What I Learned Losing a Million Dollars

  • by Jim Paul, Brendan Moynihan, Jack Schwager (foreword)
  • Narrated by Patrick Lawlor
  • 7 hrs and 29 mins
  • Unabridged Audiobook

Publisher's Summary

Tim Ferriss Book Club Selection
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.
Also included is a bonus hour-long interview between co-author Brendon Moynihan and noted investor, business advisor, and best-selling author Tim Ferriss.


What the Critics Say

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


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Customer Reviews

Most Helpful

Engaging and worthwhile

What did you like most about What I Learned Losing a Million Dollars?

It is a different take on the usual "How to make a million dollars doing x, y, z".

What was one of the most memorable moments of What I Learned Losing a Million Dollars?

Actually the piece at the end where the guy who penned the book tells about his experience of the interviews etc

Which character – as performed by Patrick Lawlor – was your favourite?

He was a great narrator throughout the book. I would look for his name in future audio books.

Was there a moment in the book that particularly moved you?

Hard to say without giving too much of the plot away. There are many high and low points through the book.

Any additional comments?

Highly recommended, in my top ten audio books for the past few years.

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- David

Traders will love this book

I'm a trader, buy & (mostly) sell indices so naturally I was keen to hear this story given my early losses. I almost gave up on the book as the beginning is almost exclusively early life story. I felt it was too detailed but once he talks about his experiences you'll nod your head & smile ruefully knowing you've made the same e cruising errors.

Definitely worth your time.
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- Geoff

Book Details

  • Release Date: 16-09-2014
  • Publisher: Audible Studios