Well, color me skeptical, but if true, the average person doesn't know how to achieve those probablilities when gambling (hence casino's),
They don't have to. I never said the probabilities with gambling produced a gain; only that the probabilities are different than with investing in the stock market. I am not into gambling, but it can be entertaining. If a person on vacation wants to throw $40 away at the roulette table, or in a poker game with friends, then little or no harm is done. That is little different than spending $40 on a movie and treats. Obviously, I am assuming the person is not in the habit of gambling large sums.
You can win or you can lose at gambling. You can win or you can lose at investing. Responsible gambling has a higher probability of a loss; responsible investment has a higher probability of a gain.
My point was only that they are not immoral; it depends on your purpose. If you go to a casino for entertainment only, it does not matter that you lost your money especially if you budgeted for it.
Ah, I see what I missed. I guess I disagree though. I think the probabilities are a direct product of the activity undertaken. And those activities are so different by definition that it is innacurate to say that investing and gambling are the same.
I'll grant you that most people are just gambling when they invest in the stock market, but that has everything to do with the average investors mindset, and almost nothing to do with the substance of the stock market.
I agree that neither activity is inherently immoral, though gambling gains always come at the expense of someone else' loss, investing gains don't necessarily. Still, the WT will df a gambler for greed, when there are a million other activities that witnesses partake in that have just as much potential for greed. The stock market being one of the foremost.
Ah, I see what I missed. I guess I disagree though. I think the probabilities are a direct product of the activity undertaken. And those activities are so different by definition that it is innacurate to say that investing and gambling are the same.
SixOfNine, I am in agreement with you; the differences are in semantics, and the discussion with the statistical expert were for the purpose of convincing me that gambling is not necessarily immoral.
I'll grant you that most people are just gambling when they invest in the stock market, but that has everything to do with the average investors mindset, and almost nothing to do with the substance of the stock market.
In a practical sense, responsible investing is not the same as gambling. There difference between them is obvious.
I agree that neither activity is inherently immoral, though gambling gains always come at the expense of someone else' loss, investing gains don't necessarily.
Yes, though with a 649 ticket costing only a dollar, the concept of "loss" becomes a matter of semantics.
My statistics friend also gambled every week with 3 buddies of equal talent for poker; they all came out even in the long run. Again, sometimes, the concept of "loss" becomes a matter of semantics.
Still, the WT will df a gambler for greed, when there are a million other activities that witnesses partake in that have just as much potential for greed. The stock market being one of the foremost.
Yes, though with a 649 ticket costing only a dollar, the concept of "loss" becomes a matter of semantics.
So true. It really shows the silliness of the WT position. I don't know if it is true or not, but I heard tales of people being df'd for winning the lottery and accepting their winnings.
