Escaping the Gambler’s Fallacy: Mastering Numeracy for Financial Success
<p>If you’ve ever spent 10 minutes at a roulette table, you’ve probably seen the following scenario play out:</p>
<p>A gambler is trying to decide whether to put their money on Red or Black. They look at the electronic sign that shows what numbers have recently hit. They see that the last four numbers were all “Black,” so they bet their money on Red because they believe “red is overdue.”</p>
<p>Then the little white ball lands on “15-Black,” and they lose their money.</p>
<p>“What are the odds!?” the gambler says in amazement.</p>
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