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Bets Quotes

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Bets Quotes

“And now, at last, we are here. Now Eric fingers his glass and questions me hopefully, while the music of Muthaiga marches through our talk, and festive people clasp hands, revive old toasts -- and make bets on tomorrow's Leger. One hundred pounds -- two hundred pounds... "Has the filly a chance?" "Against Wrack? Of course not." "Don't be too sure... don't be too sure. Why, I remember..." Well, that's what makes a horse-race.”

“But if it is crazy to turn down the 100 bets, the logic of Samuelson's argument is just reversed; you should not turn down one! Shlomo and I called this phenomenon "myopic loss aversion". The only way you can ever take 100 attractive bets is by first taking the first one, and it is only thinking about the bet in isolation that fools you into turning it down.”