Risk aversion and other considerations like gambler’s ruin usually mean that people insist on substantial edges over just >50%. This can be ameliorated by wealth, but as far as I know, Porter is at best middle-class and not, say, a millionaire.
So your points are true and irrelevant.
We obviously use the term ‘irrelevant’ to mean different things.
Risk aversion and other considerations like gambler’s ruin usually mean that people insist on substantial edges over just >50%. This can be ameliorated by wealth, but as far as I know, Porter is at best middle-class and not, say, a millionaire.
So your points are true and irrelevant.
We obviously use the term ‘irrelevant’ to mean different things.