Hi Greg,
The answer is no. What Mr. Doak is talking about is something like this passage from Nicolas Taleb’s book, Fooled By Randomness: “The main point of the Gaussian, as I’ve said, is that, as we kept saying, that most observations hover around the mediocre, the average; the odds of a deviation declining faster and faster (“exponentially”) as you move away from the average.” In that sense, we might expect that bad shots might be penalized in accordance with how poorly they are hit: that bad shots should follow a gaussian distribution, so to speak. This is what Taleb calls “Mediocristan.”
But there is another realm, this one called “Extremistan.” In this place, events are scalable: in technical terms, they obey what mathematicians call power laws. In this place, as actions or events or whatever move away from the standard, they do not become as unlikely as they do under a gaussian regime. In other words, crazy shit can happen. This is why billionaires are more common than nine-foot tall people: human height follows a gaussian distribution pattern, while the distribution of money does not.
(As a sidelight, it is Taleb’s argument that it was the failure to allow for extreme events that led to the 2007 financial crash and the 1998 Long Term Capital bankruptcy. So this is a non-trivial subject.)
Does this help anyone?
Joe