We were burgled. We lost a new and an old laptop, and our camera - it was pretty unpleasant, although they also left a lot of stuff alone. But we've only been paying insurance since we owned our own home, about 8 months, and so the payout replacing our modest losses will be far more than the premiums we've paid in just yet. As I see it, its like I went to the blackjack table and got a specific number paying 35:1 after only 8 tries. The question is whether to walk away an insurance winner now... And the flaw in the reasoning is... I haven't anyway to stop being exposed to loss.
From No Country For Old Men:
Anton Shagur, remorseless killer, confronts the old man manning a service station and asks 'What's the most you ever won on a coin toss?' After some exchanges the coin is tossed and the old man is asked to call. Old man - 'What are we playing for? What do I stand to win?'
Shagur - 'Everything.'
Old man - 'What do I stand to lose?'
Shagur - 'Everything.'
Old Man - 'But I never put anything up.'
Shagur - 'You've been putting it up your whole life.'
Indeed.
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