Funnily enough there is a real business lesson in this behavior. It’s called the asymmetry of opportunity. Sadly this entails the realization that those with endless opportunity always win.
“The strategy is certain to make money for the gambler [if they have infinite wealth and aren’t so stupid they try to use it on a game like poker instead of pure chance based games]”
He took risks making a company in the 90s that was eventually bought by Peter Thiel. Nevermind that he had apartheid emerald mine slave money rich parents that could just cover the cost of his failures.
Ah yes understanding that you are immune to risk because you are astronomically loaded
Funnily enough there is a real business lesson in this behavior. It’s called the asymmetry of opportunity. Sadly this entails the realization that those with endless opportunity always win.
It’s also just a basic gambling strategy.
https://en.wikipedia.org/wiki/Martingale_(betting_system)
“The strategy is certain to make money for the gambler [if they have infinite wealth and aren’t so stupid they try to use it on a game like poker instead of pure chance based games]”
It also doesn’t work in real life not only because nobody has infinite wealth but because casinos have limits for this exact kinda BS
He took risks making a company in the 90s that was eventually bought by Peter Thiel. Nevermind that he had apartheid emerald mine slave money rich parents that could just cover the cost of his failures.