Word: outsmarted
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...medals in three consecutive Olympics, trains ten hours a day to keep his frame chiseled, and is the best chess player in a sport that requires exquisite strategy. In short-track speedskating, you either jump out front and will yourself to hold the lead, or trail the pack and outsmart your opponents at the finish. Luckily for us, Ohno prefers the latter approach: he's awfully fun to watch...
...have people who want to outsmart God. They say, ‘If I could do it today, why can’t I do it tomorrow?’ So they push things off until they think they’re ready,” he says. “I don’t know what they’re waiting for. Maybe they think they’re going to get holier overnight or more acceptable...
Their evidence? Mutual-fund managers failed as a group to outsmart the market, and studies showed that new information was quickly incorporated into prices. Eugene Fama, a young professor at Chicago's business school, tied all this together in 1969 into what he dubbed the efficient-market hypothesis. "A market in which prices always 'fully reflect' available information is called 'efficient,'" he wrote--and the evidence that such conditions prevailed in the U.S. stock market was "extensive, and (somewhat uniquely in economics) contradictory evidence is sparse...
...issue isn't whether financial markets are useful--they are--or whether the prices of stocks or bonds or collateralized debt obligations convey information--they do. There's also much to be said for the insight at the heart of efficient-market theory: markets are hard to outsmart. But when we give up second-guessing the market, we suspend our judgment. And without participants' exercising judgment--applying research, heeding a broker's opinion--markets stand no chance of ever getting prices right...
When I ask Pinsky if, perhaps, the test doesn't work on people who unwittingly outsmart it with their genius-level IQ, he assures me that the results were correct. Narcissists, it turns out, can't even fake humility through transparently self-deprecating jokes. So my desire to be in magazines and on TV and on the stage of your child's school play is not a problem. "If you were living in Greek times and decided you wanted to speak in front of the Athenian assembly, does that mean you're a narcissist or that you wanted to participate...