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“Wittgenstein's ruler: Unless you have confidence in the ruler's reliability, if you use a ruler to measure a table you may also be using the table to measure the ruler. The less you trust a ruler's reliability (in probability called the prior), the more information you are getting about the ruler and the less about the table.”
― Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
― Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
“I believe that risk aversion does not exist: what we observe is, simply, a residual of ergodicity. People are, simply, trying to avoid financial suicide and take a certain attitude to tail risks.”
― Skin in the Game: Hidden Asymmetries in Daily Life
― Skin in the Game: Hidden Asymmetries in Daily Life
William McOsker’s 2025 Year in Books
Take a look at William McOsker’s Year in Books, including some fun facts about their reading.
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