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FatBallz (Wintermute?)

Consider running this example 100 times. In either case, you risk $2500. In either case, you end up with $5,000 on average. The scenarios are equivalent in equity and risk.


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They may have the same EV, but the variance (risk) will be different.

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Variance and risk are definitely not synonyms. The risk is the same in both cases: $2500. The variance is not.