Tax Guru-Ker$tetter Letter
Monday, August 12, 2002
Gambling In the Market
I've lost track of the number of times over the past 25+ years that clients said they would play the stock market if they only knew more about it. My reply was always that the more you understand how the market works, the less you will want to take part in its irrationality.
I used to also say that if I were in a mood to gamble, I would much prefer to do it in a casino for some very good reasons. First is the fact that the odds of winning or losing in a casino game are statistically known, while the odds of making a profit in the stock market are completely impossible to determine. Another big difference is that there are plenty of free drinks and cheap food buffets in the casinos; amenities that few (if any) stockbrokers provide.
Along this line comes this suggestion to just turn over the stock markets to the casino (aka gaming) companies.