Lebesgue’s approach to integration was summarized in a letter to Paul Montel. He writes:I have to pay a certain sum, which I have collected in my pocket. I take the bills and coins out of my pocket and give them to the creditor in the order I find them until I have reached the total sum. This is the Riemann integral. But I can proceed differently. After I have taken all the money out of my pocket I order the bills and coins according to identical values and then I pay the several heaps one after the other to the creditor. This is my integral.
Siegmund-Schultze, Reinhard (2008), “Henri Lebesgue”, in Timothy Gowers, June Barrow-Green, Imre Leader, Princeton Companion to Mathematics
I loved being a rifle company commander. Having the responsibility for 211 men. Being totally in charge of their welfare and their training. That was the happiest period of my life, professionally, looking back on things.
Daniel Ellsberg, The Most Dangerous Man in America
risk, however measured, is not positively related to (rational) expected returns. It goes up a bit as you go from Treasuries, or overnight loans, to the slightly less safe BBB bonds, or 3 year maturities. But that’s it, that’s all you get for merely taking the psychic pain of risk.
Just as septic tank cleaners do not make more than average, or teachers of unruly students do not make more than average, merely investing in something highly volatile does not generate automatic compensation. Getting rich has never been merely an ability to withstand some obvious discomfort.