If you really want to improve the quality of decision-making, use algorithms… wherever you can. If you can replace judgment by rules and algorithms, they’ll do better.
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Delay Your Intuition
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Are We Not Like Frogs?
A frog’s brain is set up to recognize food as moving objects that are oblong in shape. So if we take a frog’s normal food — flies — paralyze them with a little chloroform and put them in front of the frog, it will not notice them or try to eat them. It will starve in front of its food! But if we throw little rectangular pieces of cardboard at the frog it will eat them until it is stuffed! The frog only sees a little of the world we see, but it still thinks it perceives the whole world. Now, of course, we are not like frogs! Or are we?
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Hard To Replicate
I think it’s very difficult to replicate culture. It takes a long time, because you have to hire the right people. And then those people have to hire the right people, and you have to build a complete organization.
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Argue Everything
If you went into a meeting here, we argue and debate everything. Out of those meetings and out of those conversations come better ideas, bigger ideas.
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Speculating vs. Investing
There’s a difference between speculating and investing, and it pays to know what the difference is. Speculating is exciting, full of breathtaking ups and downs… Investing, on the other hand, is slow and boring. In the short term, you may have some ups and downs. But if you chart investing over time, it looks like a long, slow curve upward. Speculating is like a Vegas casino. Investing is like watching grass grow.
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A Newspaper Is An Organiser
A newspaper is not only a collective propagandist and a collective agitator, it is also a collective organiser.
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Outsiders Make The Music
Histories of music overwhelmingly suppress stories of the outsiders and rebels who created musical revolutions and instead celebrate the mainstream assimilators who borrowed innovations, diluted their impact, and disguised their sources.
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Culture Creates The IP
We have a lot of intellectual property and so forth, and that is important, but it’s people that create that intellectual property. It’s the culture that creates the innovation with the intellectual property.
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Innovation vs. Optimization
Innovation requires commando units to move fast and break things. Optimization requires hierarchy and efficiency.