Ep. 455: Ryan Holiday Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Survivor's Bias
Howard Hughes was, I think you could say like one of the worst businessmen of the 20th century in the sense that everything he was directly involved with failed. He inherited this company from his father, which had a near monopoly on the bits required for oil drilling and he was essentially able to fail like a couple dozen times. The survivorship bias is warps our perspective in such an incredible degree, right? We only hear about successful people because you can't hear about most unsuccessful people because they're not notable. And when you look at Howard Hughes, you not only see this miserable person who died on a horrible death, basically a self-inflicted, you know, sort of decade long
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