Re: how do you handle a friend on tilt gambling away his $$ till its g
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i guess its all in the eye of the beholder, but if you use this analogy, wouldnt every bond and equity trader on wall street be a gambler then?
wouldnt many small business owners (such as my friend i talked about who owns a small family restaurant) be gamblers because some days the customers don't come into their store/restaurant and they take a loss for the day..etc.
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gam·ble Audio pronunciation of "gamble" ( P ) Pronunciation Key (gmbl)
v. gam·bled, gam·bling, gam·bles
v. intr.
1.
1. To bet on an uncertain outcome, as of a contest.
2. To play a game of chance for stakes.
Stock traders are not making and losing money due to outcomes that are determined by random turns of cards, dice, etc. While they may understand the forces which control their investments no more than a craps player understands the odds of his chance game, they are INVESTING. Gambling involves games of chance, where specific outcomes are determined at random.
You cannot predict when a slot machine will hit, when the dice are hot, when 00 will hit on roulette, or when your K will hit the turn -- at least not with any more certainty than that laws of probability allow.
Meanwhile, business and investment outcomes are determined by non-random economic factors that, while difficult to understand, can be studied and predicted with success. Stock prices do not rise and fall at random -- cards do.
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