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What I Learned Losing a Million Dollars cover art

What I Learned Losing a Million Dollars

Written by: Jim Paul,Brendan Moynihan,Jack Schwager - foreword
Narrated by: Patrick Lawlor
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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.

©2013 Brendan Moynihan (P)2014 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)

What listeners say about What I Learned Losing a Million Dollars

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    5 out of 5 stars

I am floored!

This is one of the best trading books I've read. The emphases is on the mentality of the trader...nothing else. I love this! will listen to this book a few more times...

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3 people found this helpful

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    5 out of 5 stars
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A Must Read for Any Active Trader / Investor

This book is full of practical advise for active traders and investors. The author stresses the importance of having an exit plan before entering a market position and I cannot agree more. A good exit plan makes one money by ensuring you do not lose your head in a bull market and shirt in a bear market. As the author notes, "in trading it is not cowardly to live to fight another day." Highly recommended.

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2 people found this helpful

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    5 out of 5 stars
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Awesome

Wasn’t expecting this book to be as good as it was it’s probably in my top 5, love how it took a different approach to investing by focusing on loss rather then profits, a must read for new investors

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1 person found this helpful

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    5 out of 5 stars
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    5 out of 5 stars

great read on risk management

good read to try drill in the importance of having a strategy with risk management at the centre of everything

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1 person found this helpful

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    5 out of 5 stars
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Essential reading

This is a critical listen for anyone participating in markets. I only wish I had listened sooner.

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1 person found this helpful

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    5 out of 5 stars
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    5 out of 5 stars

Vraiment important présentement

Je trouve que c'est un livre vraiment intéressant et important à lire pour aider les gens dans ce qu'on vit présentement.

Oui c'est l'enfer ce n'est pas obligé de l'être non plus.

C'est bizarre son raisonnement. Comme il dit ce n'est pas ce que tu fais, mais combien tu es payé pour le faire.

Pour moi c'est complètement différent. Je pense qu'on devrait tous être heureux au travail et le salaire devrait refléter la valeur que tu donnes à la compagnie pour laquelle tu travailles.



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  • Overall
    3 out of 5 stars
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    2 out of 5 stars

This guy didn’t learn a damn thing!

A lifelong wannabe hot shot writes a book. The stories are just obvious BS.
The introduction.. I forget the name who wrote and I can’t be bothered to look because I couldn’t care less. The point is he starts out comparing Traders to Brain surgeons.. a little high and mighty of him I thought. Then he goes on to say how you wouldn’t buy a book on Brain surgery and then go on to perform surgery so why do you think you can buy a book on buying/selling stocks and think you’re a trader? Er.. excuse me.. isn’t this the book you’re selling?
Now this where I get to praise the Audible policy of money back guarantee!! Thank you Audible!

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  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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    4 out of 5 stars

An Object Lesson and Good Advice

I was hoping for more of a 'memoir'-type book when I bought this as a 'Daily Deal'. Rags-to-Riches-to-Rags stories are fascinating to me. I like to pick out my own lessons from those chronicles. Jim Paul's story has a modicum of that, but a money-obsessed Millionaire losing a couple Hundred Grand overnight (because of his obsession) doesn't really fit that profile for me. This book is mostly advice for people who work with money for a living - and it's good advice: Be aware of psychological factors that can make you overconfident (or, presumably, too hesitant) and make a plan to stick to. It reads like a lecture presentation to traders, brokers, and bankers at a seminar. To it's credit, the writing is clear, logical, and presented in terms that encourage interest [it (surprisingly) isn't boring!!]
A professional broker reading this book would almost certainly gain valuable insight while still being entertained.
(*Note: The book is a bit dated - even I know using Steve Jobs as an example of a failed entrepreneur was hilariously premature)

Patrick Lawlor is best described as an "average" reader. He is easily understandable, easy to listen to, and exhibits good cadence and timbre. He is clearly a Professional. But another reader could easily do an equally adequate job. Additionally, Lawlor's pacing is awful (I had to speed the recording to 1.25X to get a comfortable rhythm).

The $3.75 I spent on this probably could have been spent better elsewhere. I have investments (retirement funds, mostly), but am not interested *AT ALL* in trading and financial management. If I were deeply involved in that world, this book would have some clear, valuable lessons. Based on the lessons inherent in the tale, 'What I Learned Losing a Million Dollars' is likely worth 4.5 stars out of 5 for people immersed in that world (despite unspectacular narration). For me, It's not essential reading. I have to give it 2 stars. I should have left it to the Pros.

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  • Overall
    5 out of 5 stars
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  • Al
  • 2021-04-17

good content, good reader.

listened to it twice in a row. will probably return in a year or two. pretty short.

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  • Overall
    3 out of 5 stars
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    4 out of 5 stars
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    3 out of 5 stars

Skip Part 1 If You've Been Trading For A Few Years

As someone who's been trading for years, most of what's in part 1 are lessons I've already experienced first-hand. The lessons have been learned. Part 2 of the book was worth a quick read through to get back to basics. Part 3 was where the real meat of the book is and the lessons are invaluable. I've re-read part 3 numerous times and it's great calibrator to have in any trader's library.

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