You don’t win by predicting the future
You don’t win by predicting the future; you win by getting the odds right. You can be right about the future and still not make any money. At the racetrack, for example, the favorite horse may be the one most likely to win, but since everyone wants to bet on the favorite, how likely is it that betting on the favorite will make you money? The horse to bet on is the one more likely to win than most people expect. That’s the one that gives you the best odds. That’s the bet that pays off over time.Bill Bonner,
Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora)
PS This is very important idea, your kids can choose to study law that is going to be the degree with more demand in the future. However if there are many students doing the same option your kids might have problems.
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