234 Management Stripped Bare disappointment in their faces as they reach that conclusion over months or years is always visible. Wishful thinking investors As smart people, we like to think that we are smart with our money. We are all smart investors. We like to think we can beat the market. By definition, not everyone can beat the market, especially after trading costs. One private bank offered its clients an options and futures trading facility. This private bank had a minimum investment of US $1 million, so its customers were wealthy and presumably fairly comfortable handling money. And because of this, they thought they were smart. Options and futures represent a great way to back your judgement against the market and make money fast, or to lose it fast if your judgement is poor. Eighty-six clients signed up for this service. We decided to look at how many of them made money, and how many of them lost money on this service. We found that all of them lost money. And the more they traded, the more they lost. They were not stupid, but spreads and dealing costs are