Chapter
The Odds of Success and Warren Buffett on Coin Flipping
27:49 - 34:42 (06:53)
Warren Buffett famously used the example of coin flipping to argue against efficient market theory. He also highlights the importance of identifying causal factors for success, which may not be due to random chance.
Clips
The dissatisfaction and inability to appreciate small things is a huge drawback for high performers.
27:49 - 30:49 (02:59)
Summary
The dissatisfaction and inability to appreciate small things is a huge drawback for high performers. As per Warren Buffet, luck does play a role in success, but it's not the only factor. High performers may find it difficult to accept flaws, both in themselves and others.
ChapterThe Odds of Success and Warren Buffett on Coin Flipping
Episode#213: Fasting vs. Slow-Carb Diet, Top $150 Purchases, Balancing Productivity and Relaxation, and More
PodcastThe Tim Ferriss Show
Warren Buffett addresses efficient market theory by using the example of a coin flipping exercise to explain the importance of analyzing success and identifying causal factors, rather than just dismissing it as pure luck.
30:49 - 34:42 (03:53)
Summary
Warren Buffett addresses efficient market theory by using the example of a coin flipping exercise to explain the importance of analyzing success and identifying causal factors, rather than just dismissing it as pure luck. He also discusses the concept of survivorship bias and how it can affect one's perception of success.