GoatOfAplomb
Joined 14 years ago
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371
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Member since
May 2
Joined 14 years ago
Interesting, this is a _feature_ of poker games like Texas Hold'em. If the losing players didn't go on convincing winning streaks, they'd stop playing. And those winning streaks can convince them they don't need to learn anything else about the game in order to be a winning player.
That sounds very easy, honestly.
So I disagree that "If you're dreading equity drawdowns, that's what fixed income is for" is absolutely terrible advice.
That is, both are true: this high-fidelity simulation is valuable and it won't catch all failure modes. Or in other words, it's still on Waymo for failing during the power outage, but it's not uniquely on Waymo's simulation team.