(Must Read) What I Learned from Losing $200 Million – Link here
– Lines that caught my attention
- “It takes a model to beat a model,”
- There were many other decisions and guesses, some made alone, others with help from my team, and still others made by my boss. All were guesswork, none could I have anticipated in stress testing, and all involved abandoning my original strategy along with the illusion of control it gave me.
- Having relinquished at least some of my illusions, I couldn’t be sure that what happened next wasn’t just dumb luck.
- In the February 2010 meeting in which my boss gave me my number, he said that to his mind I’d earned it more for the part I’d played in winning the deal in the first place than by all the work I’d done after.
- You don’t argue when someone’s handing you a big check, but I wondered what the hell he was thinking. To me, everything important had come after. Only by managing that monstrosity through the crisis did I come to fully appreciate how unlike physics markets are, how crucial to outcomes other people and luck are, and how, no matter how hard I worked or how much I prepared, there would always be some things I couldn’t completely fathom.
Le Tote online retailer buys venerable Lord & Taylor for $100 million – Link here
What Happens When You Don’t Pay a Hospital Bill – Link here
Why Teslas aren’t the future – Link here
Whatever happened to Six Sigma? – Link here
– Lines that caught my attention
- “Welch admitted that much of the statistical underpinning of the system went over his head, but he hired the Motorola manager who ran that company’s Six Sigma Academy to make it work at GE. To drive home its importance, Welch determined that 40% of employees’ bonuses would be tied to Six Sigma, and that stock options would be reserved only for managers in black belt training.” – So CEO of multibillion dollar listed corporation didn’t fully know the stuff, but he still introduced it and forced on his company by tying up employees variable pay to it.
- In Welch’s telling, fealty to the doctrine of Six Sigma became paramount. No one could be promoted to management without at least green belt training, and candidates could be rejected if their faith wavered. When one internal applicant to run GE’s nuclear power services division seemed less than devoted, he had to fly from San Jose, California, to company headquarters in Connecticut “to talk to us about his Six Sigma qualifications,” Welch wrote. Eventually, the manager “convinced us that he was deeply committed to Six Sigma” and got the job.
- “I was there the first day we did Six Sigma, it made no sense to me.” – Welch’s successor, Jeff Immelt
How to Get Better at Embracing Unknowns – Link here
How U.S. Banks Took Over the World – Link here
How to Combat Information Overload – Link here
The Risk of Outsourced Thinking – Link here
The secrets of fitness that no government will tell you – Link here
When LeBron James chose Nike in 2003, he gave up $28 million — it could end up making him $1 billion – Link here
Good Writers Make Better Hedge Fund Managers – Link here
(YouTube) Mr. Rajeev Thakkar talks about different kinds of Holding Structures of Promoters – Link here
There’s a $218 billion design problem sitting in your fridge right now – Link here
Here’s Who Owns the Most Land in America – Link here
On Restaurant Day in Helsinki, Anyone Can Open an Eatery, Anywhere – Link here