There's a famous card game called Three Card Bonnie. It's played typically on the street in New Orleans, New York City. And of course, you watch someone else play and they win. You don't know that that person actually works for the person running the game because you're a sucker. There's no such thing as a sure bet. I think that what the teacher was doing there is beautiful because he was teaching a very important, very important lesson.
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.