"I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches - representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all. Under those rules, you'd really think carefully about what you did, and you'd be forced to load up on what you'd really thought about. So you'd do so much better."
https://www8.gsb.columbia.edu/articles/columbia-business/sup...
The way Buffett invests is by reading all day, everyday and once in a while making a very informed investment. Most people haven't even reached the level of staying away from 'sure things' and panic selling during bad news.
How many people would've been able to stay away from IT stocks during the dotcom boom, to even not invest in the company of one of your friends. (Bill Gates and Buffett have known each other since '91)
How often do you, as a 'master', break rules that you would tell a 'apprentice' are immutable?
Of course that's just one form of risk. The less attractive aspect of a 20 stock strategy comes from the fact that the majority of the market's returns come from very few stocks - The 80/20 rule applies pretty well here. With only 20 stocks you'll probably miss out on the few winners that contribute all the market's gains. It's very easy to end up with a 20 stock portfolio with low risk/variance and low returns.
Of course if you are Buffet, then your goal is to pick 20 stocks that all outperform.
BTW, the lack of new results is actually a good thing. It means we've got a lot of stuff figured out.
Of our current energy/resolution paradigms
We know that ~20% of the universe is Dark Matter and that ~75% is Dark Energy. All we really know about Dark Matter is that it falls down and doesn't really interact with itself or anything else, really.
Dark Energy? Yeah, whatever it is, it pushes galaxies apart, that's about all we got.
There are a LOT of pretty easy discoveries to be made yet, but we just don't have the engineering to make them yet. The LHC was a marvel of engineering, but it can't even come close to the energy required to produce (theorized) Dark Matter particles. If you tried to make a bigger one, you'd need an LHC with a radius larger than the Earth's. That's not going to happen anytime soon, not by a long shot. We need another method than particle colliders, probably a very large space-based telescope to stare at black-holes with jets.
Biology is also rife with 'easy' things to do, but ones that we just don't have the tech for yet. Strangely, with all of the data that the Googs and the Zuck have, we have not seen a similar paradigm shift in psychology, criminology, or economics. At least in public literature.
So, maybe it's not so much that we have stuff "figured out", as it is that we have mental models that, while they work well enough to make certain predictions, also constrain our thinking in terms of what phenomena are possible. The "EM drive" controversy is one example of this tension.
I'm not so sure of this. Have you heard of Edward Leedskalnin, or his "Perpetual Motion Holder"? The textbooks that I have discussing magnetism do not explain this effect, which you can see an example of here: https://www.youtube.com/watch?v=eWSAcMoxITw
If you can explain this effect with our "current theories", I would love to hear it!
There's another interesting effect where an electric charge can be pulled from that set-up. Lasersaber demonstrates that here: https://www.youtube.com/watch?v=S_ssUTRbRRs
I certainly can't explain it, and I don't think we have an adequate theory that does explain it (yet).
In other words, much of the problem we face in the current scientific age is due to the fact that our instruments are now electron microscopes and Hadron Colliders, instead of carefully made glass beads and simple mirrors.
It's similar to problem faced in software of managing increasing complexity. No silver bullets known of yet for all those problems, just chronic application of powerful minds to the problem. :)
For example within medicine when computer power and AI is advanced enough to help us much more connecting the dots between DNA, viruses, environment etc.
https://en.wikipedia.org/wiki/Superconducting_Super_Collider
for posterity: That collider can't get to the energy levels needed because it doesn't exist. It doesn't exist because it's construction was cancelled after the project was defunded. Where it to have finished construction, it would accelerate protons up to 20 TeV. The LHC reaches 6.5 TeV. All of that information is clearly stated in the link I posted and is completely uncontroversial.
Stop bullshitting.
Not necessarily. If anything, the more we find out, the more we realise how much we don't know. Take quantum physics, that stuff slowed down since the 1930s.
It's not a bad thing, the journey's always fun too. But let's not kid ourselves that we're close to figuring everything out.
And this shouldn't really be a surprise. Our cultures and societies have had thousands of years of evolution; our human instincts have had at least hundreds of thousands of years. In that time, both culture and instinct have picked up many true facts about the world that have helped us survive. A lot of science has been taking those facts and systematically investigating how far they hold.
So these both can be true: the more questions we ask, the more questions we have to answer, but also that many of the 'easy' hypotheses have been mined out, and any true advance in science will by necessity pull us further and further from the realm where our basic instincts and intuitions can usefully guide us.
Quantum mechanics being the prototypical example, of course.
Like a tree? The main branches are the most visible, and so the most tackled. The smaller branches are only realised when you're deep enough in it. That's where our age's advantage comes in, as we have many more qualified 'explorers' than before, but it also makes it all the more important that the foundational branches are solid.
But then again it may be closer to readjusting our lens. The big questions (of the natural kind, not innovation like AI) today still pertain what we take for granted, like quantum mechanics is making us question the nature of reality again. But much like the discovery of waves once threatened the credibility of light as particles, I'm optimistic that reconciliation can happen, and to ascend to another level ... but where can we stop? When can we say "This is it"?
Just musing..
We are, clearly, close to figuring out most of the easy stuff. For our current definition of "easy" based on the amount of work, computing power and strength of the mathematical tools that we consider normal.
There really are very few edge cases left for QM 2.0
I'm not sure about that. As a former working scientist, I would say that the primary driver of this is the promotion and funding structure of science. I do agree thta a lot of low-lying fruit has been picked.
