Meaning of the word "many go out for wool and come home shorn" in English

What does "many go out for wool and come home shorn" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

many go out for wool and come home shorn

US /ˈmɛni ɡoʊ aʊt fɔːr wʊl ænd kʌm hoʊm ʃɔːrn/
UK /ˈmɛni ɡəʊ aʊt fɔː wʊl ænd kʌm həʊm ʃɔːn/
"many go out for wool and come home shorn" picture

Idiom

used to describe a situation where someone tries to get more or improve their situation but ends up losing what they already had

Example:
He invested all his savings hoping to double them, but many go out for wool and come home shorn.
Be careful with that risky deal; remember that many go out for wool and come home shorn.