How Do You Gamble Without Losing Money

Be diligent about only playing with the house money. Start with a small bet, and if you lose, place an even smaller bet. When you win, take the winning money, and use that to continue playing.

EconTalk · Nassim Nicholas Taleb on Rationality, Risk, and Skin in the Game · at 8:47 · March 25th, 2020 ·Transcript

On this episode

What Can Nassim Taleb Teach Us About Probabilities at 2:12
What Is The Most Effective Trading Strategy at 6:42
How Do You Gamble Without Losing Money at 8:47
What Is Mental Accounting And Why Is It Important at 9:30
How Can Something Safe Also Be Incredibly Risky at 16:26
Why Doesn't Nassim Taleb Like Gambling at 24:04
What Is The Rationality Of Religion at 25:30
What Is The Meaning Of "skin In The Game" at 40:44
How Did Losing Money Help President Trump Get Elected at 44:39
Who Should We Fail And Who Should We Bail at 46:41