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A lot of “idiotic” things have reasonable explanations (2011)

theatlantic.com

271–280 of 438 posts

Re: A lot of “idiotic” things have reasonable explanations (2011)

#271

This article puts it better than I ever could. I had a similar reaction when I read extremely critical press coverage of some VCs in Europe investing in YPlan, which eventually sold for a nominal amount to Time Out London. The synopsis of all the coverage was: "How could they have spent all that money? And how could the investors have been so STUPID?" My friend Fred Destin wrote a great essay on this[1], and I'll do…

I disagree with the soccer fan analogy. Often in soccer the team manager publicly reveals key perspectives and strategies that always guide their decisions. They also reveal patterns of player selection that link to their perspectives and strategies, often over many years across multiple teams.

If Jose Mourinho comes to coach your team, you know right away the player recruitment and selection will be rooted in a very calculated defensive approach, conservative possession-oriented play style.

He has done this at several clubs where it was universally understood to be a bad strategic idea given the talents of the specific players he would be inheriting, even from his first day on the job.

Even casual fans could see that, despite the coach spending hours and hours observing player training, talking to players and studying game film, he was biased to impose his preferred strategy onto the team no matter what, even if all the evidence said it was unjustified.

Considering the Premier League further, this effect just gets worse the less skilled the manager is. Many mid or bottom table teams have blunderously bad managers that combine both being low skilled with being hyper committed to a fixed strategy regardless of the characteristics of their players. Once they have dug their heels in on the strategy, they can’t go back on it or appear to buckle under fan pressure, or else they seem like a pushover / non-expert with no special knowledge worth millions of dollars, and it becomes entirely political (making the strategic weakness even more apparent).

I would say it’s a case where “the wisdom of crowds” really is wisdom and the consensus criticisms about player selection are usually very valid and well-supported and the connection to the coach’s strategic weaknesses is obvious.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#272

What's ironic to me is (IMO) Netflix is probably the shrewdest big company in existence now. Hastings has dominated not one but two markets, the second obviously larger and more insurmountable than the first. Almost Every single decision they make (including and especially ones that make customers unhappy, like their shitty browsing experience) seems so calculated and thoughtful it's just amazing. Even I thought Disn…

> Even I thought Disney plus might be the beginning of the end for Netflix, that it finally met a Goliath it couldn't best, but now even that isnt obvious anymore. I think Disney painted themselves in a corner buying every studio and putting it under the Disney banner. Disney have long stood for family values programming which is never edgy or pushes the envelope. That was the reason behind Touchstone and the purchas…

They know this and have a way around it. Disney holds a controlling majority of Hulu. That's why they push the Disney+/Hulu+/ESPN+ combo so hard and put all the edgier stuff on Hulu. You can watch Pulp Fiction on Hulu with the Starz add-on. Hulu is their big aggregation play.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#273
I've been learning this slowly over the last few years. I was a typical science guy. Then a close friend dragged me to the gym (which was just foreat heads right?). And it really helped with my depression and now it's a major activity for me. Same for Networking and Sales skills and Watching Sports and Foreign languages...

Embarrassed me would like to publically apologies for assuming everyone else is an idiot and should do what I do. Sorry guys!

Re: A lot of “idiotic” things have reasonable explanations (2011)

#274

I feel like what isn't really properly understood in these situations is the statistical chances that are involved here. 10 people put $50 on the roulette table, and then we celebrate the guy who hit their number. That genius who hit their number still had a negative expected value when placing that bet. Colette Martin would've been right to criticize Reed Hastings if he were making that bet with Netflix's money. But…

Maybe he was just standing in the right place at the right time, but he was also prepared with the right tools to do what he did. Doing good business is more than a spin on a roulette wheel.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#275
post #87

Earlier quoted context omitted.

I think this is sadly very true - trying to actually be a kind person really limits how well you can play "the game". There's no good solution to this either - if there was more kindness in the world, then that would just create even more opportunities for the people playing the game to get ahead, because they would have more victims to exploit.

One key thing about the game is the definition of "being ahead", and in a way, the meaning you want your life to have. If the definition of being ahead is to work in upper management, or at trendy FAANG making a large amount of money then you are kind-of forced to play the game in order to "get ahead". However, if your version of getting ahead is to have a loving family, or to spend time on the hobbies you like or tr…

What if I told you that desire to "travel" can be equally phony, a result of careful marketing tactics, a carrot on a stick. If only I had more money I'd travel the world and volunteer and become an Instagramer or Youtuber and just blog about the best places to get coconut water on the beach, that would be perfect. Now back to the office.

As Zizek often says, ideology shows itself exactly in the ways that you try to one-up the ideology. When you long to escape the rat race, you have to immediately associate to something that is only attainable via doing the rat race itself and making money (e. g. Travel the world, beaches etc). It has to be firmly in dreamland.

What the system doesn't want you to do: be frugal and marketing-resistant, demand payment relative to the value you provide, be satisfied with living in a normal house with a normal family, not craving products, being mentally self reliant, etc. There is no juice to squeeze out from such a person, but it might exactly be the kind of person your family and community would need.

Not saying this would be your best option necessarily, you can definitely put up with getting squeezed a bit, but be conscious of it.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#276
post #84

I don’t really understand the point of the article. It seems to be challenging an assumption that being “smart” has something to do with being financially successful. But why would we start with that assumption? Why would we conflate being “intelligent” with being good at making money? To me, this seems as preposterous as asking “if you’re so smart, why are you so bad at playing the violin, or why aren’t you a Hollyw…

Speaking only for myself, I strongly held the idea that being "smart" was the most important thing. It's only in the last 5 years that I've really come to regret that view. (For context I'm in my late 30's) Ideas are cheap, getting things done is valuable.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#277

To answer the question posed in the title (and yes, I read the fluffy article) - luck decides who gets rich.

I think that’s needlessly reductionist. Read the biographies of people like Mark Cuban and Richard Branson: both of these men were born entrepreneurs and salesmen, with Cuban starting his first business at age 12 and Branson at age 16. A good parallel to this is the music industry, actually: yes, there is a significant amount of luck in “making it.” But you cannot deny that talent is one of the strongest predictors:…

Yeah, but the music industry also has an issue that a surprising number of non-musical things are considered talent. "Production value" as was said in Tape Heads.

Re: A lot of “idiotic” things have reasonable explanations (2011)

#278
post #249

A much more thoughtful treatment of this problem is "The Dictator's Handbook." There are three possible explanations: 1) The CEO knows something I don't. 2) The CEO is dumb. Those are rarely it. The third one is: 3) The CEO is optimizing for personal wealth / fame / success, and there are political considerations. Most CEOs can recognize that a business decision can be absolutely the right thing to do for the busines…

It blows my mind how people can come here and attempt to write a serious answer claiming the CEO "rarely" knows something his armchair critic doesn't (as a basis for their "bad" decision). Then proceed to peddle cliches and conspiracies.

Also, shareholders aren't stupid, they usually reward CEOs for good business decisions and so does the board. Sometimes it's unclear what is better long-term and short-term results are preferred, but nobody knowingly punishes or fires a CEO for a good decision. That just exists in the imagination of people whose involvement with business decisions consists of reading Dilbert cartoons.

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