Carissa Véliz

But what's missing in the picture is all the data that we didn't collect.

And that is that people who lose on their first bets don't become gamblers because it hurts so much.

And so we never get their data because they're essentially not around the table anymore.

And this is called survivor's bias.

The same thing happens with investment funds.

So you open an account and even though you get this warning that the past doesn't resemble the future, you look at all the portfolios that you can invest in and they are doing incredibly well.

But what you're not seeing is all the investments that completely tanked and are not on the spreadsheet anymore.

Thank you so much, Mike.

It's been super fun.