tag:blogger.com,1999:blog-5465015914589377788.post8191536498265171401..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Book Giveaway: The Secret Language of MoneyMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5465015914589377788.post-73194971217759239822009-10-08T13:50:38.351-04:002009-10-08T13:50:38.351-04:00Gene: This idea is in "The Secret Language of...Gene: This idea is in "The Secret Language of Money" as well. They say that the Wheel of Fortune slot machine is designed to land just one click past "250 times bet".Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-9117877754973808042009-10-08T13:30:12.220-04:002009-10-08T13:30:12.220-04:00Perhaps related to the random payoffs of slot mach...Perhaps related to the random payoffs of slot machines, Charlie Munger says:<br /><br />"Some slot machine creators are vicious in exploiting this weakness [deprival superreaction tendency] of man. Electronic machines enable these creators to produce a lot of<br />meaningless bar-bar-lemon results that greatly increase play by fools who think they have very nearly won large rewards."<br /><br />Here's the transcript to his great speech: "The Psychology of Human Misjudgment". http://www.jeremybroomfield.com/munger2.pdfgenehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.com