How Not to Be Wrong

Insight: Coxcomb graph - developed by Florence Nightingale - showed in very visual terms that most of the British soliders that died in the Crimean War had been killed by infection, not enemy soldiers.

• Insight: Survivorship bias plays a big role in investment funds. The ones that die don't show up in the numbers over time, inflating the average returns.
• Reference: Abraham Wald: "Bullet hole problem" during WWII.