What I Learned Losing a Million Dollars Buchzusammenfassung - das Wichtigste aus What I Learned Losing a Million Dollars
Einleitung anhören
00:00

Zusammenfassung von What I Learned Losing a Million Dollars

Jim Paul, Brendan Moynihan

The story of a man who lost it all

4.3 (107 Bewertungen)
17 Min.

Kurz zusammengefasst

What I Learned Losing a Million Dollars by Jim Paul and Brendan Moynihan is a memoir that narrates the story of how Jim Paul, a successful Wall Street trader, lost most of his wealth by making wrong decisions and overestimating his abilities. The book offers valuable lessons on the dangers of overconfidence and the importance of risk management.

Inhaltsübersicht

    What I Learned Losing a Million Dollars
    in 7 Kernaussagen verstehen

    Audio & Text in der Blinkist App
    Kernaussage 1 von 7

    Jim Paul made a fortune but lost everything after failing to face up to mounting losses.

    Jim Paul always wanted one thing in life – to make money, as much of it as he could. Decades later, he was on top of the world and had just made $248,000 in a single day. He’d reached the top young and was brimming with self-confidence.

    Paul landed a job in futures trading and was soon known to everyone on the Chicago Mercantile Exchange. An imposing six foot three, he had a big voice and wasn’t afraid to bark out orders.

    That’s when things started to go wrong. His unshakable self-belief would prove fatal.

    Paul was interested in the soybean oil market. Supplies were running low, but demand was buoyant. Prices would rise. Anticipating a spike in the market, Paul bought up positions – a commitment to buy at a later date.

    Sure that he’d read the market correctly, he exceeded the limits on positions set by the Chicago Board of Trade. Paul’s conviction was so great that he managed to persuade his customers, friends and even his office assistant to get on board with his plan. Why wouldn’t they want to be part of it? They were all going to be rich!

    Then the market started to turn. Paul didn’t budge.

    Things had been looking good for months. Now there was political instability and the threat of grain sanctions. Bad weather damaged bean crops.

    Soybean prices began to dip, and Paul’s losses started to mount. For months, he lost $20,000 every day.

    Both his clients and other traders had already jumped ship, but Paul remained convinced. He knew the market would turn and they’d regret their decision. The writing was on the wall, but Paul was so confident of his skill as a trader that he couldn’t see what was happening. He was about to lose everything.

    The end finally came when his manager fired him and seized his assets. By that point, he’d already lost $800,000, half of it borrowed from friends.

    So why did Paul stick to his decision when all the evidence was pointing the other way?

    Du möchtest die gesamte Zusammenfassung von What I Learned Losing a Million Dollars sehen?

    Kernaussagen in What I Learned Losing a Million Dollars

    Mehr Wissen in weniger Zeit
    Sachbücher auf den Punkt gebracht
    Sachbücher auf den Punkt gebracht
    Kernaussagen aus Sachbüchern in ca. 15 Minuten pro Titel lesen & anhören mit den „Blinks”
    Zeitsparende Empfehlungen
    Zeitsparende Empfehlungen
    Titel, die dein Leben bereichern, passend zu deinen Interessen und Zielen
    Podcasts in Kurzform
    Podcasts in Kurzform Neu
    Kernaussagen wichtiger Podcasts im Kurzformat mit den neuen „Shortcasts”

    Worum geht es in What I Learned Losing a Million Dollars?

    What I Learned Losing a Million Dollars (1994) is the story of a trader’s rise to the top and the bad decisions that cost him a fortune. It examines the psychological and behavioral dimensions of market trading and asks why traders sometimes abandon all reason and allow losses to keep mounting until they become unmanageable. It explains not only how losses can be avoided but also why avoiding them is far more important than making money if you want to succeed.

    Bewertung von What I Learned Losing a Million Dollars

    What I Learned Losing a Million Dollars (1994) is an insightful book that chronicles the author's personal journey of losing a substantial amount of money in the stock market. Here's why this book is worth reading:

    • Through raw honesty and transparent storytelling, it provides valuable lessons on risk-taking, decision-making, and the psychology of investing.
    • With its practical insights and real-life experiences, the book offers a unique perspective on the importance of discipline and emotional intelligence in financial matters.
    • Compelling and engaging, this book manages to turn a potentially dry topic into an intriguing narrative that keeps readers invested in the story until the very end.

