Summary
“The creed of the speculator is: I want to make a lot of money on little capital in a short period of time without working for it."
“Predicting short-term stock market direction is a fool’s game."
“They stare so long at glistening fortune that their minds are brought under subjection to one of nature’s strongest passions – greed."
This idea was first discussed with members of my private investing community, Intelligent REIT Investor. To get an exclusive ‘first look’ at my best ideas, subscribe today >>
I’ll be the first to admit, yield chasing is addictive, and the closest way I can describe it is by using the blackjack analogy.
Before I get started, I must disclose to you that I’m not a professional gambler, and my knowledge of blackjack is limited to a few trips to Las Vegas annually. However, I can certainly attest to the psychological implications of staring at a pair of 6’s when the dealer is showing a 4.
It’s the mad rush when you know that by splitting the 6’s you can double your money by placing a duplicate bet. The odds suggest that the dealer has 14 (10 or a face card unseen) and that he or she will bust (exceed 21).
