functional psychopaths and investing

For the record, when I said passionless picking was the core of the investing philosophy a few days ago, I didn’t mean to take it to these extremes:
“Functional psychopaths” make the best investment decisions because they can’t experience emotions such as fear, a study by researchers at Stanford Graduate School of Business showed.
Fear stops people from taking even logical risks, meaning those who have suffered damage to areas of the brain affecting emotions, and can suppress feeling, make better decisions, the report showed. The ability to control emotion helps performance in business and the financial markets, the researchers found.
That said, I don’t see how anybody could screw up the gambling/investing experiment the researchers were trying out. (They gave people $20 and then offered to flip a coin for a $1 wager. If they lost the coin flip, they lost the $1. If they won the flip, they won $2.50 — their $1 back plus $1.50. The researchers found that people with brain damage deadening their emotions agreed to more coin flips than people with “normal” brains, who apparently got scared of losing.)
I mean, who wouldn’t take that bet, every single time? First, your actual risk is zero — you’re playing with the researchers’ 20 bucks! Second, a 50/50 chance at a 150% return? You gotta take that bet every time — particularly if you’re going to get, at a minimum, 20 chances to make the bet, meaning the law of averages alone gives you a near 100% chance of coming out ahead.
Still, the “functional psychopaths” only wagered their buck 84% of the time, and the “normal” folks wagered only 58% of the time. Silly.
(Also, I wrote the other day about David Swensen, the man who invests Yale’s endowment and wrote a new book about a sort of investing strategy not far from mine. Well, the results are in from another year of Swensen’s work: a 22.3 percent return, versus 4.4 percent for the S&P. Quote: “The University consistently ranked in the top one percent of institutional funds during the past decade, with an average return of 17.4 percent…In comparison, the S&P 500 had an annualized return of 8.1 percent.”)