11.6 The success of this project depends on the experiment. Success does not depend on the per- formance of the overall economy. The experiment creates a diversifiable risk. A portfolio of many stocks will embody "bets" on many such unique risks. Some bets will work out and some will fail. Because the outcomes of these risks do not depend on common factors, such as the overall state of the economy, the risks will tend to cancel out in a well-diversified portfolio.