Georgia Lottery Suckers Spend Most for Least

[highballs]

Quote from nutmeg:

I would like you to imagine a national coin-flipping contest. Let's assume we get 225 million Americans up tomorrow morning and we ask them all to wager a dollar. They go out in the morning at sunrise, and they all call the flip of a coin. If they call correctly, they win a dollar from those who called wrong. Each day the losers drop out, and on the subsequent day the stakes build as all previous winnings are put on the line. After ten flips on ten mornings, there will be approximately 220,000 people in the United States who have correctly called ten flips in a row. They each will have won a little over $1,000.

Now this group will probably start getting a little puffed up about this, human nature being what it is. They may try to be modest, but at cocktail parties they will occasionally admit to attractive members of the opposite sex what their technique is, and what marvelous insights they bring to the field of flipping.

Assuming that the winners are getting the appropriate rewards from the losers, in another ten days we will have 215 people who have successfully called their coin flips 20 times in a row and who, by this exercise, each have turned one dollar into a little over $1 million. $225 million would have been lost, $225 million would have been won.

By then, this group will really lose their heads. They will probably write books on "How I turned a Dollar into a Million in Twenty Days Working Thirty Seconds a Morning." Worse yet, they'll probably start jetting around the country attending seminars on efficient coin-flipping and tackling skeptical professors with, " If it can't be done, why are there 215 of us?"

By then some business school professor will probably be rude enough to bring up the fact that if 225 million orangutans had engaged in a similar exercise, the results would be much the same - 215 egotistical orangutans with 20 straight winning flips.

http://www.tilsonfunds.com/superinvestors.html

I see your point, thanks for this

But do you think HE has discovered an edge?

 

[nutmeg]

Here's anthoer one for ya. It's only an exceprt, I forgot Tony Robbins reply.(It's probably out there on the net somewhere).

Does he have an edge? I think the answer is "Me myself and I" something you have to decide. for yourself, How long before you give up or do you persevere? I doubt you'll arrive at a conclusion based on a bunch of evidence fo other people.It's personal.

Although I believe the coin flippers of doddsville. People from various walks of life, differing degrees of educationa and life experiences, gravitate towards each other for no other reason than they won multiple tosses

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On his Personal Power CDs, Tony Robbins tells a story about a couple who were present at his Goal-Setting workshop. During the goal-setting workshop he mentioned a woman who absolutely needed to get $100,000 for her business venture, within a couple of months. The woman never made more than $30,000 a year and he thought that perhaps her goal was a bit unrealistic, but decided that it's not his place to stand in her way. The woman appeared few months later on his next Goal-Setting workshop and said how she won those $100,000 playing the lottery, just before the deadline she has set for herself.

This time she set a goal to get $200,000. It wasn't that urgent, so she gave herself a deadline of six months. And just near the end of her deadline, she again won the lottery - and she won exactly $200,000 that she needed.

A couple that were present at that workshop wondered why did she settle for so little, why not go for $1,000,000 (it's only a matter of zeroes). They decided to put into practice what they have learned. They embraced their inner power and the vision of themselves as lottery jackpot winners. They drove everyone around the mb crazy. They didn't win the first time they played, or the second, but the third time they hit it big and they won over $1,000,000.