it's also, basically, the logic that a lot of traders used to convince themselves there was no systemic risk problem. if you average everything together and ignore the outsize impact of the extrema you'll get it disastrously wrong.
"There are three kinds of lies: lies, damned lies, and statistics" - Mark Twain putting clever words into Disraeli's mouth
9:41 AM - 12 Mar 2018
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