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Subject:  The Bond Game Date:  2/7/2013  1:39 PM
Author:  globalist2013 Number:  34763 of 35593

I told myself that I was going to cease posting at TMF, that I was wasting my time trying to help people from hurting themselves due to their ignorance of how to identify and manage their investing/trading risks. But I was always writing only for myself and, nearly always, I was the only one who benefited. That hasn’t changed, and I still despise what TMF has morphed into, a fee-sucking affinity scam that preys on the (willfully) ignorant.

The only difference between ‘investing’ and ‘gambling’ is the obnoxious moral righteousness nearly always attached to the former. In both cases, bets are being made about an unknowable future. If the game offers a positive-expectancy, and *if* the bettor can capture a reasonable portion of it, then he/she makes money. Otherwise, they’re just “paying to play”, which describes the so-called “average” investor, as is well-documented by Dalbar’s longitudinal studies of investor results. The average investor (stock, bond, or whatever) pays to play, because they fail to pull more money out of markets on an after-taxes, after-i