He’s got a stack of black chips in front of him, each representing $100.
Anytime I see that at the casinos, I always wonder whether a player is winning or losing.
I just can’t tell.
Anyway the first 2 cards he got in the next round were a queen and a king.
He was betting $100 on that hand.
Seems like a pretty easy win when you’ve got a 20.
My cards sucked as usual. Got 8 and 7.
When the dealer flipped over his cards, we breathed a sigh of relief -- his first 2 cards were 10 and 6.
Casino blackjack rules force the dealer to draw another card on a 16, so it looks like we were in the clear since there was a high chance the dealer would bust.
Until the dealer drew a 5, ended up with 21, and wiped out the whole table.
Dude next to me was pissed.
He thought he had a sure winner with his 20.
Just bad luck right?
On the next hand the guy bumped up his bet to $500 and immediately got a blackjack and won $750.
“I knew that was comin’ baby!” he shouted.
He turned to me and told me I should’ve bet more since it was so obvious what the next cards would be.
Problem is that the guy is confusing luck and skill.
On his first hand he attributed his poor outcome to just bad luck, but on the second hand he thought he won all that money because he’s so smart.
That faulty rationale reminds me of how physicians manage their own retirement portfolios and how your financial advisor might be doing it also.
If you or your financial advisor bought investments -- whether individual stocks, limited partnerships, land, real estate or whatever -- and those investments bombed, did you just shrug it off as bad luck?
And then when you hit a home run on that penny stock or fund manager, did you or your financial advisor boast about your skill?
Sorry, but not only did you not have a solid investment plan, you’re also playing mental games with yourself.
It’s sort of like discarding the strikeouts and groundouts from a baseball player’s stats and only focusing on his hits. If you did that then every baseball player would have a perfect batting average.
To have a successful long term investment experience you must be honest with yourself by taking away the emotions and stop playing those mental games.
If you’ve hired a financial advisor, and he’s playing these games with you, then you’re not getting good investment advice. You’re wasting your money.
So sit down and do an investment audit over the past 10 years and see how you really did.
Did you think you had skill when it was really just luck?
How about your financial advisor? Does he take an objective view of your investment portfolio, or does he blow a lot of manure in the fan?
If you want to learn about how I can help you develop and implement a solid investment plan without the BS, just click on the following link, fill out your name and contact info and then I’ll give you a call to discuss your situation: