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Warren Buffett Reveals the Ugly Truth Behind Gambling

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Gambling games revolting

Postby Saran В» 14.03.2020

.

Some say the stock market and investing are just like gambling, but the best investor in the world, Warren Buffett, doesn't think so. Over the years, he's shared some very interesting quotes on gambling and investing , equating gambling to a simple "ignorance tax.

Gambling is "socially revolting. You just put it in and guys like me don't pay the taxes -- it relieves taxes on those who don't gamble. I find it socially revolting when a government preys on its citizens rather than serving them. A government shouldn't make it easy for people to take their social security checks and [waste them pulling] a handle.

His position is simple: Gambling creates tax revenue, allowing governments to collect on the poor choices of others. And unlike other taxes, these taxes are borne by very few people -- those who choose to gamble. Countless studies reveal it is the lowest-income households that spend the greatest percentage of their income in casinos and lotteries, people who can least afford to lose money.

Teaching his kids a lesson Buffett knows gambling is a zero-sum game, and profits -- for the casino, gambler, or wages for the worker -- only come from gamblers who lose money. I bought a slot machine a long time ago and put it on the 3rd floor of my house. I could then give my children any allowance they wanted, as long as it was in dimes, and I'd have it all back by nightfall. I wanted to teach them a good lesson.

My slot machine had a terrible payout ratio, by the way. When he knew he could get rich Gambling taught Buffett a lesson -- getting rich wasn't as hard as it might seem to be. In a speech to MBA students, he revealed one event that changed his perspective forever:. On my honeymoon I traveled out west. When I visited the casino and saw all these smart well-dressed people participating in a game with the odds against them, it was then that I realized I won't have a problem getting rich!

This may have been a defining moment for Buffett. At the time, he was picking his own stocks, playing "stupid" by buying the cheapest possible companies he could buy. He'd search for companies selling for less than three times their annual earnings and special situations where he could acquire a company for less than the cash it had on hand. He wanted no-brainer investments that would make him rich. Meanwhile, others were placing money on bets guaranteed to lose. These weren't dumb people -- they had money to blow in Las Vegas, after all -- but they weren't playing to win.

They were playing games of chance where they were almost guaranteed to lose. If smart people spent their time gambling, a smart, young Buffett could very easily get rich spending his time in the stock market. Click here for The Motley Fool's resources on Coronavirus and the market. Feb 22, at PM. Author Bio I think stock investors can benefit by analyzing a company with a credit investors' mentality -- rule out the downside and the upside takes care of itself.

Send me an email by clicking here , or tweet me. Stock Advisor launched in February of Join Stock Advisor. Related Articles. B Next Article.

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Re: gambling games revolting

Postby Samukasa В» 14.03.2020

In a speech to MBA students, he revealed one event that changed his perspective forever:. The luck factor in a casino game is quantified using revoltinng deviations Here. Premium FT. In a sense, those who chose source leave their lives and come west were taking a huge gamble just to begin with.

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Re: gambling games revolting

Postby Mishura В» 14.03.2020

Retrieved 13 October Most towns had at least one or two salasor, gambling houses. Topics Fixed-odds betting terminals.

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Re: gambling games revolting

Postby Gozuru В» 14.03.2020

Fights between animals were popular as read more, whether cockfightingdogfights, or even a panther vs. Learn more and compare subscriptions. Many casino games, particularly slots, have extremely high standard deviations. Languages Add links. Click here for The Motley Fool's resources on Coronavirus and the market.

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Re: gambling games revolting

Postby Tekus В» 14.03.2020

Some say the stock market and investing are revo,ting like gambling, but the best investor in the world, Warren Buffett, doesn't think so. Most popular. Most western citizens considered gambling to be a respectable profession and those who chose to make a living doing it were respected members of society.

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Re: gambling games revolting

Postby Brazragore В» 14.03.2020

Group Subscription. Academic Press. However, the casino may only pay 4 times the amount wagered for gamez winning wager. It was not the only game people played, and monteVingt-et-Un twenty-oneroulettechuck-a-luck were all popular ways to take a risk.

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Re: gambling games revolting

Postby Nizilkree В» 14.03.2020

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Re: gambling games revolting

Postby Mikakora В» 14.03.2020

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Re: gambling games revolting

Postby Zologar В» 14.03.2020

I wanted to teach them a good lesson. Saloons and gaming tables were not the only places to bet however, and westerners had a well-deserved reputation of being willing to bet on anything. Why are they considered a problem? Mining towns outside of California fevolting large-scale gambling as well. Mathematics Gambling mathematics Mathematics of bookmaking Poker probability.

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Re: gambling games revolting

Postby Vojas В» 14.03.2020

Many nationalities and races were represented by frontier gamblers. I find it socially revolting when a government preys on its citizens rather than serving them. Or, if you are already a subscriber Sign in.

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Re: gambling games revolting

Postby Dakasa В» 14.03.2020

Related Articles. Personal Finance Show more Personal Finance. Accessibility help Skip to navigation Skip to content Skip to click. A government shouldn't make it easy for people to take their social security checks and [waste them pulling] a handle.

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Re: gambling games revolting

Postby Vuhn В» 14.03.2020

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Re: gambling games revolting

Postby Magor В» 14.03.2020

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Re: gambling games revolting

Postby Vudoran В» 14.03.2020

This is why it is impossible for a gambler to win in the long term. Markets Show more Markets. Many nationalities and races were represented by frontier gamblers. See: Gambling games.

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Re: gambling games revolting

Postby Yojind В» 14.03.2020

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Re: gambling games revolting

Postby Kazrami В» 14.03.2020

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Re: gambling games revolting

Postby Vular В» 14.03.2020

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Postby Virr В» 14.03.2020

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Postby Fekus В» 14.03.2020

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Re: gambling games revolting

Postby Kajicage В» 14.03.2020

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Postby Bakus В» 14.03.2020

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Postby Tegis В» 14.03.2020

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Postby Kigagal В» 14.03.2020

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Postby Doukinos В» 14.03.2020

Not sure which package to choose? This may have been a defining moment for Buffett. Topics Fixed-odds betting terminals. Practical Business Statistics.

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Re: gambling games revolting

Postby Meztigore В» 14.03.2020

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Re: gambling games revolting

Postby Meztijind В» 14.03.2020

Men were not the only ones who played at games of chance, women placed their bets as well and the sight of petticoats at the table was normal. Therefore, the house edge is 5. From Wikipedia, the free encyclopedia.

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Re: gambling games revolting

Postby Ditaur В» 14.03.2020

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Re: gambling games revolting

Postby Vujinn В» 14.03.2020

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Re: gambling games revolting

Postby Madal В» 14.03.2020

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Re: gambling games revolting

Postby Vudokora В» 14.03.2020

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Postby Branris В» 14.03.2020

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Re: gambling games revolting

Postby Tojam В» 14.03.2020

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Re: gambling games revolting

Postby Nim В» 14.03.2020

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Re: gambling games revolting

Postby Fausho В» 14.03.2020

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