Titanic Thompson

I used to know a few full time gamblers. It was damned rare that they were gambling!

After awhile we became friendly if not friends. They couldn't beat me at pool even when they tried jarring me, I wouldn't play anything else. I was a one trick pony and knew it.

Ti Thompson cultivated the knack of getting in with the money crowd. One of his few failures, he chased Howard Hughes for six months. Hughes became aware of it and even baited Ti spreading word that he would be at such and such a golf course at the ungodly hour of six AM, with no intention of showing!

While there was a tiny window open usually, most of Ti's prop bets he was about 10:1 his way.

One of his better friends was Hubert Cokes. They met when Cokes was fourteen and Ti had him hid in a motel room dropping cards in a hat! Ti had a large bet he could flip the cards under a door and into the hat.

That was the usual deal, Ti never hesitated to shave the dice in his favor. Aside from that, he was a world class athlete and obsessive when practicing. He might spend fourteen hours a day on a gaff for weeks. The things he really could do were freakish.

The real thing that killed Ti as a hustler at all things was the end of an era. When he started, if you did what you said you would do even if you did it by trickery, you got paid. He bet he could throw a watermelon on the roof of a hotel. Got plenty of action. The watermelon was tossed, into the elevator of a taller building next door. The elevator man tossed the melon on the roof, Ti collected serious duckies for the time. Today, people would just laugh and walk away. Ti's suckers changing might have been the biggest reason he crapped out.

Another thing, he marked paper cards. Plastic was much harder to deal with. Plastic didn't end his card mechanics but definitely handicapped him to the point that when he was told about a card game the first thing he asked was paper or plastic?

Another thing about that era, poor communications. You could pull the same hustle in town after town within a hundred miles or so of each other. I knew adults who had never been thirty miles from where they were born.

I have seen some pretty impressive hustlers but there will never be another Titanic, never be a time like that again.

Hu
 
all true hu

although now the hustles/scams are more sophisticated and technology oriented, instead of skill and conning.

People will always be open to scams of one sort or another, just not the type of things Ti did. A man for whatever reason targeted church congregations. His claim, he happened to become friends with a son of royalty in an oil rich company in the mid east. He could borrow millions at very low interest, come back and invest this money at far higher rates of return. All he needed was six or eight thousand to go to the mideast and ask for the money.

Congregations weren't content to give him what he asked for. Individual members put far more in the pot, I guess to get more of the return. Congregations were giving him forty thousand, sixty thousand and more! He made major scores everywhere he went.

Before he got caught and anything recovered he got scammed by one of the nigerian con men and lost it all! Would make a cool exit strategy but it was proven true, he really did get conned himself. I believe because far from the old saying, "you can't con a con", I have found con men to be the biggest suckers of all!

Hu
 
thats so true. the basic thing is never give anyone your money to make money with it. if they needed your money it means they cant make enough with their own. or its a scam.

if you want to make more with your money learn how to invest it properly in stocks or real estate.
 
thats so true. the basic thing is never give anyone your money to make money with it. if they needed your money it means they cant make enough with their own. or its a scam.

if you want to make more with your money learn how to invest it properly in stocks or real estate.
I have a friend who thought he knew how to invest in real estate. It lasted for a while, then rentals went into the toilet, maybe in 2008. He was "leveraged", as many were at that time. It seems he has had to move to a country with lower living expenses in his retirement.

Some small investors imagine they can discover better info than the people who are in charge of billions. I think that's rare.

Another sad situation is the people who think they are helping the starving orphans in Somalia or South Sudan by sending their money to crooks.
 
it never pays to be too leveraged as then you cant invest in a good thing when you find it.

in 2008 prices plummeted and anyone owning real estate should have held it, look now.
i was telling everyone that would listen to buy. i was. only one did and he made 3 mil. after they went up plus rent.
 
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Many in 2008 couldn't afford to pay mortgages on the 4 houses they owned and had failed to flip in time. No way to hold it.

My siblings and I inherited two homes. Dumped them for half what they were worth during the slump and was glad to get that. I could have bought similar homes back for half what we sold them for.

Hu
 
Many in 2008 couldn't afford to pay mortgages on the 4 houses they owned and had failed to flip in time. No way to hold it.
bad business. you buy houses you can rent for what the mortgage payment is or at least close to it. other wise you are just a strung out speculator which is fine, but the downside is all you got.
and in 2006 or so the signs of the property market were already showing weakness coming.

its like stocks now many of the big ones are grossly overvalued but still holding up. for the regular investor to be holding them as your sole portfolio is stupid.

so those are sucker moves. as you are betting your net worth on something you have no control over.
 
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