Say a bowler is bowling practice games where no one but the bowler himself cares about the score. If the bowler does not have a score of at least 100 by the fifth frame, he abandons frames 6-10, discards the partial score, and proceeds to the next game.
In 50 completed games, the bowler’s average comes out to 226. What would you say the bowler’s real average is?
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”