Ep. 526: I Will Survive with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Cost of Insanity
A doctor who sent bushel baskets full of normal gallbladders down to the pathology lab in Lincoln, Nebraska should have been removed from the staff. He scorned opponents who had any different way of thinking or thought anything else was important. Simple psychological denial the reality is too painful to bear so you just distort it until it's bearable. Third, insanity caused bias both in one's own mind and that of your trusted advisor where it creates what a economist call agency costs.
Play episode from 10:09
Transcript
