“Over a short time increment, one observes the variability of the portfolio, not the returns. ...[O]ne sees the variance, little else. ...Our emotions are not designed to understand the point. ...I deal with it by having no access to information. ...I prefer to read poetry.”
Original source
Three: A Mathematical Meditation on History | Philostratus in Monte Carlo: On the Difference Between Noise and Information
Three: A Mathematical Meditation on History | Philostratus in Monte Carlo: On the Difference Between Noise and Information
Recommended reading
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