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Have you ever seen a basketball team abruptly go ice-cold during a game? Out of nowhere, they’ve missed 13 straight shots and are down by 20 points. As the team heads down the floor for their next possession, you think to yourself, “This time they have to score. They’re due.”
In reality, the team isn’t more likely to make the next basket if they’ve missed the last 13. You’ve just succumbed to gambler’s fallacy: Thinking things in life will average out…
