What I Learned Losing a Million Dollars
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What I Learned Losing a Million Dollars
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Narrated by:
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Patrick Lawlor
About this listen
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 FerrissListeners also enjoyed...
Critic reviews
What listeners say about What I Learned Losing a Million Dollars
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Tim Abell
- 11-08-21
Bonus interview by Tim Ferris is icing on the cake
Great stories, great advice. Plan your stop-loss before you invest! Watch out for psychological biases!
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Overall3 out of 5 stars
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Performance2 out of 5 stars
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Story4 out of 5 stars
- Al-Fahad
- 28-11-19
A pretty good story
The book follows the life of Jim Paul a boy raised in the rural Middle America, who dreams of a life beyond the simple one his parents have shown him. It follows Jim as he traverses the world, making strides towards his dream of making it big in the work of investment. Ultimately, his story is one of success and moments of excess and the lessons he learned on the way. Not a must read but a decent one.
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Overall5 out of 5 stars
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Performance4 out of 5 stars
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Story5 out of 5 stars
- David
- 23-07-15
Fundamentals for anyone employing risk
If you could sum up What I Learned Losing a Million Dollars in three words, what would they be?
Understand your Why
What was one of the most memorable moments of What I Learned Losing a Million Dollars?
Shifting from college to war zones to trading and what they all had in common.
Any additional comments?
This book is just brilliant at getting you to look at you past success/ failures.. and review them in a way that would make sure the rest of your life choices are made with the right objectives for what you actually want to achieve.
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- gk
- 25-02-16
Quite entertaining and well narrated
Where does What I Learned Losing a Million Dollars rank among all the audiobooks you’ve listened to so far?
The narration is better than other books, the few I have listened to I have struggled with how lifeless and boring the narrator is, strange if thats what you get paid to do!
What did you like best about this story?
No doubt about it Jim has had an interesting life so there's plenty of good material to go at.
Any additional comments?
The only thing I found is that there are some key concepts that are attributed to Jims failure (as in losing a million dollars) and these concepts are re-visited and re-iterated several times and in Part 3 of the book it gets tedious, otherwise very good.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- "Tomithy_Bevs"
- 20-10-22
Wisdom beyond trading.
This man did his research, looking at risk and judgement in business and management to inform his own understanding. I’d recommend this to leaders and managers to prompt some well informed self reflection inspired from here.
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Overall5 out of 5 stars
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- Lebo
- 23-08-18
Not a bad at all
This book is more specific for traders than anyone else. its my only criticism of it.
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1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- MG
- 28-04-20
great book
Really good book. outlines many problems I have personally had in the market wish I read/listened to this 5 years ago. worth listening/reading if trader, investor or business person
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1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Leon
- 01-05-15
Interesting book
Interesting stories. Worth listening to if you are in business or trade or thinking of joining the industry. Good work
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Overall5 out of 5 stars
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- TPV
- 09-01-20
Joint best read of 2109!
Timeless principles of failure! Honestly, this is a genius book to publish and even more genius to read and apply.
If you want to know what the other joint best book of the last year was: The Black Swan.
Put both of these together and you should do OK with your investments.
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Overall5 out of 5 stars
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- Michael
- 20-12-19
entertaining as well as informative
must read, a very in depth look at market and self psychology. recommended fully y
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