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Framing
According to the Major League Baseball Rulebook, Rule 2.00: “The strike zone is that area over home plate, the upper limit of which is a horizontal line at the midpoint between the top of the shoulders...
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Jobs and the DMV Economy
If you have ever gone to get your driver’s license at the Department of Motor Vehicles (DMV)…you may still be waiting in line? It’s a painful but often a mandatory process, and in many ways the...
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The Tragedy of Errors
Larry Walters had always wanted to fly. When he was old enough, he joined the Air Force, but his poor eyesight wouldn’t allow him to become a pilot. After he was discharged from the military, he would...
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Paradigm Shifting
I grew up in the investment business in the early 1990s on the ginormous fixed income trading floor at the then Merrill Lynch in the World Financial Center in New York City. It was a culture of...
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A Critical Omission
Barry Ritholtz linked a fine video today on critical thinking. Of course, precious few of us exercise truly independent thought very often and none of us does so nearly often enough. As no less an...
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Hope for the Future
Nearly every high school choral organization routinely performs anthems based upon some version of a familiar trope. The piece is designed to be trendy musically, even while being more than a bit late...
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Controlling the Investment Lizard Brain
“Normal fear protects us; abnormal fear paralyses us.” - Martin Luther King, Jr. Investing is challenging enough without bringing emotions into the equation. Unfortunately, humans are emotional, and...
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We Are Less Than Rational
Investment Belief #3: We aren’t nearly as rational as we assume Traditional economic theory insists that we humans are rational actors making rational decisions amidst uncertainty in order to maximize...
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There’s No Substitute for Good Judgment
“P.T. Barnum was right.” So says Commander Lyle Tiberius Rourke in the Disney film Atlantis: The Lost Empire, referring to the famous expression attributed to the great American showman: “There’s a...
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What you’re vacillatin’ between
When I was a first-year law student at Duke many years ago, my Civil Procedure professor was the delightfully named J. Francis Paschal. Professor Paschal seemed to like to portray himself as a bit of a...
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