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SI49: Morgan Housel's universal laws of investing and the importance of investor behaviour

Top Traders Unplugged

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Having Experienced Traders Is Just a Job

The right way to think about returns is through expected value. Reward taps probability. It's easy to underestimate how rare and powerful tails are. Tails drop almost everything. An iufi can hurt myself too much by taking this small loss, And then your systematic losses are like a super power. Or your systematic mimics that don't let the losses out of their control? What do you have to lose? Then won't you have that profit?

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