Lucky Idiot vs. Skilled Investor

Consider, that a speculator engaging in high risk ventures will appear to be an idiot MOST OF THE TIME.


Of course , when his ship comes in (if ever) they all want to know how it was done.


Nothing is as simple as it appears.


If you don't believe that, run a simulation, where you are getting 25-1 odds on a 10-1 shot.

See how many 'losers' you get in a row, most of the time.
 
A skilled investor cuts his losses. A lucky idiot doesn't cut losses, and will become an unlucky idiot in due time.
 
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