Average Quote by Mike Caro
“Don't leave it to the law of averages to make you break even.”
About This Quote
Source Book: Gambling Theory and Practice, 1975
Relying on average outcomes is risky; one must manage variance and not assume break‑even will happen.
In simple terms: Don’t count on averages to guarantee profit.
Key Takeaway
Plan for risk, don’t depend on averages.
Themes
risk management
probability
gambling
Mood
cautious
analytical
Type
educational
strategic
When to use this quote
- investing
- casino games
- stock trading
- insurance underwriting
Key Concepts
expected value
law of large numbers
variance
Questions to Reflect On
- How do you protect yourself from variance?
- When is it okay to rely on statistical averages?
A Different Perspective
Averages can be misleading in small sample sizes.
