Squares & Sharps, Suckers & Sharks by Joseph Buchdahl

Author:Joseph Buchdahl
Language: eng
Format: epub
ISBN: 9781843448594
Publisher: Oldcastle Books
Published: 2016-05-13T04:00:00+00:00

“What do you think I am; a nobody?”

“Frankly, yes, I do, because you’re missing the point. I never said you couldn’t make a profit, I’m just saying you probably didn’t make it happen.”

As I’ve previously discussed, it’s easy to mistake profits for skills because everyone likes a story, particularly a causal one, all the better if it’s a self-serving narrative to massage the ego and enhance one’s sense of control over destiny. Young men, in particular, are overconfident about their abilities to make money from betting, presumably for evolutionary reasons to do with risk taking. It comes as no surprise, then, to find that 92% of bettors in the 2005 bwin research study were male with an average age of 31, a statistically significant 3 years younger on average than the women. The late Nobel Prize-winning economist Armen Alchian made a related, if slightly more forgiving, observation than mine with regard to success in business. He neither said that most successful businessmen are lucky, nor that skill doesn’t matter; rather he argued that it’s frequently very hard to tell the difference.

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