The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousan… - Alan Greenspan

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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.

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About Alan Greenspan

Alan Greenspan (born March 6, 1926) is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006 after the second-longest tenure in the position.

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In the nineteenth century, the population multiplied by a factor of almost fifteen, from 5.3 million to 76 million, a total larger than any European country except Russia. By 1890, 80 percent of New York’s citizens were immigrants or the children of immigrants, as were 87 percent of Chicago’s.

A study of a cohort of 4,800 African Americans born between 1952 and 1982 shows that, as they grew into adults, 69 percent of the cohort remain in the same county, 82 percent remain in the same state, and 90 percent remain in the same region. The figures for the previous generation were 50 percent, 65 percent, and 74 percent.

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I know you think you understand what you thought I said but Im not sure you realize that what you heard is not what I meant.

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