“Fragile and antifragile can effectively be used as synonyms for non-ergodic and ergodic. A fragile actor is non-ergodic, a truly antifragile actor is ergodic.
If you want to determine whether something is fragile or antifragile, you expose it to volatility and see how it responds. Say you measure that when traffic increases by a thousand cars in a city, travel time grows by ten minutes. But if traffic increases by another thousand more cars, travel time now extends by an extra thirty minutes. Such acceleration of traffic time shows that traffic is fragile, the more volatile things get, the worse it gets.”A Big Little Idea Called Ergodicity (Or The Ultimate Guide to Russian Roulette), Taylor Pearson
“Everything worthwhile in investing comes from compounding. Compounding is the whole secret sauce, the rocket fuel, that creates fortunes.”Last Man Standing, Morgan Housel
“Reversion to the mean occurs because of external forces, and the effect is to push high prices down and low prices up. Reversion moves more than just share prices, though; it also affects margins and profits. As a result, no company, no matter how successful, would be worth holding for the long term — unless it could protect its margins and profits.”Tobias Carlisle:Mean Revisions and Moats, Robert Abbott