“I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it, so that you had 20 punches — representing all the investments that you got to make in a lifetime. And once you’d punch through the card, you couldn’t make any more investments at all.”
“you’d really have to think carefully about what you did, and you’d be forced to load up on what you really think about. So you’d do much better.”