Video Introduction (Via Ted)

In this short talk from TED U, Joachim de Posada shares a landmark experiment on delayed gratification — and how it can predict future success. With priceless video of kids trying their hardest not to eat the marshmallow.

About Speaker, Joachim de Posada (Via Ted)

Joachim de Posada is a speaker and motivational coach. He’s the author of “How to Survive Among the Piranhas” and “Don’t Eat the Marshmallow … Yet.”

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Introduction (Via Noisefree Investing)

In this hour long video, Davis -one of the few banking CEO’s to remain largely unscathed in the recent financial mess- gives a great overview of the banking system. Davis is the CEO at US Bancorp.

This should put us back on top of things….Thanks for your patience

Click Here To Learn About The Economics Of Povery

Article Introuction (Via DeNeen Brown @ Washington Post)

You have to be rich to be poor. That’s what some people who have never lived below the poverty line don’t understand.Put it another way: The poorer you are, the more things cost. More in money, time, hassle, exhaustion, menace. This is a fact of life that reality television and magazines don’t often explain.So we’ll explain it here. Consider this a primer on the economics of poverty.

Article Excerpts (Via DeNeen Brown @ Washington Post)

You don’t have a car to get to a supermarket, much less to Costco or Trader Joe’s, where the middle class goes to save money. You don’t have three hours to take the bus. So you buy groceries at the corner store, where a gallon of milk costs an extra dollar.

Prices in urban corner stores are almost always higher, economists say. And sometimes, prices in supermarkets in poorer neighborhoods are higher. Many of these stores charge more because the cost of doing business in some neighborhoods is higher. “First, they are probably paying more on goods because they don’t get the low wholesale price that bigger stores get,” says Bradley R. Schiller, a professor emeritus at American University and the author of “The Economics of Poverty and Discrimination.”

“The cheaper housing is in more-dangerous areas,” says Reed, who lives in Southeast Washington. “I moved out of my old apartment. I hate that area. They be walking up and down the street. Couldn’t take the dog out at night because strangers walking up and down the street. They will knock on your door. Either they rob you, kill or ask for money. If you’re not there, they will steal air conditioners and copper. They will sell your copper [pipes] for money.”

Click Here To Learn About The Economics Of Povery

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Note: This article was sent to me by Max Olson.(Thanks buddy)

Click Here To Read About The Search For Black Swans

Article Introduction (Via Physics World)

The publish-or-perish ethic too often favours a narrow and conservative approach to scientific innovation. Mark Buchanan asks whether we are pushing revolutionary ideas to the margins.

In 1890 an electricity company enticed the German physicist Max Planck to help it in its efforts to make more efficient light bulbs. Planck, as a theorist, naturally started with the fundamentals and soon became enmeshed in the thorny problem of explaining the spectrum of black-body radiation, which he eventually did by introducing the idea — a “purely formal” assumption, as he then considered it — that electromagnetic energy can only be emitted or absorbed in discrete quanta. The rest is history. Electric light bulbs and mathematical necessity led Planck to discover quantum theory and to kick start the most significant scientific revolution of the 20th century.

Additional Excerpts (Via Physics World)

This raises an important question: does today’s scientific culture respect this reality? Are we doing our best to let the most important and most disruptive discoveries emerge? Or are we becoming too conservative and constrained by social pressure and the demands of rapid and easily measured returns? The latter possibility, it seems, is of growing concern to many scientists, who suggest that modern science is in danger of losing its creativity unless we can find a systematic way to build a more risk-embracing culture.

New Einsteins, he points out, will not be working in areas that have been well established for decades. They may not even work in an area linked to the name of any established, senior scientist. New Einsteins may be slipping out of view and out of science altogether just because our scientific culture currently simply has no way of encouraging them.

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Note: This post is dedicated to Joe Koster of Value Investing World.

Click Here To Read About Talent…What It Takes To Have it and What it Really Means

Article Introduction (Via Greg Downey @NeuroAnthropology.Net)

‘The traditional assumption is that people come into a professional domain, have similar experiences, and the only thing that’s different is their innate abilities. There’s little evidence to support this. With the exception of some sports, no characteristic of the brain or body constrains an individual from reaching an expert level.’

Studying sports training and skill acquisition, I often run headlong into the concept of ‘talent.’ When I suggest that athletic achievement demonstrates the extraordinary malleability of the human nervous system, the ability of our muscles to remodel, the refinement of athletes’ perceptual acuity, and even how our skeletons can be reconfigured by training, audience members often respond, ‘Yeah, but what about innate talent?’

Or, confronted by the yawning gap between elite athletes’ performances and the ability of the average person, sceptics still want to focus on the slight differences among elites athletes (for example, Jon Entine’s book Taboo), suggesting that this tiny fraction of difference is the ‘innate’ part, the ‘talent.’ I can describe the years of arduous labour that go into producing elite-level achievement, the countless hours of training and sophisticated coaching, and someone will inevitably say, ‘Okay, but some people are just inherently good at sports, aren’t they?’

Article Excerpts (Via Greg Downey @ NeuroAnthropology.Net)

When most people practice, they focus on the things they already know how to do. Deliberate practice is different. It entails considerable, specific, and sustained efforts to do something you can’t do well—or even at all. Research across domains shows that it is only by working at what you can’t do that you turn into the expert you want to become.

The problem for many people is that they’re not practicing deliberately; if they did, they would see a bigger improvement in their performance.

Far from being irrelevant, early differences may contribute to future expertise, as they are compounded, exaggerated, or even leveraged into entirely unrelated abilities.

Ericsson’s research suggests very strongly that what is really in short supply in the cultivation of expert performance is not initial ability, but rather expert coaching and motivation to continually develop greater skill

Click Here To Read About Talent…What It Takes To Have it and What it Really Means