"It's not the fastest skier who wins the race, but the fastest one of the one who finishes the race," he says. "You might optimize the way that you ski to win the race, and that will lead you to take too many risks." To get at a high level of skill it took long time practice, so avoiding injury is key for success in skiing. 'If instead you want to win a championship, you of course need to manage your risks a bit differently'
Author and consultant Luca Dellanna talks with EconTalk host Russ Roberts about the importance of avoiding ruin when facing risk. Along the way Dellanna makes understandable the arcane concept of ergodicity and shows the importance of avoiding ruin in every day life.