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  • I don't see any difference between gambling and investing. Movements on the scale of risk premium. The pension industry is rentier capitalism at its finest. Your proposal would create a new tier of rent seekers. Less alpha, more fees.

  • I don't see any difference between gambling and investing

    I think a workable distinction would be that gambling has negative expected value (the house always wins), whereas investing delivers positive returns over the long run.

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