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David,
Once again an enjoyable and interesting podcast. I subscribe to your long view on investing and spreadbetting is not for me - the gambler in me would destroy my wealth in no time! That said, I'd much rather have taken a short "spread bet" position on connaught than the long one i held before it imploded! But Harry Hindsight is a cruel and smug friend indeed.

One thing that puzzles me - and forgive the dunce question perhaps but - Where does the money come from in this model to 'pay out' the winners? Given that from my understanding, the 'balancing' exercise only occurs when a position is closed - either in profit or loss - managing that must be a nightmare for the companies involved!

Presumably for it to work there must be a balance of people betting in the opposite direction?

The stats are enough to put any sane person off - 90% losers. ..... not worth the ulcer! I'll stick with my nice "boring" Quo-inspired blue chip ISA, thank you very much and a nice 5% tax free dividend yield compounded +/- any capital gain!

Keep up the good work.

Regards,
The Hooch.

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