>>14058112>Tell me more about your gambling and math.calculations..., kelly criterion is a big thing. I was fortunate to have Aaron Brown, a risk manager and financial author help me with that.
Does it apply to things like economics too?
sure. I'm strictly in gambling, but things like insight/understanding of markets. 'Mental models'- the several significant models that tend to drive various value appraisal in situations. 'cognitive bias mitigation' is big.
>How do you explain new start ups and success?hey, :) I wish I did! Do you know new start ups and success??
my business stuff is limited to the risk-management, and some basic 5 or 6 forces;
you got the
'Insiders' - they have a great market position and attempt to run that business, as well as defend that market position.
'Supply'-The bargaining power of the suppliers to that business.
'Demand'- Bargaining power of the buyers/customers.
'Copycats/Generics' - Do you have your patent or process or whatever defended? (or in the case of a startup; is it vulnerable??)
'Threat of New Entrants' - HERE WE GO!
'Innovations/Game-Changers' - I thought I was some cool gambler entrepreneur guy and bought a Taxi Medallion for a cab driver and Uber came out, or I started a restaurant/bar in 2019 and Covid-19... u get the idea
>all the models can be looked at by both the insider's and outsider's perspective in appraisal 
