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shminux comments on Magic players: "How do I lose?" - Less Wrong Discussion

31 Post author: Manfred 15 July 2012 08:58AM

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Comment author: shminux 15 July 2012 07:20:38PM *  0 points [-]

If you are going to go broke in a big way, take risks; this is the time to play the lottery, you probably won't win, but you might and by this point you have nothing to lose.

That strategy successfully killed a number of large banks, Barings being a classic example.

Comment author: CronoDAS 17 July 2012 02:33:17AM 3 points [-]

It may very well have been game-theoretic rational for the individual rogue trader to just keep gambling once things got sufficiently bad, although his co-workers would certainly have wanted him to stop long before then.

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