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.”
Loose lips assign simple, wrongful definitions in order to understand the complicated.
This is rampant in every walk of life, financial topics is at the very top of that list.
“Insurance is like gambling.” YIKES.
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