22d • General discussion
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Hey new members. To help you understand what I'm trying to curate here, I'll post this as an example.
I recently created a sports betting model, so I'm trying to up my game. I'm reading a book called "Against the Gods, the Remarkable Story of Risk" by Peter Bernstein.
A quote I though was interesting was: "Even more important, he propounded the idea that the satisfaction resulting from any small increasement in wealth "will be inversely proportionate to the quantity of goods previously possessed." With that innocent sounding assertion, Bernoulli explained why King Midas was an unhappy man, why people tend to be risk averse, and why prices must fall if customers are to be persuaded to buy more."
Due to lack of time, I can't dive into why I really like this quote, but I related to the concept of diminishing marginal returns.
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