Why our appetite for risk grows with our money.
Great article. Makes a lot of sense and I’ve deffo been that guy in a casino before!
In case you aren’t familiar with Fred Schwed Jr. https://thecitesite.com/authors/fred-schwed/
Jack, you’re much wiser than most. I’m an old fart now, but I played with house money during the dot.com boom and still have the scars. Now, with all that I need sitting in an account, I invest with the utmost paranoia. FOMO has given way to FOLA (Fear Of Losing All), because I can tell you, I’m not going back to the grind ever again. Let the young guns take the risks and spin the wheel, as Fred Schwed Jr. wrote in his book, Where are the Customer’s Yachts?, “Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures.”
You probably paid more than most people's salaries for this life lesson, but it was probably worth it long term and it made for a great article. That Morgan Housel quote is rich. Pun intended.