Every few seconds it changes - up an eighth, down an eighth - it's like playing a slot machine. I lose $20 million, I gain $20 million.

Ted Turner, the media mogul and founder of CNN, made this statement to describe the volatility of the stock market and the vast sums of money that can be gained or lost in short periods. By saying, “Every few seconds it changes - up an eighth, down an eighth - it's like playing a slot machine. I lose $20 million, I gain $20 million,” Turner compares the constant fluctuations of stock prices to gambling, where outcomes are unpredictable and fortunes can swing dramatically in either direction.

The quote reflects Turner’s firsthand experience as a high-profile businessman with large holdings in publicly traded companies. Even minor changes in stock prices—“up an eighth, down an eighth,” referring to fractional price movements common in earlier trading systems—could translate into multimillion-dollar shifts in his net worth. His comparison to a slot machine captures the emotional highs and lows that come with these rapid financial swings.

The origin of this statement is tied to Turner’s long career in media and business, where he was known for taking big risks and managing significant assets. This comment likely came during a period when he was watching the market value of his companies fluctuate dramatically, illustrating the nerve-wracking reality of having so much tied to stock performance.

Ultimately, Turner’s message is about the unpredictable nature of the stock market. For major investors, even small changes in share price can mean tens of millions of dollars gained or lost in seconds. His words serve as a vivid reminder of the volatility and risk inherent in large-scale investing.