Wednesday, June 24, 2009

Path dependence of beliefs ...

There are reasons to believe that, for evolutionary purposes, we may be programed to build a loyalty to ideas in which we have invested time ...

What characterizes real speculators like Soros from the rest is that their activities are devoid of path dependence. They are totally free from their past actions. Every day is a clean slate.

Fooled by Randomness - Nassim Nicholas Taleb

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