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JamesAndrix comments on Money pumping: the axiomatic approach - Less Wrong
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Please forgive the nitpicking but as an actuary, I do try to make this point whenever I feel it's helpful to do so:
Insurance is not betting. Insurance is removing variation and chance from your life, not introducing variation and chance to your life. A bet introduces risk where there was none before. Insurance removes risk when it already exists.
End of nitpicking.
That's exactly the same as hedging bets.
Which is why hedging is understood by people who hedge as insurance (unlike the bet they are trying to hedge).