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Run Time: 51.08 minutes Quant legend Ed Thorp shares several unifying concepts that have helped his thinking over the last five decades in finance:
– “The map is not the territory” highlights the repeatedly and sometimes disastrous overlooked limitations of quantitative financial models.
– The related randomness, even folly, of much expert opinion and the difference between “hedgehogs” and foxes” tells us that if it’s important, verify the facts and then think for yourself in forming your own opinion.
– When the invisible hand becomes a visible foot in the mouth, the tragedy of the commons, and the proper pricing of externalities are repeatedly overlooked.