"We have little trouble recognizing that a chess grandmaster’s victory over a novice is skill, as well as assuming that Paul the octopus’s ability to predict World Cup games is due to chance. But what about everything else?" [Luck and Skill Untangled: The Science of Success
posted by vidur
on Nov 20, 2012 -
"Is she O.K.?" a customer asks.
"My mom?" asks Kristy, the waitress.
"Yes," the customer replies.
Since Sunday, the front page of the New York Times has been featuring a portrait in five parts
of Elyria, Ohio (pop: 55,000), seen mostly through the lens of a local diner. (Second link is to a full multimedia feature, but direct links to the five individual articles can be found within.) [more inside]
posted by zarq
on Oct 18, 2012 -
Analog, Warren Buffett and Digital Media
- Why Warren Buffett invests in newspapers: " You essentially have a business that will make a lot of money if you are terrific, it will make a lot of money if you're lousy," Buffett said, "...how good a newspaper is depends entirely on the wishes of its owner. There is no correlation between profits and excellence," Buffett added, "there's really nothing like that in American business." Enjoy nearly a full 60 minutes
of Warren Buffet's (all too rare) public teaching style in this recently uploaded video from 1992
posted by spock
on Sep 28, 2012 -
Microsoft’s low-octane swan song was nothing if not symbolic of more than a decade littered with errors, missed opportunities, and the devolution of one of the industry’s innovators into a “me too” purveyor of other companies’ consumer products. ... How did this jaw-dropping role reversal happen? How could a company that stands among the most cash-rich in the world, the onetime icon of cool that broke IBM’s iron grip on the computer industry, have stumbled so badly in a race it was winning? [more inside]
posted by Egg Shen
on Jul 26, 2012 -
Can using different types of models benefit brands?
Ben Barry discusses his Ph.D. research in Elle Canada
, making a business case for diversity in fashion: women increased their purchase intentions when they saw models who reflected their size, age, and race. Jezebel summarizes
, "Barry's research... casts doubt on the age-old theory that people buy things because advertising stokes their insecurities, creating a need that can only be filled by the advertised product. It suggests that advertising can work by inducing in the consumer feelings of affinity for and identification with the people shown in the ad."
posted by flex
on May 20, 2012 -
"Wal-Mart dispatched investigators to Mexico City, and within days they unearthed evidence of widespread bribery. They found a paper trail of hundreds of suspect payments totaling more than $24 million. They also found documents showing that Wal-Mart de Mexico’s top executives not only knew about the payments, but had taken steps to conceal them from Wal-Mart’s headquarters in Bentonville, Ark. [...] The lead investigator recommended that Wal-Mart expand the investigation. Instead, an examination by The New York Times found, Wal-Mart’s leaders shut it down.
posted by reductiondesign
on Apr 22, 2012 -
Economies of Scale
is a free, web-based multiplayer business/commerce simulation game under development by Scott Rubyton (aka Ratan Joyce). Players use starting capital to build production/wholesale/retail businesses from the ground up in a basic economic model, competing for market share while collaborating through business-to-business trading of goods and materials. It's more fun than getting an MBA! Also much less expensive. [more inside]
posted by cortex
on Apr 3, 2012 -
The Incentive Bubble
) - "The fraying of the compact of American capitalism by rising income inequality and repeated governance crises is disturbing. But misallocations of financial, real, and human capital arising from the financial-incentive bubble are much more worrisome to those concerned with the competitiveness of the American economy." [more inside]
posted by kliuless
on Apr 3, 2012 -
"So I'm literally walking around and talking to people, "Is there a black-owned restaurant, or a black-owned dry cleaner?" and folks are looking at me like I'm insane. And if I didn't know this, I'm sure that folks outside the black community don't have this as part of their reality or part of their picture for black America. When we talk about black people, the black situation, problems in the black community, you know, we start with, "Black kids are least likely to graduate from school; black unemployment is four times higher than the national average," all these numbers. But why can't we include that over 90 percent of businesses in the black community are not owned by black people or local residents? If we were to add that to the conversation, maybe folks would say, "Oh, well no wonder things are so bad there," and start thinking about things in a different way instead of allowing those awful numbers to be a reflection of our propensities. Why is it that my people are just supposed to be the perpetual consumer class, and everyone else is supposed to benefit from our money?"
posted by empath
on Feb 23, 2012 -
"In one corner of Manoj Bhargava’s office is a cemetery of sorts. It’s a Formica bookcase, its shelves lined with hundreds of garishly colored screw-top plastic bottles not much taller than shot glasses. Front and center is a Cadillac-red bottle of 5-Hour Energy, the two-ounce caffeine and vitamin elixir that purports to keep you alert without crashing. In eight years 5-Hour has gone from nowhere to $1 billion in retail sales. Truckers swear by it. So do the traders in Oliver Stone’s 2010 sequel to Wall Street
. So do hungover students. It’s $3 a bottle, and it has made Bhargava a fortune
posted by vidur
on Feb 9, 2012 -
“Someone who is exceptional in their role is not just a little better than someone who is pretty good,” Mark Zuckerberg said recently. “They are 100 times better.” Bull hockey
, says Bill Taylor in the Harvard Business Review: great people are overrated. See also Great People are Overrated, II
and Malcolm Gladwell's 2002 take on the same theme, The Talent Myth
posted by escabeche
on Nov 21, 2011 -