One person you wouldn't expect to hear tout a statistical fallacy is Warren Buffett, but the legendary investor appeared to do just that at the recent Berkshire Hathaway annual meeting, a reminder of ...

You've designed a great short-range radio system; each individual element seems pretty much to meet the specification you needed for it. So you and your team work long hours to get a prototype ready.

This has always bothered me and it came up again in Bad Monkey's trading/gambling thread.<BR><BR>The question is simple--if you believe that after 5 "heads" tosses of a fair coin the 6th toss is more ...