Daily Archives: April 29, 2013

TANSTAAFL

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Back before the first world war there was a period when many bars in San Francisco gave away free food to customers. The only catch was that the food was heavily salted, with the intention that the diners would become thirsty and order plenty of drinks to wash the food down. I understand that this may be the origin of the observation that ‘there ain’t no such thing as a free lunch’, sometimes shortened to TANSTAAFL.

Any decent outcome tends to require a risk, and that’s particularly true in traded markets. There is never any certain outcome to a trade, the best that can be done is to trade when the odds favor one outcome over another. (more…)