Tail events, the farthest ends of a distribution of outcome, drives everything. This is true in finance and in life. Think of anything or anyone who's achieved success. What we see is the glitz and glamour of Amazon, Disney, Netflix, or your favourite comedian or investor. What we don't see is the hours of work that went into achieving those outcomes. Housel teaches us the importance of not just looking for tail events, but knowing that tail events drive everything.

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Aakash

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