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The Incerto Podcast
Luca Dellanna | Ergodicity & It's Role In Taleb's Incerto
Oct 4, 2023
Luca Dellanna, author and independent consultant, discusses the concept of ergodicity and its relevance in decision-making. Topics include fat tails and power laws, consultants lacking personal stakes, achieving big impacts with minimal risks, the power of compounding, collecting data, taking daily losses, and the role of serendipity in uncertain professions.
01:23:33
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Quick takeaways
- Ergodicity reminds us to consider the long-term implications of our decisions and adapt our strategies accordingly in domains like investing and gambling.
- Understanding ergodicity reminds us to prioritize sustainability and balance our ambitions with an awareness of the impact over time, even in careers and fitness.
Deep dives
Ergodicity: The Study of Time Horizons
Ergodicity is the study of the effect of time horizons on decisions and strategies. In the real world, there is no one optimal strategy—it depends on the specific time horizon. For example, investing and gambling are domains where ergodicity applies. What might be a good bet or strategy in the short term may not hold up over time, considering factors like survival and bankruptcy risk. Ergodicity reminds us to consider the long-term implications of our decisions and the need to adapt our strategies accordingly.
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Discover
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