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6min chapter
TIP544: Life-Changing Returns in Cyclicals & Spinoffs
We Study Billionaires - The Investor’s Podcast Network
The Power of Incentives
In incentives are at the root of most of the situations we face and yet we often fail to account for them. Human beings have the tendency to game systems for their benefit. Incentive-caused bias is so pervasive that it occurs in almost every profession. Outsider CEOs avoid value-creating investments in research and development because their compensation is based on short-term returns. Doctors prescribe expensive branded drugs instead of generics, Lawyers make litigate more than necessary by beating Wall Street estimates.
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