Money and Finance
- Henry Ford, Business Reinvestment, And Higher Wages Leading To Lower Labor Costs
I think the excerpt below, from The Dao of Capital, about Henry Ford shows a few traits that many successful businesses have in common. I specifically thought about Amazon.com and Costco in regards to lowering costs, heavy reinvestment, and...
- Garrett Hardin Quote
“The greatest folly is to accept expert statements uncritically. At the very least, we should always seek another opinion. Moreover, to the extent that time allows, we may become a little bit expert ourselves; but we don't have time enough to go...
- The Quixotic Quest To Make Pundits Suck Less
Thanks to Sean for passing this along. “The average expert’s forecasts were revealed to be only slightly more accurate than random guessing—or, to put more harshly, only a bit better than the proverbial dart-throwing chimpanzee. And the average...
- How Quickly Things Can Change (or, When Oil Became Cheaper Than Water)...
In 1910 in California, a column of oil nearly 200 feet high explodes out of a derrick and sets off a chain of events that will turn America into a superpower. Oil production doubles overnight and prices plummet from $2 to 3 cents a barrel. Quick to capitalize...
- Don’t Blink! The Hazards Of Confidence - By Daniel Kahneman
We often interact with professionals who exercise their judgment with evident confidence, sometimes priding themselves on the power of their intuition. In a world rife with illusions of validity and skill, can we trust them? How do we distinguish the...
Money and Finance
Henry Ford quote
“None of our men are ‘experts.’ We have most unfortunately found it necessary to get rid of a man as soon as he thinks himself an expert because no one ever considers himself expert if he really knows his job . . . Thinking always ahead, thinking always of trying to do more, brings a state of mind in which nothing is impossible.” -Henry Ford (source)
- Henry Ford, Business Reinvestment, And Higher Wages Leading To Lower Labor Costs
I think the excerpt below, from The Dao of Capital, about Henry Ford shows a few traits that many successful businesses have in common. I specifically thought about Amazon.com and Costco in regards to lowering costs, heavy reinvestment, and...
- Garrett Hardin Quote
“The greatest folly is to accept expert statements uncritically. At the very least, we should always seek another opinion. Moreover, to the extent that time allows, we may become a little bit expert ourselves; but we don't have time enough to go...
- The Quixotic Quest To Make Pundits Suck Less
Thanks to Sean for passing this along. “The average expert’s forecasts were revealed to be only slightly more accurate than random guessing—or, to put more harshly, only a bit better than the proverbial dart-throwing chimpanzee. And the average...
- How Quickly Things Can Change (or, When Oil Became Cheaper Than Water)...
In 1910 in California, a column of oil nearly 200 feet high explodes out of a derrick and sets off a chain of events that will turn America into a superpower. Oil production doubles overnight and prices plummet from $2 to 3 cents a barrel. Quick to capitalize...
- Don’t Blink! The Hazards Of Confidence - By Daniel Kahneman
We often interact with professionals who exercise their judgment with evident confidence, sometimes priding themselves on the power of their intuition. In a world rife with illusions of validity and skill, can we trust them? How do we distinguish the...