What I Learned Losing a Million Dollars
Jim Paul; Brendan Moynihan
readreviewed August 24, 2026
key takeaways
- speculation means taking risk, and losses are part of the game. The danger isn't the loss itself, it's letting bias turn a normal "part of the game" loss into a devastating one
- always have a exit plan to stay objective. The plan should have: i) A time horizon for the thesis to play out ii) A clearly defined thesis on what will play out in that defined timeframe
- don't involve your ego. it is not about being right, it is about making money
- stay humble, especially after a few successes. they could've been just luck