James Holzhauer, a previously obscure sports gambler, is making national news and captivating millions by running the board on the long-running quiz show “Jeopardy.”
By one estimate Holzhauer is on track to beat the Jennings record in well under half as many games. So what is Holzhauer doing, and how can retirement investors profit from his example? The second thing to understand is that Holzhauer is a gambler by profession, so he understands risk. Rather than build up through a category as players traditionally have done, Holzhauer leaps to the higher-dollar questions and assumes he’ll get them right most of the time. Which he does.
The Daily Double, though, is the key to Holzhauer’s big winnings. A “Jeopardy” player who finds it can double his money, but only if he locates that clue first and bets big. Since Holzhauer knows he’s got a high likelihood of getting the answer right, he goes all-in. Bogle’s innovation Investing started toward a similar revolution in the mid-1970s, the cumulative effects of which we see in full force today. It was a scientific but utterly out-of-left-field idea: Since nobody can consistently pick only winners, it’s better to own the whole stock market.
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