Bridge over ocean
1 January 1995 Financial Analysts Journal Volume 51, Issue 1

The Loser's Game

  1. Charles D. Ellis, CFA

During the last ten years, professional money management has become a Loser's Game—i.e., a game one wins by avoiding mistakes rather than by positive achievement. As in other Loser's Games, those players who assume they are playing a Winner's Game meet only with frustration. Drawing examples from tennis, golf, and war, the author offers advice on how to win the money game.

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