I'll plug this blog entry regarding halo effects and risk reward

https://theskepticalgambler.blogspot.com/2023/06/submersibles-race-cars-and-p-40-halo.html

Originally posted by: Robert Dietz

https://theskepticalgambler.blogspot.com/2023/06/submersibles-race-cars-and-p-40-halo.html


Why do people engage in risky activities, which occasionally get them killed? Because they're risky. Rich, older folks in general, being accomplished, may be past the point where they were at risk life- and finance-wise. So they do risky stuff in order to re-create that thrill.

 

I think also, the rich--particularly if they are/were entrepreneurs--may have an exaggerated sense of their own invulnerability. I doubt that many of them, when asked why they were successful, say, "Aah, I was lucky." More likely, they think that they had unique, or at least rare, pluck, derring-do, and boldness. So they may minimize the risks of skydiving or orca wrestling or whatever.

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