CHAPTER 13John PaulsonYou Only Need to Win Once

Quit while you're ahead. All the best gamblers do.

—Baltasar Gracian

Ask somebody what they would wish for if a genie appeared before them and having a lot of money would be a top answer. But “be careful what you wish for” is a cliché for a very good reason.

William “Bud” Post III won $16.2 million in the Pennsylvania lottery in 1988 and upon his death in 2006, he was living off Social Security payments of about $450 per month.1 Evelyn Adams also won the lottery. Twice. Despite winning a total of $5.4 million, 20 years later she was broke and living in a trailer.2 These stories are not just anecdotal. They are far more common than you would think; nearly one‐third of all lottery winners lose ...

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