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I wholeheartedly agree, but here's the thing: though what you see is a guy with $100m, he once only had $10m, and bet it all; that's how he made $100m in the fi
by mhartl 18y ago
I wholeheartedly agree, but here's the thing: though what you see is a guy with $100m, he once only had $10m, and bet it all; that's how he made $100m in the first place. It's only because of his foolish doubling down (combined with good luck) that you even notice him. Variance plus survivorship bias equals a lot of rich fools risking too much.