Money and Finance
- Regaining And Clarity Of Mind After Making A Mistake...
From Josh Waitzkin in The Art of Learning: One idea I taught was the importance of regaining presence and clarity of mind after making a serious error. This is a hard lesson for all competitors and performers. The first mistake rarely proves...
- Howard Marks: Investing Entails A Lot That Isn't Within One's Control...
From The Most Important Thing:The choice between offense and defense investing should be based on how much the investor believes is within his or her control. In my view, investing entails a lot that isn't. Professional tennis players can be...
- Paul Depodesta: 7 Lessons For Developing Real Metrics
Thanks to Lincoln for passing this along. Depodesta said the best way to establish real metrics for a business is to ask the naive question, and then he laid out seven lessons he learned about developing useful metrics. 1. The first question to ask, he...
- Steven Crist: Publisher And Columnist, Daily Racing Form
I am here to talk about why most of what you have heard about horse racing is wrong, and why horse racing is much more similar to what you do than other forms of gambling. The general public probably thinks that for the most part, horse racing is just...
- A Big Deal: Poker Is Getting Younger, Cleverer, Duller And Much, Much Richer
At the highest level, decisions about betting, bluffing and folding are based on the complex juggling of probabilities. “What drew me to poker is that it is essentially an academic endeavour,” says Ms Duke. She is one of a growing group of full-time...
Money and Finance
Revisiting “Moneyball” with Paul DePodesta
Have you ever been surprised by a player who outperformed his statistical profile?
Oh, yeah. A main part of our reasoning is to put ourselves in a position to get lucky. With the amount of competition there is in the industry, it’s hard to put together 25 players that are just way better than everybody else. We drafted some college players at Oakland who we knew would probably be Major League players, but there was a limit to how much impact they might have. We had made the mistake of taking what they were then, and projecting it indefinitely into the future. But they got better. Guys like Eric Byrnes and Barry Zito. We had expectations for them; don’t get me wrong. They were talented players, but they made themselves even better.
What do you mean by putting yourself in a position to get lucky?
Failure is a huge part of our industry. The best players fail every day. It’s no different than a championship poker player or a card-counter at the blackjack table. They lose all the time, too, but they put themselves in a position to get lucky by using pot odds or having an idea what’s remaining in the shoe. Over time, they win, even though there are a lot of losses along the way. We try to do the same. We know we’re still going to be wrong often, but we’re at least trying to give ourselves positive odds.
- Regaining And Clarity Of Mind After Making A Mistake...
From Josh Waitzkin in The Art of Learning: One idea I taught was the importance of regaining presence and clarity of mind after making a serious error. This is a hard lesson for all competitors and performers. The first mistake rarely proves...
- Howard Marks: Investing Entails A Lot That Isn't Within One's Control...
From The Most Important Thing:The choice between offense and defense investing should be based on how much the investor believes is within his or her control. In my view, investing entails a lot that isn't. Professional tennis players can be...
- Paul Depodesta: 7 Lessons For Developing Real Metrics
Thanks to Lincoln for passing this along. Depodesta said the best way to establish real metrics for a business is to ask the naive question, and then he laid out seven lessons he learned about developing useful metrics. 1. The first question to ask, he...
- Steven Crist: Publisher And Columnist, Daily Racing Form
I am here to talk about why most of what you have heard about horse racing is wrong, and why horse racing is much more similar to what you do than other forms of gambling. The general public probably thinks that for the most part, horse racing is just...
- A Big Deal: Poker Is Getting Younger, Cleverer, Duller And Much, Much Richer
At the highest level, decisions about betting, bluffing and folding are based on the complex juggling of probabilities. “What drew me to poker is that it is essentially an academic endeavour,” says Ms Duke. She is one of a growing group of full-time...