let's imagine four people toss the coin just twice. There are four possible outcomes: HH, HT, TH or TT, all of equal likelihood. So let's imagine that each of the four people starts with $100 and throws a different combination of heads and tails: HH HT TH TT The returns on these four are PS225, PS90, PS90 and PS36. There are two ways of looking at this. One is to say, 'What a fabulous return: our collective net wealth has grown over 10 per cent, from PS400 to PS441, so we must all be winning.' The more pessimistic viewpoint is to say, 'Sure, but most of you are now poorer than when you started, and one of you is seriously broke. In fact, the person with PS36 needs to throw three heads in a row just to recover his original stake.'