The Devil’s Dictionary of Economics
Search For: (roulette)
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| Roulette |
Pop quiz! Which of these statements is more profound? 1) It’s red now, but eventually it will be black. Always bet on reversion to the mean! 2) It’s red now, so it is sure to be red again. Never bet against a winning streak! Answer: Neither. Playing roulette is not profound, no matter how you bet. Neither is playing the stock market, unless you have an actual explanation for why a particular stock is going to pay fat dividends or go up in price. See Bonner and Wiggin.
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