Oct 16/15 – World’s biggest d-bag?

A coin is tossed and lands on heads 49 times in a row. You are asked whether you want to bet on the next flip. What do you do? The retail investor says; of course he wants to bet – 49 times in a row, tails is due to come up. The quant beside him says; he has no interest in betting on an outcome that has an expected payoff of zero. No edge – no bet. But …