Nassim Taleb has many insights. In “The Logic of Risk-Taking”, he summarised one with serious implications for investors: “Time to explain ergodicity, ruin, and rationality…to do science (and other nice things) requires survival not the other way around. Consider the following thought experiment: First case, one hundred persons go to a casino, to gamble a certain set amount each and have complimentary gin and tonic. Some may lose, some may win, and we can infer at the end of the day what the “edge” is, that is, calculate the returns simply by counting the money left with the people who…

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