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In GOD IN THE PITS:Confessions of a Commodities Trader, Mark Ritchie writes
"...that the commodities trader takes big risks to make a fortune is an
insidious half-truth based on a fundamental misunderstanding of what it
means to bear risk. While it may be true that the commodities trader takes
big risks to make a large amount of money, he does so only when the odds are
sufficiently in his favor. The point is demonstrated by what I call the Law
of Gambling or Investing:
1. If the odds are in favor of the risk-bearer, then he is investing.
2. If the odds are against the risk-bearer,he is gambling.
Corollary: If the risk-bearer doesn't know what the odds are,he is
a gambler and a fool." (Pages 201&202)
Tom Domingues "Make new mistakes."--Ester Dyson
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