Author and consultant Luca Delana talks with Econ Talk host Russ Roberts about the importance of avoiding ruin when facing risk. Along the way, Delana makes understandable the arcane concept of ergodicity in everyday life. In an ergodic system, the performance or outcome of any individual is likely to match up with the average or be close to it. For instance, if you have a bunch of people all flipping a coin a hundred times, they're likely to all get similar outcomes. This also relates to the work of Naseem Taleb and others.