There are two American tourist destinations I have no desire to visit.
The first is Disney World. Me versus “The Happiest Place on Earth.” Wouldn’t that be a Mexican wrestling match.
The second is Las Vegas. I could contentedly go to my grave without witnessing the bizarre physical contortions of Cirque or the disturbing vocal contortions of Celine. As for gambling, it doesn’t do a thing for me. I can’t count fast enough to play black jack, can never remember the hand rankings in poker, and find feeding coins into a slot machine a crashing bore. I’ve been to Atlantic City and the odd casino down in the Caribbean, and found the only sure-fire transaction is handing over my cash for a couple of cocktails. After all, the first rule of gambling is “the house always wins.”
It didn’t occur to me until our current Great Recession that I have been, in fact, an unrepentant gambler, wagering my home, my income and my retirement on the global crapshoot known as the stock market.
The suits that run Wall Street prefer to use words like “investing” or “trading,” but when you put your money down with no guarantee that you’ll see a return, that, my friends, is gambling. The analogy between throwing dice in “Sin City” and doing the same on “The Street” became even more apparent when not one hustler who ruled from the corner offices of Bear Stearns or Lehman Brothers had to take the “perp walk” for losing their fellow citizens’ homes, jobs and shirts. In fact, the traders at the firms that didn’t go belly up continue to collect obscene salaries and bonuses. Once again, “the house always wins.”
The other day, I heard of a new hedge fund that aims to turn the stock market into the bookie parlor it’s been all along. Called Galileo, it will analyze sports probability and statistics, then put investors’ money on the outcomes of games ranging from tennis to baseball to golf.
Of course, when an interviewer asked why not just call this new investment gambling or sports betting, the CEO of Galileo replied, “We don’t gamble. We apply an intelligent process and we look for solid risk-reward opportunities.”
Wanna bet?