Nitin Dangwal

“Nobody ever figures out what life is all about, and it doesn't matter. Explore the world. Nearly everything is really interesting if you go into it deeply enough.”
― Richard P. Feynman

“You should write because you love the shape of stories and sentences and the creation of different words on a page. Writing comes from reading, and reading is the finest teacher of how to write.”
― Annie Proulx

“Here’s to books, the cheapest vacation you can buy.”
― Charlaine Harris

“Let us assume that the reader shared my opinion, that the market over the next week had a 70% probability of going up and 30% probability of going down. However, let us say that it would go up by 1% on average, while it could go down by an average of 10%. What would the reader do? Is the reader bullish or bearish? Table 6.2 Event                             Probability                             Outcome                             Expectation Market goes up                             70%                             Up 1%                             0.7 Market goes down                             30%                             Down 10%                             -3.00                                                                                                                                             Total                             -2.3 Accordingly, bullish or bearish are terms used by people who do not engage in practicing uncertainty, like the television commentators, or those who have no experience in handling risk. Alas, investors and businesses are not paid in probabilities; they are paid in dollars. Accordingly, it is not how likely an event is to happen that matters, it is how much is made when it happens that should be the consideration. How frequent the profit is irrelevant; it is the magnitude of the outcome that counts. It is a pure accounting fact that, aside from the commentators, very few people take home a check linked to how often they are right or wrong. What they get is a profit or loss. As to the commentators, their success is linked to how often they are right or wrong. This category includes the “chief strategists” of major investment banks the public can see on TV, who are nothing better than entertainers. They are famous, seem reasoned in their speech, plow you with numbers, but, functionally, they are there to entertain—for their predictions to have any validity they would need a statistical testing framework. Their frame is not the result of some elaborate test but rather the result of their presentation skills.”
― Anonymous