If you buy a bunch of lottery tickets and you win the lottery, it...

January 7, 2024 at 2:00 PM  ·  Comment — Michael Tozoni's photo  ·  View on Facebook  ·  Markdown source

If you buy a bunch of lottery tickets and you win the lottery, it doesn't mean that buying lottery tickets was a good decision a priori. Sometimes bad decisions pan out due to dumb luck. Many once profitable companie created at the same time as MSFT have since gone belly up. Diversifying was a good idea a priori, even if it turned out to be less profitable post-hoc.