Conversation

3/ As Taleb pointed out, it is not enough to be correct as an investor, you must be correct in the right amounts, yet many investors don't think about it that way.
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4/ If you make a little money on many trades but lose everything on one big trade, then your "win rate" may be 95%, but you are still broke because you were "picking up nickels in front of a bulldoze"
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Replying to
Here's an interesting non-financial example of this. After the Vikram lander crashed on the Chandrayaan mission recently, there was an effort to spin it to boost morale, saying "95% of mission objectives have still been met, so the mission is not a failure."
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Clearly, whatever the official accounting of goals, psychologically, 95% of the mission value emotionally was sticking the landing safely and getting data back from the lander/rover. It doesn't matter that the rest of the mission objectives were checked off. The mission failed.
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