A set of dice is nontransitive if it contains three dice, A, B, and C, with the property that A rolls higher than B more than half the time, and B rolls higher than C more than half the time, but it is not true that A rolls higher than C more than half the time. In other words, a set of dice is nontransitive if the binary relation – X rolls a higher number than Y more than half the time – on its elements is not transitive.
It is possible to find sets of dice with the even stronger property that, for each die in the set, there is another die that rolls a higher number than it more than half the time. Using such a set of dice, one can invent games which are biased in ways that people unused to nontransitive dice might not expect.
Gates Capital Management's Excess Cash Flow (ECF) Value Funds have returned 14.5% net over the past 25 years, and in 2021, the fund manager continued to outperform. Due to an "absence of large mistakes" during the year, coupled with an "attractive environment for corporate events," the group's flagship ECF Value Fund, L.P returned 32.7% last Read More
Warren Buffett On How He Tried To Trick Bill Gates With Non Transitive Dice