"People that have long term track records, as he depicts, RARELY go completely sideways like this." Agreed! But rarely ≠ never. It does happen, and (trust me) the costs of being slow to adjust to a new regime can be very large! If you had been flipping a coin every day for the past 15 years and it always came up heads every time, and the…
"People that have long term track records, as he depicts, RARELY go completely sideways like this."
Agreed! But rarely ≠ never. It does happen, and (trust me) the costs of being slow to adjust to a new regime can be very large! If you had been flipping a coin every day for the past 15 years and it always came up heads every time, and then all of sudden one day it came up tails and then continued coming up only tails - would it take you an additional 15 years to finally stop betting on heads?
"People that have long term track records, as he depicts, RARELY go completely sideways like this."
Agreed! But rarely ≠ never. It does happen, and (trust me) the costs of being slow to adjust to a new regime can be very large! If you had been flipping a coin every day for the past 15 years and it always came up heads every time, and then all of sudden one day it came up tails and then continued coming up only tails - would it take you an additional 15 years to finally stop betting on heads?