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Athletes vs. Investment Managers

机译:运动员与投资经理

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摘要

Most sporting events, or other forms of competition (e.g., a chess match, a game of checkers or bridge), are what are known as zero sum games—for every winner, there is a loser. In addition, in most forms of competition, even small advantages generally lead to a very high persistence of superior performance. For instance, in a chess match, if one player is just slightly better than his opponent, it is likely that he will win the vast majority of the games. Let's look at how this information allows us to determine why persistence exists and how we can tell if it is skill or luck.
机译:大多数体育赛事或其他形式的比赛(例如,国际象棋比赛,下棋或下棋比赛)被称为零和游戏-每个赢家都有输家。此外,在大多数形式的竞争中,即使是很小的优势也通常会导致卓越表现的高度持久性。例如,在一场国际象棋比赛中,如果一个球员比他的对手稍微好一点,那么他很可能会赢得绝大多数比赛。让我们看一下这些信息如何使我们确定为什么存在持久性,以及如何分辨它是技巧还是运气。

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