[darkerside]

I think a better example might be:

1. 10% chance of returning 100%, 90% chance of 0%

2. 90% chance of returning 10%, 10% chance of 0%

Same expected value in year 1, but totally different proposition. And, with compounding returns, the expected value over time is very different.

[smabie]

exactly AM-GM inequality, volatility drag, etc