6. Wayne Himelsein: Negative Skew, Ergodicity and Thoughtful Diversification
Mutiny Investing Podcast
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The Transfer of Risk
The longer you go in time building up return part of that return you should be almost reserving to give back later. So your part of the return is not really return it's a transfer of risk that will get come out at a later time. The Piper has to be paid and so what you're taking it today and you're calling it your gain but don't set 20% of your gain aside because you're going to give it back if there's negative skew.
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