Friday, June 26, 2015

Don't Step Onto That Ledge

Over the last year the Chinese Shanghai A stock market has more than doubled. There were a lot of winners, but, inevitably, there were losers. Last week the market lost 13%. Last night the market lost 7%.
One investor had 1.7 million yuan to invest in one stock. Instead, he went on margin (a process where you borrow the money to increase your potential winnings) and bet 1.7 million times four on the stock. It plunged in value. There was no way he would ever be able to pay this back.
Yesterday, after arguing with his wife, he jumped from the 22nd floor of an office building. On the Chinese Internet men were trying to say it was his wife's fault.
But he left a note. It said he loved his family and that the decision to risk all that borrowed money was his alone. He said, "I was greedy."

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