Insurance is the oldest of the four ways. It is a nine-trillion-dollar global industry. The equation underneath it was invented in 1560 by a broke Italian gambler.
His name was Girolamo Cardano. He wrote a book called Liber de Ludo Aleae. A short manual on how to win at dice. Nobody in finance read it for four hundred years.
Then in 1996 a ninety-year-old man in New York wrote a book that traced every modern risk model back to that manual. He called it Against the Gods. One thesis. Every dollar of premium ever collected on Earth is a footnote to a gambler scribbling in Milan.
His name was Peter Bernstein. He founded the Journal of Portfolio Management in 1974 and ran money at Bernstein-Macaulay before that. Wall Street called him the historian of risk.
In 2008 a small production company filmed him for thirteen minutes. He walked through the entire five-hundred-year arc. Cardano to Pascal to Fermat to Black-Scholes. Then he stopped and said the industry had built glass towers on the back of an idea a broke Italian scribbled to settle a card debt.
He died the following summer. Age ninety.
Reinsurance premiums crossed six hundred billion dollars last year. Every actuary on Earth prices catastrophe risk with the same expected-value framework Cardano invented to shave the house edge in Milan.
The video is thirteen minutes and twenty-two seconds long. Free. Eleven years on YouTube. Twenty-nine thousand people have watched it.
Almost none of them work in insurance.
Novak Djokovic just said being bored is the most creative state a child can be in.
His son is 10 and his daughter is 7.
He says when his son told him he was bored after a morning of ping pong, kayaking, and soccer, he sat him down for a conversation most parents avoid.
"It's okay to be bored sometimes. When you're bored, it doesn't mean that you have to instantly take a book or a screen. You need to also learn how to be with your thoughts."
Djokovic says boredom is when creativity finally shows up, and it's also when everything you have been suppressing through your phone comes to the surface.
Most parents are protecting their kids from the only state that grows them.
— Novak Djokavic (@DjokerNole) on Jay Shetty's (@jayshetty) podcast
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🚨 MRBEAST JUST DROPPED THE EXACT BLUEPRINT TO HIT MILLIONS OF SUBS IN 6 MONTHS
No fluff. Straight fire:
>> Your first 100 videos are gonna suck… upload them anyway!
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>> The first 5 seconds matter more than your thumbnail
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Save this. Bookmark it.
When you’ve got 18 minutes, watch the full thing like your future depends on it… because it does.
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أستاذة في جامعة ستانفورد تقضي 20 عام في دراسة سبب امتلاك بعض الأشخاص حظ أكبر.
استنتاجها:
الحظ ليس صدفة، إنه مثل الريح: يجب أن نضع له شراعًا.
إذا أردت أن أكون أكثر حظ، سأفعل هذه الأشياء السبع:
A few months back, I published this guide on how to remember everything you read.
Re-sharing it here for anyone who finds these protocols useful.
(1/11)
INSTEAD OF WATCHING NETFLIX TONIGHT.
Spend 1 hour with this.
A Bloomberg Terminal lecture that teaches you more about how markets actually work than a 2 month internship at Goldman Sachs or JPMorgan.
The people who watch this tonight will understand something most traders spend years figuring out.
Completely free.
Bookmark this before you scroll past it.
No, mate. It was real. It was just that his ears have fantastic healing powers, so much so that a high-powered bullet did no damage. There. All explained.
Dear @CityPowerJhb yesterday your employees came to cut electricity off in front of my house & mistakenly cut me off as well. We lodged a call & have been waiting for over 24 hours to be restored. Reference number is CP3460490 the box was left wide opened exposing us to damage.