British Pound – Positive Sum Trading

March 24, 2014March 26, 2014

Market Commentary – March 24, 2014

Last week the markets were not as interesting as the US College Basketball tournament known as March Madness. Will this week be any different?

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Monte Carlo Fallacy

At the roulette wheel at Le Grande Casino in Monte Carlo, Monaco, the color black came up 26 times in a row. The probability of the occurrence was 1 in 136,823,184^.The incident is cited as an illustration of the gambler’s fallacy, because after the wheel stopped at black ten straight times, casino patrons began betting large sums of money on red, on the logic that black could not possibly come up again. The odds of red or black coming up on any individual spin were the same each time—18 out of 37; to no surprise of statisticians, “the casino made several million francs that night”.

Courtesy of Wikipedia

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