Michael J. Mauboussin

31 A Tail of Two Worlds: Fat Tails and Investing

“In statistical terms, I figure I have traded about 2 million contracts...with an average profit of

More Than You Know: Finding Financial Wisdom in Unconventional Places

70 per contract. This average profit is approximately 700 standard deviations away from randomness, a departure that that would occur by chance alone about as frequently as the spare parts in an automotive salvage lot might spontaneously assemble themselves into a McDonald’s restaurant.” Victor Niederhoffer The Education of a Speculator (1997)