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I don’t remember where I heard it. It’s been 20 years or so. I think it was on some TV stock market show, where some psychologist was explaining the horrors of being an addicted gambler, how it was more ruinous than drug addiction. He then went on to explain that 25% of all addicted gamblers got their start on Wall Street. He then said that 20% of addicted gamblers try to cure themselves through suicide. Many of us benefited from the extraordinary leveraged profit of the past several years in myriad ways; I know I did: dot-com stocks, real estate, commodities-and let’s be honest, we’ve all benefited from the run-up in oil prices. It was as if making a lot of money by “investing” a little money was a god-given right, something that all the smart people did.
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