    Bestes Zitat aus What I Learned Losing a Million Dollars

    Learning how not to lose money is more important than learning how to make money.

    —Jim Paul, Brendan Moynihan
    example alt text

    Wer What I Learned Losing a Million Dollars lesen sollte

    • Traders who want to understand how psychology might affect their decision-making
    • People who want to understand how we rationalize and justify loss
    • Anyone interested in getting rich by trading

    Über den Autor

    Jim Paul grew up in a poor family in Kentucky. He later became a futures trader and lost a million dollars by making a bad investment decision. Paul went on to work as a vice president at Morgan Stanley.

    Brendan Moynihan is the managing director of Marketfield Asset Management as well as a professor of finance at Vanderbilt University. He is the author of Financial Origami: How the Wall Street Model Broke.

    Kategorien mit What I Learned Losing a Million Dollars

    Ähnliche Zusammenfassungen wie What I Learned Losing a Million Dollars

    ❤️ für Blinkist️️️ 
    Ines S.

    Ich bin begeistert. Ich liebe Bücher aber durch zwei kleine Kinder komme ich einfach nicht zum Lesen. Und ja, viele Bücher haben viel bla bla und die Quintessenz ist eigentlich ein Bruchteil.

    Genau dafür ist Blinkist total genial! Es wird auf das Wesentliche reduziert, die Blinks sind gut verständlich, gut zusammengefasst und auch hörbar! Das ist super. 80 Euro für ein ganzes Jahr klingt viel, aber dafür unbegrenzt Zugriff auf 3000 Bücher. Und dieses Wissen und die Zeitersparnis ist unbezahlbar.

    Ekaterina S.

    Extrem empfehlenswert. Statt sinnlos im Facebook zu scrollen höre ich jetzt täglich zwischen 3-4 "Bücher". Bei manchen wird schnelle klar, dass der Kauf unnötig ist, da schon das wichtigste zusammen gefasst wurde..bei anderen macht es Lust doch das Buch selbständig zu lesen. Wirklich toll

    Nils S.

    Einer der besten, bequemsten und sinnvollsten Apps die auf ein Handy gehören. Jeden morgen 15-20 Minuten für die eigene Weiterbildung/Entwicklung oder Wissen.

    Julia P.

    Viele tolle Bücher, auf deren Kernaussagen reduziert- präzise und ansprechend zusammengefasst. Endlich habe ich das Gefühl, Zeit für Bücher zu finden, für die ich sonst keine Zeit habe.

    Leute mochten auch die Zusammenfassungen

    4,7 Sterne
    Durchschnittliche Bewertung im App Store und Play Store
    30 Millionen
    Downloads auf allen Plattformen
    10+ Jahre
    Erfahrung als Impulsgeber für persönliches Wachstum
    Die besten Ideen aus den Top-Sachbüchern

    Hol dir mit Blinkist die besten Erkenntnisse aus mehr als 7.000 Sachbüchern und Podcasts. In 15 Minuten lesen oder anhören!

    Jetzt kostenlos testen

    What I Learned Losing a Million Dollars FAQs 

    What is the main message of What I Learned Losing a Million Dollars?

    The main message of What I Learned Losing a Million Dollars is the importance of learning from failure and embracing the right mindset for success.

    How long does it take to read What I Learned Losing a Million Dollars?

    The reading time for What I Learned Losing a Million Dollars varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.

    Is What I Learned Losing a Million Dollars a good book? Is it worth reading?

    What I Learned Losing a Million Dollars is worth reading because it offers valuable insights on the psychology of risk-taking and the importance of learning from mistakes.

    Who is the author of What I Learned Losing a Million Dollars?

    The authors of What I Learned Losing a Million Dollars are Jim Paul and Brendan Moynihan.

    What to read after What I Learned Losing a Million Dollars?

    If you're wondering what to read next after What I Learned Losing a Million Dollars, here are some recommendations we suggest:
    • The New Trading for a Living by Dr. Alexander Elder
    • The Hour Between Dog and Wolf by John Coates
    • The Happiness Equation by Neil Pasricha
    • Trading in the Zone by Mark Douglas
    • How to Day Trade for a Living by Andrew Aziz
    • Flash Crash by Liam Vaughan
    • The Behavioral Investor by Daniel Crosby
    • Atomic Habits by James Clear
    • Nine-Figure Mindset by Brandon Dawson
    • Mastering the Market Cycle by Howard Marks