Peter L.Bernstein

Against the Gods

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  • Gulnaz Bedelbaevahas quoted9 years ago
    Hamlet had it wrong: he who hesitates is halfway home.
  • Gulnaz Bedelbaevahas quoted9 years ago
    Time is the dominant factor in gambling. Risk and time are opposite sides of the same coin, for if there were no tomorrow there would be no risk.
  • Gulnaz Bedelbaevahas quoted9 years ago
    Gamblers may think they are betting on red or seven or four-of-a-kind, but in reality they are betting on the dock. The loser wants a short run to look like a long run, so that the odds will prevail. The winner wants a long run to look like a short run, so that the odds will be suspended. Far away from the gaming tables, the managers of insurance companies conduct their affairs in the same fashion. They set their premiums to cover the losses they will sustain in the long run; but when earthquakes and fires and hurricanes all happen at about the same time, the short run can be very painful.
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