Best Books to Read: What I Learned Losing $1 Million (Brendan Moynihan and Jim Paul)

What I Learned Losing $1 Million is a book that describes the life and career of Jim Paul. Paul was a former investor and the governor of the Chicago Mercantile Exchange, but he ended up losing over 1 million dollars during the 1900s (a lot of money now, but especially during that time!).

The book is written by Brendan Moynihan, but is based on stories that Paul told him during their time together. This book was recommended by Tim Ferriss, and it is different from most investing books. While most investing books are about how to make it big and never look back, this book is about how to try and avoid losses in investing and the market.

Listening to What I Learned Losing $1 Million will be relatable for most investors because everyone loses money in the market at some point; the best investors are those who manage those losses well and learn from them (but also those who are able to minimize the amount of losses in the first place).

A lot of the anecdotes Paul talks about can apply to a lot of investors, but also this current time period. Paul made it big as an investor early in his career not because of his skill, but because of luck and good timing when entering the market. Especially right now, the stock market has been quite good (until recently), and a lot of new technologies such as NFTs have been extremely hot. However, as Paul mentions, almost all markets cool at some point, and you have to have a plan before entering the market to avoid major losses. If you are interested in learning more about investing and some good practices to have, it is definitely worth listening to or reading What I Learned Losing $1 Million!


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