitura em inglês é bem fácil e gostosa!

    Recomendo a todos que queiram tomar melhores decisões nos investimentos, nos negócios e na vida!

    Show!
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  • Papito
    5.0 out of 5 stars FIABLE
    Reviewed in France on June 21, 2023
    Verified Purchase
    TOP
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  • Amazon Customer
    5.0 out of 5 stars A life changer!
    Reviewed in the United Kingdom on December 28, 2015
    Verified Purchase
    What I learned loosing million dollars is a book based on the real life story of Jim Paul, trader and investor, and his trading adventure on the stock market during the period of 1970 - 1983. The book emphasizes on the psychological part of the trading process advocating that decisions based on emotions are biased and would lead to negative compound effect that overtime will have a detrimental effect over an individual. While such statement is a common sense for many of us probably only a few realise that tacking unemotional decision that bear actions require predefined exit point and desirable outcome.
    The book can be divided in two parts. The first one covers Jim Paul’s different stages of life through childhood (starting his first job at 9 years of age), student life, and adulthood (military service, entering the stock market industry – profits and losses). This is the part where he introduces us the readers with his feelings, emotions, and thoughts, during extraordinary profits and one 75 days long loss consisted of many daily and weekly losses that cost him $1.6 million (everything).
    The second part emphasizes on human psychology and how we perceive “loss”. Chapter psychological dynamics of loss gives information about external and internal losses and how these two different types of losses affect human beings in different ways. An interesting fact for me was to see a correlation between the behaviour of terminally ill patients and traders (in both winning and losing trades), all exhibiting identical five behavioural stages of internal loss.
    All psychological information is very well researched and backed with author’s experience as well as different cases such as Coca Cola in early 80s, Steve Jobs, Henry Ford, and many other entrepreneurs who did or didn’t fall victims to their own emotions during the years.
    This book is a must read for traders and investors, as it can also be an eye opener for business managers. For me, this book has given me a deeper insight into the psychological aspect of the inevitable element when it comes to stock trading – the loss. And while I have always respected the stop loss option in my trades I very often ignore to define my take on profit option thinking I would figure it out at the course of trading. This book has shown me that this would be a huge mistake prompting for emotional decision making.
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