Personal Wealth

The Map is Not the Territory

In 1931, Alfred Korzybski, an engineer, philosopher, and mathematician, presented a paper to the American Association for the Advancement of Science. In the paper, he introduced the idea that the map is not the territory. In other words, a model of a thing is not the thing itself.

Personal Wealth

Newsflash: Market Gurus Are Guessing

It doesn’t take an expert to tell you the flip of a fair coin gives you 50/50 odds, heads or tails. What if I told you most market gurus fare even worse than a coin flip when it comes to making accurate financial forecasts? Would you continue to pay attention to their “expert” calls?

Behavioural Finance

Snakes and Ladders

I visited my sister in the UK last summer and spent time with my young nieces and nephews. One evening, we found a compendium of board games and I introduced my five-year-old nephew to Snakes and Ladders. The rules were explained, although not completely absorbed, and off we started.

Personal Wealth

Your Investing Confuses Academics

Academics are fascinated by the way you invest. You shouldn’t be flattered by their interest. They engage in sophisticated analysis in an effort to explain why you invest in a way that so irrational. The underlying premise of their studies is that your investing behavior makes no sense.