My guest today is Megan McArdle, a Bloomberg View columnist who writes on economics, business and public policy. She founded the blog “Asymmetrical Information”.
The topic is her book The Up Side of Down: Why Failing Well Is the Key to Success.
In this episode of Trend Following Radio we discuss:
- “Trophy kids” and taking the monkey bars away
- The idea of a regulator out there trying to guarantee our safety
- Why the companies that make it aren’t the ones with the best strategic plan–it’s the ones that execute (and fail well)
- The power of experimentation
- Nobel winner Vernon Smith and experimentation
- The idea of learning in crisis
- How sunk costs are difficult for a large part of the population to grasp
- Van Halen, errors, and M&M’s
- Normative error
- Small, manageable risks
- Forager morality vs. farmer morality
- A story about Kentucky Fried Chicken (KFC)
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