Crying Game in biggest S-Chip market

Andrew Vanburen’s  article “ Crying Game “  re investors in China bourses ( biggest  S-Chip  market ? ) is interesting as only 22% made $$.   Didn’t expect the highly educated elite to fail so badly.  Uni Grads @ 19 %  is  below average lol  and   PhD @ 22% ave .  As expected new investors @ only 16 %  while  ” old timers ” are best @ 30%.  If one goes to the casino and make only one bet on red or black , the chance of winning is nearly 50%.  So why do smart ppl  fail so badly in these S-Chips ?  
www.nextinsight.net/index.php/story-arch...holders-losing-money     

relaxing: my view is the % success rates cited are probably correct -- but the figures will change dramatically if the survey covered a bull period.

The survey covers who has lost money, who hasnt.

But nothing on the quantitative, ie the amount.

If I were George Soros, I would put it this way , "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."