Quote:
Originally Posted by Garick
As I said before, that only makes sense if you bet on anything.
Many people derive utility from things other than monetary EV.
It doesn't have to be a purely monetary bet. Its about having skin in the game. That can be money but it doesn't have to be, money is just usually the easiest way to get skin in the game.
An extreme non-monetary example is airline pilots. They aren't betting money that they'll get you to your destination safely, not directly at least. But they are in the same plane as you so if they **** up then they die also. Would you ride in an airplane where the pilot was controlling the plane remotely from the safety of the ground? I wouldn't.
I think sports announcers and political pundits who constantly say dumb **** that turns out to be wrong on average should be fired but that's not the way the media works so you end up with the same idiots spouting the same nonsense year after year. Yet another reason I can't stand most sports announcers or any of these shows on ESPN anymore. There's no accountability.
You might argue that your reputation taking a hit due to being wrong is also skin in the game but in practice it seems like unless you're a public figure, and usually even if you are (see: sports announcers), there never seems to be any real reputation consequences to being wrong. No one tracks it unless there's something tangible on the line so its too easy to deny, make excuses or rationalize when you're wrong and escape with your rep unscathed.
People are obviously allowed to express their opinions without having any skin in the game, I just think its soft af and if you say something and someone else offers to bet against it and you say no then whatever you said is simply worthless noise.