121: Michael Mauboussin – Tactics for Better Decision Making, and Skill Versus Luck
Chat With Traders
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How to Update Your Views Appropriately Based on New Information
The basic principle is very straightforward, which is you woke up this morning with a set of beliefs about the world and new information came across the transom. The subtleties are knowing, again, which direction to move in and knowing the magnitude in which to work. And Bayes' theorem, I know of it, but that's kind of about where it ends.
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