Preview

Prime logo Prime members: New to Audible?
Get 2 free audiobooks during trial.
Pick 1 audiobook a month from our unmatched collection.
Listen all you want to thousands of included audiobooks, Originals, and podcasts.
Access exclusive sales and deals.
Premium Plus auto-renews for $14.95/mo after 30 days. Cancel anytime.

What I Learned Losing a Million Dollars

By: Jim Paul, Brendan Moynihan, Jack Schwager - foreword
Narrated by: Patrick Lawlor
Try for $0.00

$14.95/month after 30 days. Cancel anytime.

Buy for $19.95

Buy for $19.95

Pay using card ending in
By confirming your purchase, you agree to Audible's Conditions of Use and Amazon's Privacy Notice. Taxes where applicable.

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.

About the Tim Ferriss Book Club

#1 New York Times best-selling author Tim Ferriss (The 4-Hour Workweek, The 4-Hour Body) is a big fan of audiobooks and their potential to alter and improve lives. So, in 2013, he started an audiobook club for his community of 1.5 million blog readers. He selected books that had a dramatic impact on his life and thinking, producing great new recordings that bring these influential gems into the limelight. For more listens from Tim Ferriss’ Book Club, click here.

©2013 Brendan Moynihan (P)2014 Tim Ferriss
activate_Holiday_promo_in_buybox_DT_T2

Critic reviews

"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

Average customer ratings
Overall
  • 4.5 out of 5 stars
  • 5 Stars
    1,136
  • 4 Stars
    547
  • 3 Stars
    195
  • 2 Stars
    55
  • 1 Stars
    31
Performance
  • 4.5 out of 5 stars
  • 5 Stars
    1,011
  • 4 Stars
    438
  • 3 Stars
    145
  • 2 Stars
    31
  • 1 Stars
    20
Story
  • 4.5 out of 5 stars
  • 5 Stars
    977
  • 4 Stars
    418
  • 3 Stars
    168
  • 2 Stars
    52
  • 1 Stars
    29

Reviews - Please select the tabs below to change the source of reviews.

Sort by:
Filter by:
  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

Outstanding Read

Focused on controlling downside risk in portfolio management, this book provides an excellent, informative, as well as entertaining journey.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

awesome

quick easy and story based so it was relatable when listening to the theory in it

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

If you love the stock market, you'll love this

Any additional comments?

haha great story and great lessons from someone who failed pretty hard. Worth a listen if you have ever or going to invest in stocks.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

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

Good principles.

The quote he uses at the beginning about the wise using others mistakes to learn from is a quote I've long enjoyed. The book to me was a success. As long as you can apply the principles he teaches you while investing.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

Great book with practical advice.


Gives a new or seasoned investor insight into decision behavior. I can see my own mistakes described in the story. I think this book is a must read.....it's entertaining as well.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

  • Overall
    4 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    4 out of 5 stars

Decent book worth the read

This book is an entertaining story, it appears it is beging to show the signs of time, it speaks of a the 60's - 90's and at the pace of today's world that feels like lifetimes ago. Well narrated. and a good lesson. However much of the book is just a man confessing he was a "right place right time" guy who lost it all because he never should have been there.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

7 people found this helpful

  • Overall
    4 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    4 out of 5 stars

Must read, gets a bit dull at times

This book has to be read by anybody so you can understand the importance of protecting your downside, having a gameplan and defining your purpose in the market or in your business ventures. After a while I had some problems pushing on and kept losing attention but that might have been because of my personal state of mind.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

2 people found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

A Trader's Guide on how to control his/her ego

Thank you Tim Ferris for publishing this book. Thank you Nassim Taleb for recommending this book.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

1 person found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    4 out of 5 stars

very good intuitive read. very well analyzed.

Author has used his life story to analyze the life approach and how you need to Master the trade to create real success.

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

Outstanding!!!

Read, reread, and read again. If you want to be a speculator or are in business this book is a must!!! To be a speculator read all the Jack Swagger’s Market Wizard books and Trend Following by Michael Covel and this!! It is an absolutely must have for any speculator!!!

Something went wrong. Please try again in a few minutes.

You voted on this review!

You reported this review!