Whether or not a business can lavish employees and owners with huge bonuses, paychecks, dividend checks, and profits on a sustainable basis depends upon one metric and one metric only: operating profit per employee.
Pension costs and calculations are one of those areas a lot of people don’t think about in their day-to-day lives but it can be really interesting if you love investing and are mathematically inclined. It’s also important as a voter given the political implications should your municipality find itself in a pension funding crisis.
A family member came by today and the course of the conversation got me thinking about the reasons that I have managed to achieve everything I set out to do with far less effort than should be required, and succeed, whereas most people never do. One of the secrets, I think, comes down to the way I frame questions.
Those who talk about “the left” or “right right” when it comes to politics or political theory are often missing a very important point. The best illustration comes from horseshoe political theory, which states that opposing sides of an issue are more like the ends of a horseshoe. In other words, their belief in the right to force their will on the populace is just as strong with the only difference being the specific beliefs they are espousing. Instead of being complete opposites on a spectrum, they sit side by side.
Aaron decided to make a vanilla cake with strawberry drizzle, fresh blueberries, roasted peaches, and whipped cream for our guests from Ohio and it was enjoyable. I got a serving of it tonight and took a picture of it with my iPhone. The recipe came from a cookbook I picked up at Borders that specialized…
By Charlie Munger (Warren Buffett’s partner at Berkshire Hathaway) Speech at Harvard Law School (1995) Transcription of The Psychology of Human Misjudgment, comments [in brackets] by Whitney Tilson. Note from Joshua Kennon: I’ve written a lot about Charlie Munger over the years, especially the influence he has had on my life and how we run…
Optimism bias, sometimes referred to as unrealistic bias or comparative optimism, is a particularly powerful mental model because it causes a person to believe he or she is less likely to experience a negative event than members of the general population with statistically identical risk factors.