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‘Bankroll management’ concepts in the poker community were a fantastic learning tool about concepts such as variance and risk of ruin. The ‘tldr’ recommendation is to keep 20 x buyins of a cash game or 100 x for tournaments, but inside the nitty gritty, as Opponent skill increases proportionally to your own, Winrate decreases, meaning more buyins are required to offset risk. ‘Running bad’ can last hundreds of thousands of hands too - 100-year disasters happen every few hundred hands in what mentally seems mathematically improbable is actually likely to happen at an unexpectedly high frequency. Even if you have a 10,000 buyin bankroll, there’s no guarantee you won’t go bust even with a significant skill edge. Be a slight losing player and you will forever appear to be ‘running bad’ but just turns out you suck.

Applying this to real world business concepts is interesting too - corona was a great example, and for all we know next year could be unrelated total world war, past has some indication of future trends but only when the sample size is substantially large (in the case of geopolitics and disasters, all known global history is an insignificant sample)