One of the most compelling talks I saw at this year’s American Economics Association conference was by Katherine Milkman, an assistant professor at the Wharton School at Penn. She holds a joint Ph.D. in computer science and business, but her passion is behavioral economics — and, specifically, how its findings can be applied…
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A resident’s surgical skill is judged by his technique and his speed. You can’t be sloppy and you can’t be slow. From your first wound closure onward, spend too much time being precise and the scrub tech will announce, “Looks like we’ve got a plastic surgeon on our hands!” Or say: “I get your strategy…
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Over the last twenty-five years, there has been a lot of interest in herd behavior in financial markets—that is, a trader’s decision to disregard her private information to follow the behavior of the crowd. A large theoretical literature has identified abstract mechanisms through which herding can arise, even in a world where people are fully rational. Until…
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To make money in the markets, you have to think independently and be humble. You have to be an independent thinker because you can’t make money agreeing with the consensus view, which is already embedded in the price. Yet whenever you’re betting against the consensus, there’s a significant probability you’re going to be wrong so…
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In the current Mentor Program we have been having a discussion about dealing with negative people, this is my contribution. The issue of negative individuals is one that everyone in the course will have to face and in turn generate strategies on how to deal with. Change is disturbing for the person undergoing the change…
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In one of those wonderful dualisms that seem to accompany markets as prices go up people start calling for them to fall. The media of late has been awash with reports from various poorly performing fund managers as to why the market is about to crash.I understand the medias fascination with these voices – negativity…
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I was chatting to Jim Armstrong a mate of mine who teaches combatives/self defence and he is probably the best teacher of this sort of thing that I have come across in all my decades of knocking about the martial arts. The discussion turned to the notion being preemptive (language) – that is hitting someone first. Unfortunately,…
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One day in the middle of 2008, Sakhawat Khan, a Silicon Valley chip engineer, walked into a small house near the back of his two-acre property that his wife, Roomy, a stock trader, used as a home office. Roomy and Sakhawat met when they were electrical-engineering students at Columbia University. After graduating, Sakhawat started inventing,…
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The reality is in competition, we will all compete against somebody who will simply out class us with talent, skill, and athleticism. There is only so much we can do against this external conflict, but the internal aspects of the battles are on us. We can choose to push forward and attack to the best of…
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