Wednesday, 1 February 2017

Lottery Losers

If Apple's stock price goes up, well...
Well.... up went the stock price. After hours trading saw the price close at $125.10 so our friend is in a heap of hurt, or would be if the thread was genuine, but it appears this is not the case as the DU prefix on the poster's account number apparently indicates it's a "Demo" account.

It made for a good story though, and it was believable because so many people are clueless when it comes to money. Who isn't familiar with the lottery winners who, within a few years of their win, have run out of money. This shouldn't be a huge surprise since it's the mathematically illiterate who enter lotteries week after week, so when one of them wins big, they're at a loss for how to handle it. 
James commented:
Without attempting to start an argument, this reminds me of the socialist ideal of spreading wealth. Some would like to evenly distribute all money to everyone in the world but this story shows that such an ideal would be folly.
It is estimated that there is $70 trillion in cash and so our approximate population of 7 billion would each receive $10,000 each. Within weeks there would be millionaires and billionaires again but many more poor people. All because people would start racing to accumulate more cash or more trappings of wealth.
There would probably be different faces amongst the billionaires. Maybe previous billionaires would be penniless because this time the gamble didn't pay off. Millions would be whining again because others have more than they have.

We would soon be as we are today with those who accumulate cash, those who are unable to save any cash and those for whom money slips through their fingers because they believe they deserve a certain lifestyle.
When has James ever NOT attempted to start an argument? I remember first hearing the above argument in school and while luck plays a huge part in our lives, the basic truth is that we are not all born equal. 

Fortunately most readers, although definitely not all, are able to hold down a job if they want one, and if accumulating money is your goal in life, then a few simple rules mean that most people can retire comfortably. 

Bossman Megarain, who originally posted the link to the story wrote:
It's v possible its a massive hoax, but, was a decent read, and passed the day.
As a set-up, the mkt being weak today, will maybe exacerbate any weakness in the Apple earnings, so, have a token position .. short.

I seem to recall u are flying for the Superbowl .. via a John Grisham interview/podcast, on Brian Koppelmans- State of the moment, I listened to a book, called 'Playing for Pizza', which has a NFL Qtr-back, as the hero. Its a v good read, and something u can happily pass the flying time with .. if u havent read it.
I hope the token position hasn't hurt the bottom line too much. As Mark Iverson can tell you, it's never a good idea to go in too big at the end of the month. Hmmm.

Thanks for the flying time recommendation. I am set for this trip, but I shall be back in Philadelphia yet again next month, this time with the lucky, and lovely, Signora Cassini, to celebrate the anniversary of my birthday and possibly meet some of her American relatives. 

Just to be clear, I'm not actually attending the Superbowl in person. I'll be watching the game in a Philadelphia bar with my son and a few of his friends. 

It promises to be a good weekend for sports, with England's opening Six Nations games on the Saturday conveniently kicking off shortly after a rejuvenated Crystal Palace pick up another three points, versus Sunderland. Some say this has been a poor season for Palace so far, but being just two points behind the champions in February surely can't be that bad? 

You did read it here first (August 2016) that Leicester City were a lay all the way this season.
Back to football, and while I'm not a big fan of tying my money up for a full season, I have had a few bets matched laying Leicester City in the Premier League this season, including for a top 10 finish at 1.46. I suspect that Leicester City's bubble has burst, and with the added distraction of Champions League football and a key player departing, can see them struggling rather like Ipswich Town did in their first season (17th of 22 teams) after surprisingly winning the League.
Never mind doing an Ipswich Town - they could match Manchester City's 1937-38 record of following a championship win with relegation. Even more bizarre was that Manchester City were relegated that season despite being top scorers.  

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