The Convex Bet: Why Running a Photography Business at a Loss Makes Perfect Sense
I make approximately £3,000 a year from 32,000 images. After travel costs, I'm operating at a loss. Any business advisor would tell me to quit. Any efficiency consultant would want to "fix" my operation. They'd both be wrong. What looks like failure under conventional business metrics is actually a sophisticated bet on randomness—one that provides financial optionality, intellectual stimulation, and genuine freedom. Understanding why requires understanding a concept the write

























