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The Psychology of Betting Big and Losing it All

From awealthofcommonsense.com

Like many comedy fans, I spent a lot of time this week watching old clips of the recently deceased Norm Macdonald on YouTube. Late-night jokes. Insanely funny interviews. Making Seinfeld crack up on Comedians in Cars Getting Coffee. Memorable stand-up bits. I even listened to an old interview on the Marc Maron podcast from 2011. Macdonald was forthcoming with Maron about his gambling addiction, going into detail about the three separate occasions he went broke from bad bets. At one time he had $450,000 to his name. He bet $400,000 on some game, lost it, and then decided he may as well bet the remaining $50k. He lost ... (full story)

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