The Ultimate Takeaway
The common misnomer is assigning the word “gambling” to “calculated estimate, with a random outcome, within a range of ultimate outcomes, that looks a LOT like the lattice.”
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Loose lips assign simple, wrongful definitions in order to understand the complicated.
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This is rampant in every walk of life, financial topics is at the very top of that list.
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“Insurance is like gambling.” YIKES.
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You not understanding this? If you cannot look and identify the sucker at the table, then…guess what? You got it.
Unconvinced? Perhaps you should watch:
MIT 15.S50 Poker Theory and Analysis, IAP 2015 on YouTube
Or this: