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12.22.08

Penny stocks a good substitute for the lottery

Posted in All Categories at 1:01 pm by Michael Goode

Guess who plays the lottery disproportionately? Poor people. Guess who buys the riskiest stocks with the lowest returns (particularly penny stocks)? Also poor people. Interesting academic paper here (pdf). People are also more likely to purchase volatile penny stocks in an economic downturn.


3 Comments »

  1. Yngvai said,

    December 22, 2008 at 6:21 pm

    Interesting paper

  2. Mark said,

    December 23, 2008 at 6:23 pm

    lottery=poor man’s stock market

  3. Scott Andrew Hall said,

    December 25, 2008 at 8:39 pm

    That’s hilarious. Unfortunate, but hilarious.

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