2/08/2006

Some bad economic advice

Russell Roberts writing at Cafe Hayek has a great piece nailing some financially dangerous economic advice. The point is that just because some randomness caused a bet to pay off in the past doesn't mean it will work in the future. There is a chance that a fair coin will give me 5 heads in a row, but I wouldn't want to take more than a fifty-fifty chance that it will come up heads a sixth time.
.

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home