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Charlie Munger on Gambling in the Stock Market

“I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It’s not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.”-said Charlie Munger

One reply on “Charlie Munger on Gambling in the Stock Market”

Selling puts is for rich bankers, they get bonuses as long as they earn huge premiums on the puts, but only loose their jobs when markets crash, not to mention that they take down the bank with them too ! 2008 seems so far away today !

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