6,216 karma · joined December 17, 2009
Kageroya Tsuka yori soto ni Sumu bakari
This ‘score’ has other useful properties. A successful fund manager has to operate under difficult and changeable conditions for long periods of time. They can’t get there just by default or by being lucky. Knowing which people can do this very challenging task means the advice they give about investing, managing your own psychology and life in general is imbued with a legitimacy that is difficult to find elsewhere.
Why don’t the ultra rich give away more money? Why do they spend it on super yachts, houses with 50 bathrooms, and horridly expensive luxury trinkets? Even more to the point, why do they just hang on to vast sums of money they don’t need in bank accounts or other investments? My conclusion is that there isn’t a reason, in the same way that there wasn’t really a reason KLF burned a million quid. Counterfactualising the lives of the rich and powerful is a profound waste of time.
[1] https://en.m.wikipedia.org/wiki/K_Foundation_Burn_a_Million_...
[1] https://www.psychologytoday.com/au/blog/the-athletes-way/201...
[1] https://www.sciencedirect.com/science/article/pii/S016028962...
>Norway is a wealthy and egalitarian country with a homogeneous educational system, yet achievement gaps between students at the 90th and 10th percentiles of parental income and between students whose parents have at least a master and at most a high school degree are found to be large (0.55–0.93 and 0.70–0.99 SD), equivalent to about 2 to 2.5 years of schooling, and increasing by grade level. Achievement gaps by parental income, but not by parental education, increased over the time period, underscoring the different ways these two socioeconomic status components relate to achievement and the potential for policy to alter gaps.
Part of the answer could be that genetics play a larger role than anyone would like. Plomin for example claims that from twin studies a large part of educational attainment is heritable. I suspect the current school system will burn itself down before admitting that, however.
[1] https://journals.sagepub.com/doi/full/10.3102/0013189X221142...
I feel grateful that I heard the Mahler symphonies before the great flood of AI content, at least I will always have that. But perhaps AI could complete his 10th symphony…
The other point to make is that innovation tends to either be not obvious or too obvious. Innovation at Tesla is 'too obvious' and hence the company has very high valuations and a low margin of safety for an investor. Amazon on the other hand had a lot of innovation in their business model but this wasn't very obvious to an outsider.
Universities charge more and guarantee nothing in terms of job placement, but nobody sues them. Just goes to show how much people will happily pay for a status symbol.
Fact is, some people can just work harder than others. This is obvious is it not? It is not because some people are lazy and others aren't. It is not a moral issue. Some people just have higher energy levels in my experience (I'm not one of them, as a type this at 8pm nearly comatose). They just have more capacity. I think it is genetic.
I think this line discredits the entire article, which was already a few obvious points blown at gale force into the reader’s ear.
IMHO the recent clinical trial results of psilocybin for depression were disappointing [1]. A single dose didn’t seem to have a lasting effect.