Sublime
An inspiration engine for ideas
We go to Vegas and we put all our money into a mental Vegas account. If we win at the table games, great, it’s a windfall. If we lose, no big deal, we already counted it as spent by putting it into that Vegas account.
Dan Ariely • Dollars and Sense
One of the Kelly formula’s central lessons is that betting too much in a system with extreme outcomes leads to ruin.
Michael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
Betting and gambling are suitable for discrete events but not for continuous processes. If you introduce the behavioral characteristics of betting or gambling into a continuous process, you are leaving yourself open to enormous losses.
Brendan Moynihan • What I Learned Losing A Million Dollars
If you love taking risks and don’t mind being locked up for a decade, I could see you putting 10 to 20 percent of your bankroll into angel investing. If you can tolerate risk, but don’t love it, and you can handle being illiquid for a decade, I could see you putting 5 percent of your bankroll into angel investing. If you were learning how to play
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