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Wisdom Is Better Than Knowledge

don't be misled by an educated fool


An economist and a financial analyst came to a horse handicapper and said they had found a perfect way to predict winners in horse races.

The gambler became excited; no more reading stats, comparing jockeys, watching the weather, etc. In other words winning would no longer be hard work and managing risk.

The bookie took the professors off to the side and asked for a hint to the process. The economist said " well, first we assume the horses are all ellipses."

Far too often we hear of dignified professionals that have gone broke - and taken others with them.

They have blindly followed their mathematical models down supposedly safe streets - and fallen into a sink hole. Their econometric machinations had assured them the hole could not exist in this century.

The trouble was the sink hole didn't know that.

Look around you. How many natural shapes do you see that fit Euclidean Geometry?

There is a reason we have the phrase, organic shapes. Most math must force life into unnatural shapes to emulate life. Unfortunately the results, while solid and comforting, have absolutely no resemblance to reality.

Economists generally use linear or curvilinear models to predict. Mathematics is great at straight lines, life is great at dangerous and surprising curves and drops.

Once life is smoothed to eliminate outliers, the outliers will always be a surprise. If you are to succeed - you must protect yourself.


Learn to manage your own money.


No one cares more about your money than you do - unless they plan to use your money to enrich themselves .


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