Originally Posted by SunDeck
Maybe it was just Pete being Pete.
The best investing advice I ever got from my dad involved staying away from thinking I knew enough about a particular industry to make money investing in it. He said once, "If Pete Rose lost money betting on baseball, you're not going to know any industry well enough to be ahead of the market."
I think a lot of the reason Pete got caught, not only did he bet a whole lot in reckless ways without considering how to cover his tracks, he was also apparently exceptionally bad at it.