The Gambler’s Fallacy
January 16, 2011 at 16:16 PM EST
The biggest news of the last couple of days is the announcement of the BP-Rosneft agreement. Under the agreement, the firms exchange stakes, and will undertake a joint venture (theoretically) to produce oil in Russia’s Arctic. The BP (BP) move smacks of desperation. The company reminds me of a gambler who has lost several big [...]