Jim Rogers' worst Investment Decision Ever

While we're on the topic of the worst investment decisions, let's take a lot at Jim Rogers':

This is way back in 1970, when I was still new to markets and the business. I had all my money in puts in January, which people thought was nuts. I sold my puts the day the market hit bottom and tripled my money. Two months later, I sold short several companies — but in the next two months, markets kept rallying, stocks kept going up. I was wiped out and lost everything. Interestingly, the companies I'd short also went bankrupt over the next two years, but I was wiped out first.

This episode taught me that i didn't know enough about markets and market timing. I thought I was smart but I didn't know better.

Contrary to what most pundits believe, timing is critical when investing/trading. By the way, I don't make any difference between the two, I believe those who think they are investing in the markets are fooling themselves, they are just speculating and get stuck in losing trade for too long.