People love taking shortcuts in real life. Ozempic is a shortcut to losing weight. Tanning beds are a shortcut to getting tanned. Summaries are shortcuts to reading books. Few take shortcuts in the activities they enjoy. A hiker in Patagonia or climber on Mt. Fuji is not looking for a shortcut to finish the journey. There is a genuine desire to enjoy the experience. There is a genuine desire to improve one’s ability and skills. ...
Statistical outcomes matter only if you are playing a statistical game
Unlike an army or a militia, mobs are loosely held groups of individuals. Mobs are held together by some identification (race, ethnicity, shared belief towards a cause, etc.). While an army/militia is more top-down, a mob is bottoms-up in many cases. A mob leader exercises much less control over the mob than an army chief. And that’s why mobs are much more dangerous.
When Sony’s Walkman was expensive, we used them with cheap earphones. Once the music players were cheap, we shifted to more expensive headphones as a status symbol.
“What I learned losing a million dollars” covers the iconic rise and fall of Jim Paul in the Chicago Mercantile Exchange as a trader.
Thinking In Bets is a book by professional poker player Annie Duke. Its a book about better decision making under uncertainty.
The book is a great read about how money and wealth are acquired, preserved, and lost. And that too not because of the market but because of the individual’s psychology.
The book takes a data-driven approach to analyze the world.
The book posits a unique viewpoint to understand randomness and unpredictability in the world around us. Rather than trying to predict the improbable black swans, it focuses more on how not to be adversely impacted by them.
The book is aimed at anyone who has an idea to convey and is trying to ensure that what they are trying to communicate sticks with their audience. Proverbs and folklores survive while corporate marketing material does not.