Cannabis, Crypto, and the Psychology of Gambling

摘要

The economist John Maynard Keynes wrote that "the game of professional investment is intolerably boring and over-exacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll." Ever since the financial crisis, the message to investors has been to embrace the "intolerably boring": Index. Rebalance. Diversify. Rebalance again. Investors who internalized this message have done well in a long, steady-even dull-bull market.