Well, yeah, obviously. I'm saying that structure is there because it's a holdover from previous generations where novel results were easier to obtain.
Genuinely new results require developing new insights, new techniques or just making new guesses that happen to be right. All are rare enough. But once that is done, the information gets out and the experiments should be easily reproducible.
Some dispciplines get a lot of reproduction as a side effect of using last year's breakthrough research as "mere" technology for implementing next year's expriment. But I guess that sort of thing is less natural pyschology and sociology.
And it's possibly more costly than the original since the initial lab likely was able to re-use some of their existing resources, trained people, infrastructure, lab animals, equipment (whatever matters for the discipline) which you don't have; they likely chose this particular experiment because it fits well with the stuff that they have that's not available everywhere. If they developed a particular experimental setup / gear / network of volunteers doing interviews in the subpopulation you're studying / cell or animal line / etc, then they're using that for many publications over the years, but you need to spend the whole cost to reproduce any one of them.
I was once an experimental physicist and never psychologist. In physics there is a lot of trial and error before you can get the experiment to do anything at all. Anyone who reads your paper needs fewer trials.
So I was going to agree with you that in fields where experiments work differently, reproduction can cost as much as the original study. But on second thought, that's wrong: and indeed it is the whole point of the thread.
There is always trial-and-error. You simply don't know if your theory is correct. And there is always risk of a methodolical weakness that you only understand after seeing the data. The trouble is after you have already spent all your time and grant money on your study, you have every incentive to paper over these issues. Indeed even if you are scrupulously honest, you will have to shove study in the proverbial file drawer - because you don't have the resources to try another iteration.
So I think it's still true that a new experiment costs more than reproduction, and many of the problems with studies arise from trying to pretend that cost doesn't exist.
It's hard to find a Roman gold coin in farmer's field but once you've found your first one you can be more confident that the second will be easier to come by.
Easier, if you factor in how much easier P hacking is with modern software.
We don't know anywhere near "most" things. The supply of novel discovery is not the limitation.
Please don't use that quote. It's apocryphal; he almost certainly never said that.
It's not about how close we are to "knowing most things," but about how accessible new learning is. In a game of musical chairs, all the easy chairs are taken.
> The beauty and clearness of the dynamical theory, which asserts heat and light to be modes of motion, is at present obscured by two clouds. I. The first came into existence with the undulatory theory of light, and was dealt with by Fresnel and Dr. Thomas Young; it involved the question, how could the earth move through an elastic solid, such as essentially is the luminiferous ether? II. The second is the Maxwell–Boltzmann doctrine regarding the partition of energy.[0]
As I understand it, the two clouds were dealt with via special relativity and quantum mechanics.
[0] https://books.google.com/books?id=YvoAAAAAYAAJ&pg=PA363#v=on...
Our society has changed, dramatically, in the past 30 years. We've gone from a completely disconnected society with connections spanning arm's reach to a globally connected society with connections spanning just as far. Baby sitters have been replaced with digital tablets providing endless entertainment and ensuring no person, adult or child, ever need sit with their own recreation being solely within their mind. One needs only look at the slew of digital devices whipped out at any eatery, lest individuals be left to their own thoughts for an agonizing 10 minutes.
The internet and our technology has shattered nearly all educational barriers. Getting an MIT caliber education for free is now something any child in a developing country who has access to the internet can do, if so inclined. On the other hand they can find countless entertaining drama to read or participate in, find an endless supply of porn, engage in social media and other online sites that are specifically designed for addiction, or find an array of games and other forms of fast response stimuli all designed to make him or her feel good.
Einstein constantly related his tales of meandering strolls as he pondered his work. Another individual that has managed to achieve some great things in modern science is Stephen Hawking. He's mentioned spending decades thinking intently, even if not exclusively, on singular topics. And there is absolutely every reason to believe that is in no way bluster. Given his condition, his mind is his recreation.
Is the breaking down of information barriers in our society helping more than the massive commercialization and directed addiction towards all sorts of mediums and vices along with the rapid reward systems they offer, is hurting it? It's not just high level academia that's failing. Education systems to be deteriorating at all levels with US (which is the center of much of this change) scores in math and science rapidly falling behind much of the rest of the world. Healthfulness has fallen to dangerously low levels. And more. Regression is not impossible.
Although, to be fair, the direct effect is explained by increased inequality:
http://www.eera-ecer.de/ecer-programmes/conference/20/contri...
Yet, I know how digital shit affects me. I'm not talking about the devices themselves, I'm talking about being flung up by some stupid pointless shit in social media or by the colorfull game which totally hijacks the reward mechanisms in my brain.
I totally fail to see how the effects which promote shallow, fast reward seeking cognition are not not detrimental... yeah yeah, it sounds like greeks whining about reading spoiling the mind but the difference is that our media is engineered to distact and hijack the mind for no valuable outcome whatsoever.
Sure, there are lots of positive effects but that does not mean one should not discuss the negative ones as well.
I'm currently writing my phd project (after having worked for 10 years in a company) and I'm absolutely stunned by the current easiness to access papers and informations compared to just 10 year ago when I left university.
I concure however that a new and real challenge is now to be able to filter the noise induced by this overwhelming volume of available information. But I don't think nostalgia is an useful tool to reach this goal.
PS: To illustrate https://xkcd.com/1601/
(And I believe there was another comic that it traced it back to Greek philosophers that rejected writing. Thanks to whoever remember the link!)