
Pessimists sound smart. Optimists make money.
Many Happy Returns
00:00
Investing
There's an ace symmetry between gains and losses. The utility function is weighted towards losses. People think about crashes, but crashes play a very small part in investing. If there is huge pay off with a low probability, people love that. That's what you get with things like private equity or call options on single stocks.
Transcript
Play full episode