. . . OR join the masses who lose a ton trying.
In his convention-busting book, Fooled by Randomness, Nassim Taleb preaches the danger of survivor bias — a common fallacy in which we emulate people who succeeded without considering those who used similar techniques but failed. . . .
. . . . a more poignant example would be to find and interview the 10 people in the country who had the biggest and fastest overall increase to their finances in the last year. Guess who would dominate this list? Lottery winners. Ignoring the survivor bias, one could conclude: the people who get richest fastest all invested heavily in lottery tickets, so that’s what I should do too!
Study Hack: Getting Started is Overrated. (27 June 2008)