Anatomy of a bubble. 1. People are not interested2. People ask for advice on getting into the market. 3. People give experienced traders advice on trading.4. Crash.I'd say we are between (2) and (3) at this stage.
the average trader
The average retail trader underperforms the market by 4-5% per annum before costs. Far worse than this after costs. Yes they have negative skill.The average professional fund manager outperforms the market by less than 1% before the costs they charge to the punters. After costs they underperform. The average professional fund manager works very hard and has studied finance for years. My point is you need to do a lot better than average to win.
To be of LW standard this essay should also steelman the opposing argument and assess it fairly Ie that Censorship of words can cause harm.
I found that often certifiers lack teeth and are more of a PR exercise that genuine quality control. Sometimes they are the real thing, sometimes not. A recent example would be various forms of "organic" certification which are highly variable in validity. You need to look at each case. One question to ask is how many people were denied certification or had certification withdrawn in the last 12 months? How many lawyers were actually struck off by the bar association and what did they have to do to get struck off?
An excellent and thoughtful post IMHO.
I would add the dimension of hidden or invisible quality.Sometimes it is hard to determine or effectively specify the quality of an outsourced product or service. For example, if I go to a restaurant, I don't know if the chef washed his hands or has a cold or other illness. I don't know if they use cheap/semi-rancid seed oils or actually extra-virgin olive oil as claimed. Friends who worked in expensive restaurants claim that such cost-cutting is common, and it is almost invisible. My experience is that often when quality is not immediately visible to the customer, corners are cut.Another example of this is when buying food and supplements. Often I have bought food that is supposedly free of additives, only to have a bad reaction, due to additives that were in fact present. Minced beef often contains sulfites which is illegal but often done. These preservatives are then used to disguise old product. One vitamin C tablet supposedly contained only natural colors and flavors and affected me quite badly. I later found out that it contained coal tar base dies and cyclamates and saccharine.[as background I have a defective gene for the breakdown of histamines (defective enzyme is diamine oxidase) so I am sensitive to histamines in diet and also to the very common chemicals that inhibit the breakdown of histamines or that trigger its release from the mast cells].A friend of mine went to a presentation for a coffee shop chain. They boasted that they could get coffee for $1.50AUD/kg. "How can you get good coffee for that price?" my friend asked. "You can't - and that's the secret!!! - they can't tell the difference, especially if you add some flavours".Somewhat alluded to is the issue of operational entanglement. Providers will often attempt to "lock you in" so that you end up spending more than you planned because it is difficult to extract yourself. I am in this situation at present where a lawyer has set things up so that he can charge $$$s for work I could do, but it is difficult to get him out of the picture.
I think it's a great book and anyone interested in the brain at a well informed layperson level would probably enjoy it and learn a lot from it.Hawkins makes a good case for a common cortical algorithm - the studies involving ferrets whose visual nerves were connected to the audio centres and who learned to see are one compelling piece of evidence. He makes some plausible arguments that he has identified one key part of the algorithm - hierarchical predictive models - and he relates it in some detail to cortical micro-architecture. It is also quite interesting how motor control can be seen as a form of predictive algorithm (though frustratingly this is left at the hand-waving level and I found it surprisingly hard to convert this insight into code!). His key insight is that we learn by recognizing temporal patterns, and that the temporal nature of our learning is central. and I suspect this has a lot of truth to it and remains under-appreciated.There are clear gaps that he kind of glosses over e.g. how neuronal networks produce higher level mental processes like logical thought. So it is not perfect and is not a complete model of the brain. I would definitely read his new book when it comes out.
I don't think the problem in this case is one of excessively high standards. I think the problem is that our political system selects people who are good, talkers, who can spin a narrative, who can and do lie convincingly. After 50 years following politics my heuristic is to ignore what politicians say and watch only their actions. I find that what they say is generally devoid of useful information. The only conclusion one can draw is that they want you to believe what they are saying. Track record is the only useful guide to their likely future actions.
then the risk for young and healthy people remains low
Don't confuse risk of death with risk overall. I personally know several young people who suffered months of debilitation, in some cases still feeling sick months later. From some limited studies this appears to be common, and permanent damage appears to be not uncommon including damage to testes, brain/memory etc. At best we do not know the long term effects. Tell someone suffering from shingles (which was eventually found to be a result of prior chicken pox infection) that chicken pox is a "mild" condition.
One point not noted anywhere as far as I can see is that, by allowing the pandemic to spread to millions of people, the risk of a more dangerous or virulent strain appearing increased enormously.If the pandemic had been kept to relatively small numbers, as in Taiwan, New Zealand, Australia, Vietnam, Thailand, (China if you believe their statistics on this, unlike all their other statistics are correct) etc. this new more infective strain would likely never have appeared.
Does that [cutting cases by 50% per week] sound like something any Western country could possibly accomplish from here?
Yes. Have a look at the state of Victoria in Australia, which went from close to 700 cases a day in early August to zero in about 8 weeks. https://www.covid19data.com.au/victoriaI sympathise with people in countries run by incompetent buffoons (i.e. most of Europe and the Americas) but it is not inevitable.Overall a terrific post - your point about the need to act before there is certainty is solid gold.