We do small stuff often enough to learn to get it right, but when it comes to choosing a home, a mortgage, or a job, we don’t get much practice or opportunities to learn. And when it comes to saving for retirement, barring reincarnation we
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“Any successful person has to decide what to do in part by deciding what not to do.”
― Grit: The Power of Passion and Perseverance
― Grit: The Power of Passion and Perseverance

“It is therefore imperative that you identify your work as both personally interesting and, at the same time, integrally connected to the well-being of others.”
― Grit: The Power of Passion and Perseverance
― Grit: The Power of Passion and Perseverance

“Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.”
― Antifragile: Things That Gain from Disorder
― Antifragile: Things That Gain from Disorder

“I found the concept of hindsight bias fascinating, and incredibly important to management. One of the toughest problems a CEO faces is convincing managers that they should take on risky projects if the expected gains are high enough. Their managers worry, for good reason, that if the project works out badly, the manager who championed the project will be blamed whether or not the decision was a good one at the time. Hindsight bias greatly exacerbates this problem, because the CEO will wrongly think that whatever was the cause of the failure, it should have been anticipated in advance. And, with the benefit of hindsight, he always knew this project was a poor risk. What makes the bias particularly pernicious is that we all recognize this bias in others but not in ourselves.”
― Misbehaving: The Making of Behavioral Economics
― Misbehaving: The Making of Behavioral Economics

“We do small stuff often enough to learn to get it right, but when it comes to choosing a home, a mortgage, or a job, we don’t get much practice or opportunities to learn. And when it comes to saving for retirement, barring reincarnation we do that exactly once. So Binmore had it backward. Because learning takes practice, we are more likely to get things right at small stakes than at large stakes. This means critics have to decide which argument they want to apply. If learning is crucial, then as the stakes go up, decision-making quality is likely to go down.”
― Misbehaving: The Making of Behavioral Economics
― Misbehaving: The Making of Behavioral Economics

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