Las Vegas and bogleheads

[jbh42]

Just a thought, is the boglehead philosophy akin to what makes Las Vegas casinos successful? That is to say..stay the course
and don't try to beat the odds by making foolish bets.

[rdmayo21]

Your question is confusing to me. How does stay the course apply to gambling? Play until you're broke?

[dratkinson]

They are 180 degrees out.

*Las Vegas is in the business of transferring your wealth to Las Vegas. The BH philosophy is about teaching you to control your emotions, not taking more risk than **prudent, and thereby keeping/growing your wealth for yourself.

• *Could substitute stock brokers, hedge fund managers, late night infomercial producers,....
  
  **Read the BH recommended books containing studies on the academic evidence on long term investing.

[Easy Rhino]

Maybe similar to the philosophy that the casinos use themselves...

[hicabob]

Just a thought, is the boglehead philosophy akin to what makes Las Vegas casinos successful? That is to say..stay the course
and don't try to beat the odds by making foolish bets.

Pretty much - make "bets" with the probability of a positive outcome (house odds) - diversify (many tables/machines/customers) - rebalance (change rules if customers figure out way to win i.e. card counting in BJ)

[FireProof]

Just a thought, is the boglehead philosophy akin to what makes Las Vegas casinos successful? That is to say..stay the course
and don't try to beat the odds by making foolish bets.

Pretty much - make "bets" with the probability of a positive outcome (house odds) - diversify (many tables/machines/customers) - rebalance (change rules if customers figure out way to win i.e. card counting in BJ)

I'm with you except for rebalance. They move away from games where they do poorly rather than rebalance out of things that have done well recently.

If only we could get such uncorrelated investments!