Winning the Wrong Way: Lessons from a Drunken Gambler

“Any time you make a bet with the best of it, where the odds are in your favor, you have earned something on that bet, whether you actually win or lose…”

— David Sklansky, The Theory of Poker

Most investors don’t lose money because they lack intelligence. They lose because they mistake outcomes for skill.

A few winning trades, a hot stock tip, or a lucky streak can seduce even the most rational person into thinking they’ve cracked the code. But if you’re serious about trading—especially options—you can’t afford to play that game. You need a strategy where the odds are tilted in your favor, not just this week, but over years of repeated decisions.