Vita Moodie: Bright people can learn systems and other methods of increasing their chances of winning in such occasions but truly smart people tend to save money by not gambling there is no 'foolproof' way of beating the odds without cheating that's why its called gambling. (If someone in the authorized gambling systems finds you cheating you will get in a very very large amount of trouble).
Hans Sachetti: gambling like drug addiction and falling in love with the wrong or inappropriate person probably circumvents IQremember all those cheesy love stories where "oh my heart is saying yes but my head says no"
Woodrow Neyman: Yes, you have to be sneaky about it though. Blackjack can be reasonably predicted, as in the movie 21, but the casino owners will kick you out if they find out you are card counting. Other games also have a slight players edge you just have to do your homework. Just know that typically the house has at least a 51% edge.
Lewis Ranft: The! re is a similarity but it also depends on how you play the game. The longer you play at a casino the more likely you are to lose all of your money. That's a fact the casino industry is based upon. The house has a slight edge in every game so the longer you play the more likely they are to take your money. The best thing you can do if you find yourself ahead at a casino is to walk away with your winnings. Few people do. They "let it ride" and eventually get wiped out. With stocks, if you spread your money around through mutual funds or you buy at the individual stocks of at least 10 companies it is incredibly unlikely every company would go bankrupt and leave you with nothing. Time is on your side in stocks. Markets may be volatile but the long term trend is upward. Of course, there are things you can do to make things worse. If you panic every time the market drops and sell you are hurting your returns. Likewise, if you wait until the market rallies before buying back in yo! u have already missed the big gains and risk losing money if t! he market drops - and you panic again. This is "buying high and selling low" - the exact opposite of what you want to be doing. But lots of people fall into this trap. That's why experts tell you to build a diversified portfolio and resist the temptation to tinker with it other than to occasionally rebalance if your asset allocation drifts from your plan. Remember that when people talk about how the stock market gains an average of 8 to 10 percent a year they are talking about a long term average. The market rarely returns 8 to 10 percent in any one year. It's far more likely to go up 20% in one year and be flat the next. And the long term trend is for one negative year out of every five. The three consecutive years of declines in 2000-2002 basically made up for the ridiculous winning streak stocks had been on since 1982....Show more
Nannie Kasee: Obviously smart people are going to do better than stupid ones, if only by knowing when to cut their losses and quit. The! re have been cases where extremely intelligent people have been able to win big by using that intelligence, like the group of techno-geeks who figured out the mechanical bias of a roulette wheel in one of the Las Vegas casinos and did very well on it; So well, in fact, that they were asked to leave. But those are in the minority.
Jules Ashbach: Gambling is 100% random. The only intelligence involved is realizing that.
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