“Solutions have second order effects, you better be sure about what they are. A big point of the book is for people to understand that systems have ripple effects.”
Kahneman is the subject of Michael Lewis’s latest book The Undoing Project.
I (and at least six others I follow who recommended the article today) thought Mina Kimes did a solid job trying to rationalize Kansas City Chiefs player Tyreek Hill’s success in his second chance at football against the uncertainty of whether he’s really rehabilitated enough to deserve such a second chance.
Shane Parrish is one of the two or three most voracious readers of books that I’m aware of today. He runs the Farnam Street blog. Here, he answers six questions from Morgan Housel.
This piece does a good job of explaining why millennials should strive to save double what their parents might have saved as % of annual income over the course of their careers.
Also on this subject, Megan McArdle provided the simplest analogy I’ve seen to understand the numbers behind saving for retirement: “Imagine yourself storing up food for the last 30 years of your life from the harvests made during the first 40. You might hope that when you’re older, and no longer toiling in the fields, you won’t need to eat so much. Nonetheless, you’d understand that you would need to put aside a considerable portion of your harvest — something close to what you’re eating each day — to ensure that you don’t starve to death in your old age.”
A short post with five recommendations for people that want to reduce the distraction of email. Some of these principles could be applied similarly to other parts of one’s day that one feels is taking up too much time.
Tony Isola uses a pretty morbid analogy in his 401(k) Road to Serfdom piece to make his point, but it is true that the public was not educated well enough about how best to save for retirement in a defined contribution plan world. That’s improving, but there’s still a long way to go.
John Gasaway writes his Tuesday Truths each week starting today through the end of the regular season in early March. It’s my favorite update on what’s happening in college basketball.