Let’s say you’re a gambler. Parading across the casino floor, you feast your eyes on the roulette wheel. It’s noted next to the wheel that the last five spins have landed on black. Your chips are now burning a hole through your pocket because you know that the next spin is due to land on red. You throw your chips down, bet on red and as the wheel once again lands on black, you’re filled with confusion. What just happened?
You’re a sucker. That’s what happened.