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davel , 2 months ago This graph seems to imply an analogy, but AFAICT it doesn’t actually make one. In the case of a coin with a heads bias, the winning move is to always call heads. In the case of the stock market, those who consistently beat it are those who control it. For instance: Members of Congress outperformed the S&P 500—sometimes by huge amounts
This graph seems to imply an analogy, but AFAICT it doesn’t actually make one.
In the case of a coin with a heads bias, the winning move is to always call heads.
In the case of the stock market, those who consistently beat it are those who control it. For instance: Members of Congress outperformed the S&P 500—sometimes by huge amounts
