Money and Finance
When Memory Commits an Injustice – By Jonah Lehrer
Eyewitness mistakes lead to tragic errors in court, but new methods could help
The biggest lie of human memory is that it feels true. Although our recollections seem like literal snapshots of the past, they're actually deeply flawed reconstructions, a set of stories constantly undergoing rewrites.
Consider our collective memories of 9/11. For the last 10 years, researchers led by William Hirst of the New School and Elizabeth Phelps of New York University have been tracking the steady decay of what people recall about that tragic event. They first quizzed people shortly after the attacks, then after one year, and found that 37% of the details had already changed. Although the most recent data have yet to be published, they're expected to reveal that the vast majority of remembered "facts" are now make-believe.
If memory flaws only affected our personal past, that would be bad enough. But the problems created by our mistaken recollections affect all of society. More than 75,000 prosecutions every year are based entirely on the recollections of others. While perjury is a felony, the overwhelming majority of eyewitness errors aren't conscious or intentional. Rather, they're the inevitable side effects of the remembering process.
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Howard Marks On The Biggest Investing Errors
From The Most Important Thing:The desire for more, the fear of missing out, the tendency to compare against others, the influence of the crowd and the dream of the sure thing— these factors are near universal. Thus they have a profound collective impact...
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Memortation, Or One Way To Put What You Learn To Practical Use
This is a post I’ve been meaning to do for a while. After seeing that my friend Miguel is bringing back Simoleon Sense and listening to an interviewmy friend Shane over at Farnam Street recently did, I was inspired to quit procrastinating and put up...
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Moonwalking With Einstein
Chris over at The View from the Blue Ridge posted a great excerpt from the book Moonwalking with Einstein, which is pasted below. That book may have been the most useful one I've read over the past couple of years from an investing standpoint, as...
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The Forgetting Pill Erases Painful Memories Forever - By Jonah Lehrer
This new model of memory isn’t just a theory—neuroscientists actually have a molecular explanation of how and why memories change. In fact, their definition of memory has broadened to encompass not only the cliché cinematic scenes from childhood...
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Nassim Taleb On Memory
"Conventional wisdom holds that memory is like a serial recording device like a computer diskette. In reality, memory is dynamic—not static—like a paper on which new texts (or new versions of the same text) will be continuously recorded, thanks to...
Money and Finance