Red Joker Rules : The 35 Rules of Gambling (that All Investors Should Know)

"Gambling is investing, and investing is gambling," says the Red Joker. Both situations begin with a common pool of money. The pool is distributed among those who have created it on the basis of a series of events that are partly controllable. Through a mixture of skills, self-control and sheer luck, some of those who have created it will receive more than others. There is no inherent difference between sifting through a horse's prospects of winning a race and a company's prospects of returning regular profits. There is no inherent difference in deciding whether to raise the betting on a particular hand of cards and deciding whether a property is a good or bad buy. But there is a world of difference between the pace of gambling and the pace of investing. A gambler faces as many investment situations in a week as an investor does in a lifetime. The rules are the same, but the gambler is in a situation where he can learn the rules very quickly. This is a book of advice from the gambler to the investor - The Red Joker Rules. Contents......Page 4 Biography......Page 8 Introduction......Page 10 Part 1: Parlays......Page 20 Concept: The Geometric Progression......Page 22 Rule 1: Start Early......Page 27 Rule 2: Never Offer an Unlimited Parlay......Page 29 Rule 3: Keep a Reserve Tank......Page 31 Rule 4: Never Chase Your Losses......Page 33 Rule 5: Stay in Your League......Page 35 Rule 6: Gamble Your Early Winnings......Page 37 Rule 7: Don’t Get Addicted......Page 39 Rule 8: Bid Boldly, Play Safe......Page 42 Case Study: The Club Bridge Gambler......Page 44 Case Study: The Bingo Gambler......Page 47 Case Study: The Roulette Gambler......Page 49 Case Study: The Texas Hold ’Em Gambler......Page 51 Part 2: Pitfalls......Page 54 Pitfalls and the Power of Zero......Page 56 Rule 9: Never Bet Too Big.........Page 59 Rule 10: ...And Never Bet Too Small......Page 61 Rule 11: Turn Down Proposition Bets......Page 63 Rule 12: Visit the Parade Ring......Page 66 Rule 13: Don’t Get in Hock to the Bookies......Page 68 Rule 14: Keep Emotion Out of it......Page 70 Rule 15: Never Listen to Tips......Page 72 Rule 16: Watch the Dealer......Page 75 Rule 17: Don’t Bluff to Bluff......Page 78 Rule 18: Do Not Cheat......Page 80 Rule 19: Engage Mathematics as Your Servant, Not Your Master......Page 82 Case Study: The Craps Gambler......Page 85 Case Study: The One-Armed Bandit Gambler......Page 87 Part 3: The Plateau......Page 90 Concept: Making the Theory of Large Numbers Work for You......Page 92 Rule 20: Sessions Are Not Seasons......Page 102 Rule 21: Seasons Are Not Sessions......Page 104 Rule 22: Don’t Think of Gains or Losses as Spending Money Until the Game is Over......Page 106 Rule 23: Manage Your Money......Page 108 Rule 24: Set Targets......Page 113 Rule 25: Reduce Risks with Time......Page 115 Rule 26: Look for a Middle......Page 117 Case Study: The Blackjack Gambler......Page 120 Part 4: Percentages......Page 122 Concept: Percentages, Odds, Ratios and Probabilities......Page 124 Rule 27: Study the Form......Page 129 Rule 28: Turn Down Most Bets......Page 133 Rule 29: Small Percentages Are Big Percentages......Page 135 Rule 30: Study Your Opponents......Page 138 Rule 31: Beware of Long Odds......Page 140 Rule 32: Never Follow a Springer to Starting Price......Page 142 Rule 33: Never Bet Ante-Post......Page 144 Rule 34: Get to Know the Trainer......Page 146 Case Study: The Professional Racing Gambler......Page 148 Rule 35: The Ultimate Rule......Page 150 Epilogue......Page 152 Annotation. "Gambling is investing, and investing is gambling," says the Red Joker. Both situations begin with a common pool of money. The pool is distributed among those who have created it on the basis of a series of events that are partly controllable. Through a mixture of skills, self-control, and sheer luck, some of those who have created it will receive more than others. There is no inherent difference between sifting through a horse's prospects of winning a race and a company's prospects of returning regular profits. There is no inherent difference in deciding whether to raise the betting on a particular hand of cards and deciding whether a property is a good or bad buy. But there is a world of difference between the pace of gambling and the pace of investing. A gambler faces as many investment situations in a week as an investor does in a lifetime. The rules are the same, but the gambler is in a situation where he can learn the rules quickly A gambler faces as many investment situations in a week as an investor does in a lifetime. The rules are the same, but the gambler is in a situation where he can learn the rules very quickly. This title provides an advice from the gambler to the investor.