Many people aspire to be traders when they see the potential for making large sums of money. Money attracts interest in any field whether it is practicing law, medicine, or entrepreneurship. However there is a huge distance between wanting to be something and doing the work to achieve a professional goal. It is generally accepted […]
In 1929 Jesse Livermore’s fortunes were at their zenith. He had made a profit of $100 million dollars shorting the markets during the great crash. Yet, by 1934, he was bankrupt.In just five short years one of the greatest stock-traders the world has known lost his entire $100 million fortune. We cannot blame this on […]
Imagine:There’s a special coin in your hands.Every time it comes up heads, you win $2. And every time it comes up tails, I win $1.Now in the long run, who will win?You, of course! Because you have a mathematical edge over me.And it doesn’t matter whether you’re gambling at a casino, betting on horses, or […]
Warren Buffet, the greatest investor of all time, is worth USD 67.7 billion (as of this writing).Now, let’s assume that Warren Buffet has turned evil and wants to bankrupt all casinos.He plans to play Blackjack with the casinos and bet $5 billion on each hand. If he wins, he can easily bankrupt all casinos.But that […]
Here’s the thing:Every casino in the world has an edge over the players.But, why are some casinos more profitable than others? And why do some casinos even go bankrupt?On the surface, it seems like all you need is a statistical advantage over the players for you to mint money.But, that’s only one small part of […]
Back in the 80s, it was easy to make money as a casino because there’s little to no competition.Then, competition stepped in as more casinos entered the business. And the players got “smarter”.At this point, market conditions have changed.And if a casino refuses to adapt to changing market conditions, it’ll go out of business.So what […]
According to a study by Cesilla Horváth and Richard Paap, they found that casinos’ revenue was correlated with economic growth.This means during a recession, a casino’s business will be negatively affected as fewer people visit the casinos.So, what do they do?Well, they could…Reduce the number of staff to reduce their expense since they have fewer […]
1. Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy. 2. Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you. 3. Ignore people playing status games. […]
