I just had a "discussion" about when something is profitable or not with my brother. We were discussing a gamble. It was one thaf was so beneficial thaf the chance of winning monet was way higher than the chance of losing. Thus i called making the gamble, a "profitable" decisions (since on average, it will make money). But according to my brother something cannot be called profitable unless there is a garantee that it will actually make money (which a gamble obvioslt isnt because there is an aspect of chance involved). So what is it? When can something be called profitable?
>>1975002
Something can be called profitable when you've made a profit on it, dumbass. Use a different word/phrase to describe potentially profitable situations that you haven't actually profited from yet, like "opportunity," "gamble," "investment," or "listening to my brother."
i didnt think u could create a scenario where youre BOTH wrong, but holy shit you did it
>>1975479
My brother says 1+1 is 7 but I think it's 6.
>I didn't think you could create a situation where you are both wrong
>>1975002
There is never a guarantee that things will bring profits, because even if you have an infallible plan, every external factor will still have to go smoothly for it to be applied properly.
You can make the best decisions ever, and they still wouldn't be called "profitable" by your brother's standards.
You're wrong as well, but your brother is more wrong than you are.
>>1975002
If the chance of winning is higher than losing, then that's a guarantee, which is no longer gambling
>>1975002
Your brother is correct. In order to call something profitable it must have a net positive return.
The term you're thinking of is "expected value." A gamble that is beneficial over many iterations would not be called "profitable" but would rather would be said to have a "positive expected value."
>>1976550
>If the chance of winning is higher than losing, then that's a guarantee, which is no longer gambling
What if you're only allowed to play once? What if you only have enough stakes to play once?
What does it feel like to be 100% wrong?