Michael Mauboussin — How Great Investors Make Decisions, Harnessing The Wisdom (vs. Madness) of Crowds, Lessons from Race Horses, and More (#659) - The Blog of Author Tim Ferriss
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Michael Mauboussin — How Great Investors Make Decisions, Harnessing The Wisdom (vs. Madness) of Crowds, Lessons from Race Horses, and More (#659) - The Blog of Author Tim Ferriss
chapter’s final mistake: leaning too much on either formula-based approaches or the wisdom of crowds. While computers and collectives can be very useful, they do not warrant blind faith.
Michael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
10 Crowds tend to make accurate predictions when three conditions prevail—diversity, aggregation, and incentives. Diversity is about people having different ideas and different views of things. Aggregation means you can bring the group’s information together. Incentives are rewards for being right and penalties for being wrong that are often, but n
... See moreMichael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
The smartest decision-makers don't go with their guts. Their success relies on having a future-oriented approach and the ability to consider all their options in a creative, productive way.
Riverhead Books • Farsighted: How We Make the Decisions That Matter the Most
Jonathan Haidt, a professor at New York University’s Stern School of Business, is a leading expert in exploring group thought in politics. Haidt, in his book The Righteous Mind: Why Good People Are Divided by Politics and Religion, built on Tetlock’s work, connecting it with the need for diversity. “If you put individuals together in the right way,
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