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2min chapter
Complexity Investing & Semiconductors (with NZS Capital)
Acquired
Portfolio Theory
The concept gets to the heart of modern portfolio theory and expected utility theory. The way this works, as if you had a hundred people flipping coins, and they did it for enough time, you would actually see a nice, steady, positive return. And that looks like on average. But that's not really true. What you get is a lot of people going bankrupt and a few massive winners. So my outcome on average is that of loss. It's that of bankruptcy.
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