“Those who are in love with practice without theoretical knowledge are like the sailor who goes onto a ship without rudder or compass and who never can be certain whither he is going…. Practice must always be founded on sound theory.”
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Friction
The Pace Of Human Evolutionary Change
Evolutionary change to people is always taking place, but the pace of human evolutionary change is measured in thousands of years. Human cultures change somewhat more rapidly over periods measured in decades or centuries. Microcultures, such as the way by which teenagers differ from adults, can change in a generation. What this means is that although technology is continually introducing new means of doing things, people are resistant to changes in the way they do things.
Uncertainty As Raw Material
Time is volatility. Education, in the sense of the formation of character, personality, and acquisition of true knowledge, likes disorder; label-driven education and educators abhor disorder. Some things break because of error, others don’t. Some theories fall apart, not others. Innovation is precisely something that gains from uncertainty: and some people sit around waiting for uncertainty and using it as raw material, just like our ancestral hunters.
– Nassim Nicholas Taleb, Antifragile
Ignoring The Norms
One of the reasons stupid, or pigheaded people do well, and when they do well they do really well, is because they are ignoring all the category norms everybody else thinks are important and they’re emphasizing something completely different.
The Business Of Investing
The expectations market is about speculation. The real market is about investing. The stock market, then, is a giant distraction to the business of investing.
