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Non-Tech : The Critical Investing Workshop -- Ignore unavailable to you. Want to Upgrade?

To: J.B.C. who wrote (11357)4/6/2000 1:07:00 PM
From: Eric Martin  Read Replies (2) | Respond to of 35685
 
If the odds are 50-50 on a bet, over the long run you break even. If the odds are better than 90% on a bet, you come out ahead in the long run. I'll have to dig out the ol' college stat book and review.

If you have a limited stake, you will eventually hit a run of losses that will wipe out your stake. It is a random walk with an absorbing barrier. With a 90% bet, the ruinous runs will be rarer but will eventually happen.


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