ZURICH AXIOMS (A great Book)

The Fifth Major Axiom: on Patterns
Minor Axiom V.
Beware the Historian’s Trap.
Minor Axiom VI.
Beware the Chartist’s illusion.
Minor Axiom VII.
Beware the Correlation and Causality Delusions.
Minor Axiom VIII.
Beware the Gambler’s Fallacy.

Strategy
Now let’s see specifically how the Fifth Axiom advises you to handle your money.
The Axiom warns you not to see order where order does not exist. This doesn’t mean you should despair of ever finding an advantageous bet or a promising investment. On the contrary, you should study the speculative medium in which you are interested -–the poker table, the art world, what-ever it is – and when you see something that looks good, take your best shot.
But don’t be hypnotized by an illusion of order. Your studying may have improved the odds in your favor, but you still cannot ignore the overwhelmingly large role of chance in the venture. It is unlikely that your studying has created a sure thing for you, or even a nearly sure thing. You are still dealing with chaos. As long as you remain keenly alert to that fact, you can keep yourself from getting hurt.

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