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Sir John Moffat,
With due respect, can you please reconfirm the statement 2?
I think the statement itself is true.
As EV focuses on the average outcome across all possible outcome, but potentially overlooking extreme, low-probability events that could have significant negative consequences, even if they are unlikely to occur, hence the worst possible outcome may being ignored.
Please correct me, if I am wrong.
Thankyou!
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