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Pay-TV providers carried it, and all of them calculated the same odds as if in a real-life exercise of game theory: we all were paying roughly the same price for ESPN, so nobody has an advantage. We were making ESPN rich (and inflating league revenue, which was inflating athlete salaries) and overpricing our product to cover the high costs, but everybody was doing it, so… This mentality lasted for more than two decades, until they could raise the price no further.
Born to Be Wired
John Malone
But Warren did not explain any of this to Lou Green. Instead, he said, “ ‘Because Ben Graham bought it.’ “Lou looked at me and said, ‘Strike one!’ “I’ll never forget the way he looked at me when he said it.” It dawned on him: “Warren, think for yourself.” He felt foolish. “We’re sitting in this little cafeteria, I’m with this impressive character, and all of a sudden I’m striking out.”
The Snowball
Alice Schroeder
It took Francis Galton several years to figure out that correlation and regression are not two concepts—they are different perspectives on the same concept. The general rule is straightforward but has surprising consequences: whenever the correlation between two scores is imperfect, there will be regression to the mean. To illustrate Galton’s insight, take a proposition that most people find quite interesting: Highly intelligent women tend to marry men who are less intelligent than they are.
Thinking, Fast and Slow
Daniel Kahneman
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