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Luca Dellanna on Risk, Ruin, and Ergodicity

EconTalk

CHAPTER

Understanding Variance in Risk Management

This chapter examines the role of variance in assessing risk and uncertainty, stressing the dangers of relying solely on historical data. It introduces critical concepts like ergodic and non-ergodic processes, illustrating their importance in navigating unpredictable outcomes. The chapter also offers investment strategies, such as the barbell strategy, and highlights the need for careful decision-making in both finance and life.

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