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Lenny Dykstra, were index funds too boring for you?

Another sad story of a jock blowing his millions. Lenny Dykstra, who loved the Atlantic City casinos when he played for the Phillies, sought protection from creditors under Chapter 11 of the bankruptcy code, Bloomberg reports. Since retiring in the 1990s he has put his money in the dumb places typical of jocks: A "lifestyle" service for athletes, a magazine, a car-wash chain and a Web-based stock-picking service. What, no restaurant?

The players unions really need to do a better job of educating retiring athletes. A diversified portfolio of stocks, bonds, commodities and real estate is what these guys need. But they have already beaten the odds by making it to the majors, and they are accustomed to thinking of themselves as exceptional. They figure they'll get to the bigs in business, too. Rarely happens.

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UPDATE: I missed this last month. Former Cleveland Browns QB Bernie Kosar filed for Chapter 11.

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