It's a very important observation in finance that returns on a lot of speculative assets have fat-tailed distributions.

在金融界中,这是一种重要的观测方法,许多投机性资产的收益,都是服从长尾分布的

耶鲁公开课 - 金融市场课程节选

All of these things work by changing the payoffs.

只要改变收益,这些方法都有效

耶鲁公开课 - 博弈论课程节选