50% losing and 50% gaining, without any spreads or commissions, would eventually destroy all your wealth. It's the classic "random walk" or Brownian motion stud

50% losing and 50% gaining, without any spreads or commissions, would eventually destroy all your wealth. It's the classic "random walk" or Brownian motion study in finance, and it destroys your wealth because every time you lose 50% you have to gain 100% to get back to where you started.