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The Zurich Axioms: The rules of risk and reward used by generations of Swiss bankers by Max Gunther

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The Fifth Major Axiom: On Patterns

Chaos is not dangerous until it begins to look orderly.

Irving Fisher, a distinguished professor of economics at Yale, made a bundle on the stock market. Impressed by his combination of impeccable academic credentials and practical investment savvy, people flocked to him for advice. “Stock prices have reached what looks like a permanently high plateau”, he announced in September 1929, just before he was wiped out by the worst crash in Wall Street history.

It just goes to show you. The minute you think you see an orderly design in the affairs of men and women, including their financial affairs, you are in peril.

Fisher believed he had beaten the market by being smart, when what had really happened was ...

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