Wise Wealth Advisors

D.Muthukrishnan (Muthu), Certified Financial Planner- Personal Financial Advisor

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Gems from ‘The undoing project’

Posted by Muthu on December 16, 2016

I read around 4 to 6 books a month. The book I’m currently reading is “The undoing project: A friendship that changed our minds” written by Michael Lewis. I’m half way through this book. This book is about two Israeli psychologists Daniel Kahneman and Amos Tversky whose path breaking work created the field of behavioural economics.  Their studies are fascinating as to how our mind alters our perception of reality. Daniel Kahneman won the Nobel Prize for this.

The book mentions about a piece of paper kept by Amos Tversky containing the following insights. I thought of sharing the same with you.

“People predict by making up stories.

People predict very little and explain everything.

People live under uncertainty whether they like it or not.

People believe they can tell the future if they work hard enough.

People accept any explanation as long as it fits the facts.

The handwriting was on the wall. It was just the ink that was invisible.

People often work hard to obtain information they already have and avoid new knowledge.

Man is a deterministic device thrown into a probabilistic Universe. In this match, surprises are expected.

Everything that has already happened must have been inevitable.

A part of good science is to see what everyone else can see but think what no one else has ever said.

The difference between being very smart and very foolish is often very small.

So many problems occur when people fail to be obedient when they are supposed to be obedient, and fail to be creative when they are supposed to be creative.

The secret to doing good research is always to be a little under employed. You waste years by not being able to waste hours.

It is sometimes easier to make the world a better place than to prove you have made the world a better place.”

Go and buy the book.

One Response to “Gems from ‘The undoing project’”

  1. Karthik said

    Grt. 4-6 books a month. Lots of time spend for reading is worth doing.

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