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My dumbest investment, if you can call it that, was to listen to a cold-call from a broker. I remember that I knew so little about stocks at the time that one of the guys from the brokerage had to explain to me what a bid-ask spread was. I just blindly followed the advice of the broker and eventually lost all the money I put in (the one smart thing I did in the midst of this stupidity was that I only sent in money that I had earmarked for speculative purposes) and I deserved to lose that money.

Some time after this I began taking classes for my MBA and became considerably more knowledgeable concerning investing and business in general. The next time I got a cold call, I said "Send me the latest 10K, 10Q, quarterly, and annual report and if I like what I see, we'll talk". Needless to say I never heard from the guy again.

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