Make Fewer Decisions
“One powerful and often overlooked corrective to poor decision-making should be obvious – make fewer decisions.”
Markel’s silver year
Notes from Markel’s 25th anniversary brunch.
“We were discussing yesterday how 1 in 10 of our new accounts come in with portfolios holding literally 100s of positions. Mind you, this is not a family office with $150 million dollars, but rather a portfolio 1% of that size. There is no rational reason for these sorts of assemblages to be holding 100+ positions.”
“If the effect of the observed explanatory variable on the explained variable changes directions when you account for the lurking explanatory variable, you’ve got a Simpson’s Paradox.”
European Commission Graph of the week: Ageing report
This infographic highlights the major demographic changes projected to take place over the next 50 years and their impact on public finances. 2 workers per pensioner by 2060.