Re: "Why do people play slot machines..."
The non sequitur to that argument is that no one thinks of slot machines as anything but "one-armed bandits." On the other hand, Rushnet believers never referred to Corr&Co as "two-armed bandits" which arguably is close to the truth. Instead, most manufactured an image of management that comported with fantasy not reality, the latter grasped by critics of the firm. Not a few believers held fast to magical thinking that trumpeted absurd price predictions in the face of a failing company, while mentally blocking anything that highlighted Corr&Co's obvious con game. The emotions of unreasoned, if not unnatural, attachment ran high. I don't think the gambling analogy explains the phenomenon. It goes beyond that, possibly, into the realm of masochistic dependency as evident in battered wife syndrome. Not to mention that pride likely inhibited some from throwing up the sponge. That's tantamount to yielding to the fiercest critics who were right on the money. Few have the guts. After all, in the final analysis, poster "keynesian" was right. I have just finished re-reading Extraordinary Popular Delusions and the Madness of Crowds (1841) by Charles Mackay. Anyone here who reads it will find many parallels to the Corr&Co/RSHN/APRU caper. It's quite useful as a money-making tool because it will teach how understanding popular delusions can not only make you money but also, and importantly, preserve your capital.
From the purple mountains of scenic New Mexico.
These are my opinions only. Do your DD. Buying stocks is risky.
"If we could sell our experiences for what they cost us, we'd all be millionaires." -Abigail van Buren (a/k/a Dear Abby)
These are my opinions and sentiments only. Take them for what they're worth. Do your DD. Buying stocks is risky!
"If we could sell our experiences for what they cost us, we'd all be millionaires." -Abigail van Buren (a/k/a Dear Abby)
AI
