Selected in the top 100 Economics Sites

Follow me on Twitter

Monday, September 29, 2008

Lessons from an old (well at least middle-aged) gambler.

For those of you who bought Wachovia on Friday (Fidelity Investments had over 75 million shares and bought more last week) thinking it was going to do a bounce like it did a little while back (down to $7 and up to $18), I feel your pain (I once had my best bet of the day fall and break down during the Breeders' Cup. They don't refund your $$$ when the horse is put down). But don't complain. No one made you take those dice in your hand and throw them. You threw snake eyes. Alright you got two choices. Cry about something you did in which absolutely nothing can now be done. Or, realize the sun comes up tomorrow and it is a new chance for another opportunity, at the least to make more and start saving again.

Horse race gambling rule #3: If you can't take the losses...don't bet.

My father was a great man. I hear his voice most every day in most every situation and think of what he would have said and use it as a guide. Here he would have said "Son, when you take a good country a** whipping...take it and go." Every gambler knows how to turn the page, and live to fight another day. I am now out the door. I suggest you follow me.

No comments: