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• Archive: Description“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.