Word: lesses
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...other big takeaways? A huge one is reversion to the mean [the tendency of an extreme event to be followed by a less extreme one]. Really high performance is a function of skill and luck. And luck, by definition, is transitory - it comes and goes. The next time you do something, even if you sustain your skill, maybe you'll have a little less luck, and you'll mean revert. When you apply that to the world, you see it everywhere - corporate performance, sports-team performance, individual performance. It gets you to think about how to evaluate outcomes. For example...
...current issue of Science, Malmgren and several colleagues explain that as far as human correspondence goes, when and how long you choose to sit down and e-mail your friends or family has less to do with your desire to get in touch than with a larger - and less random - system of outside factors...
...stadium, stunned the stock market when it ended its first trading day 12% below its initial public offering price. The following day, an IPO by China Lilang, owner of the country's largest brand of men's clothing, also flopped, ending the day down nearly 1%. To think that less than three months ago, even lightweights like herbal shampoo manufacturer Bawang and furniture maker Hing Lee debuted with double-digit first-day gains...
...There are indications that investor interest may not be as strong as expected. The Shenzhen Stock Exchange says less than 200,000 GEM accounts have been opened, far fewer than anticipated. But there are reports of queues in Beijing and Shanghai, where some brokerages say they have extended working hours to accommodate demand. Because GEM companies are seen as riskier than those on other boards, only longtime investors are encouraged to participate, although brokerages can register those with less than two years' investing experience on a case-by-case basis...
Indeed, it took less than a month for the last truce to fail. It remains to be seen just where the breaking point lies for the current...