• Number of policies doesn't affect the means but it affects that standard deviation, so it becomes very collapsed and this is the basic core idea of insurance.

    保单的数量并不影响其均值,但是会影响其标准差,所以这条曲线非常陡峭,而这就是保险的核心原理

    耶鲁公开课 - 金融市场课程节选

  • You can't come up with a number to describe the twenty-five standard deviation event; it's just too large a number, I think, for any of us to really comprehend.

    你根本无法想出一个数字,来描述这个偏离25倍标准差的事件,对我们普通人来说,这是个难以想象的天文数字

    耶鲁公开课 - 金融市场课程节选

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