At least in terms of Expected Value it is far better to be a dentist than a rock star, because dentists earn consistently large salaries while the majority of rock stars earn very little, and even those that do become successful and make millions don’t swing the profession’s average salary to the level of dentists.
And if lack of variance is valuable to you, than being a dentist becomes even more attractive!
Statistical example of the lack of variance in the long-term relative to the short-term: “A 15% return with 10% volatility (or certainty) per annum translates into a 93% probability of success in any given year. But seen at a narrow time scale, this translates into a mere 50.02% probability of success over any given second” (65)
“(T)here are Monte Carlo generators designed to structure such texts and write entire papers. Fed with ‘postmodernist’ texts, they can randomize phrases…
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