John Law and the Mississippi Bubble Video
A funny animated video explaining the Mississippi Bubble in France. It was an early implementation of paper money (redeemable for gold) and a market bubble.
A funny animated video explaining the Mississippi Bubble in France. It was an early implementation of paper money (redeemable for gold) and a market bubble.
To maximise something which grows geometrically, choose the course of action that maximises the expected log-wealth of the thing.
The author wrote a related post When is insurance worth it? that I enjoyed as well.