Football As Financial Economics

On Arsenal Football Club and tail risk. “Ordinarily, teams play a bit better than normal or a bit worse, but performances and results are usually roughly normally distributed. Not so for Arsenal: 10% of games this season account for 50% of goals conceded”. For balance, Arsenal needs more players with what investors would call “negative beta” — ones who perform better when their team-mates are performing worse (612 words)

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