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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...
...What does that mean for regulation? You can set up certain decision rules that try to keep people on the straight and narrow, but too much regulation about the details is going to get you in trouble. The big banks should probably be fairly boring and reasonably well regulated. And their core businesses are - but they were able to get away from their core activities and move further out on the risk spectrum and jeopardize the whole operation. So much more stringent capital requirements for banks as they get larger, to make sure that as they get larger they...
...Thomas about his son's gift for gags. After reading one batch of jokes, Thomas hired the precocious teen, who years later would say laughter was in his genes. Even after a false rumor circulated last year about his death, Gelbart maintained a sense of humor, quipping, "Does that mean I can stop exercising...
...this does not mean that the United States’ newly buttressed position should be used to antagonize Iran. The volatile nation is not one that responds well to threats or accusations—shortly after the Obama administration’s censure of the Iranian deception, Iran test-fired several short-range missiles in what may be interpreted as a show of force. There is still potential for reconciliation, and the upcoming talks with Iran in Geneva should be defined by neither appeasement nor Axis-of-Evil-era aggression, but rather by a U.S. that is willing to negotiate...
...mean, seriously. Go read my book like the rest of America. What, you think you're all special and "privelaged" because you go to Harvard? I mean, look at your school. They invite people like...