Reis Release #1

What I’m listening to…

Silly Things Investors Do (AQR’s new podcast called the Curious Investor)

This episode features Nobel Prize winner Richard Thaler and a succinct review of behavioral finance concepts. One thing I didn’t know is that Thaler has his own asset management firm that employs behavioral finance strategies. If you liked this episode, check out a longer interview with Daniel Kahneman on Hidden Brain (an NPR podcast I enjoy that uses science and storytelling to reveal the unconscious patterns that drive human behavior, shape our choices, and our relationships).

What I’m reading…

I just downloaded Nassim Taleb’s 2018 book, Skin in the Game, which Naval Ravikant said is his favorite book of the year. The book starts saying, “Don’t tell me what you “think,” just tell me what’s in your portfolio.” I’ve heard him explain in the past the skin in the game concept: for example, in ancient Rome, architects, before allowing public use of a bridge he/she built, must sleep under the bridge the night prior. This is certainly a way to ensure there are no loose screws. I’m only 2% into the book according to my Kindle and here is a preview of my first kindle highlight: “The knowledge we get by tinkering, via trial and error, experience, and the workings of time, in other words, contact with the earth, is vastly superior to that obtained through reasoning, something self-serving institutions have been very busy hiding from us.”

What I’m pondering…

Should I open a 529 plan for my daughter? First, I’ve been saying for a while the cost of college education is unsustainable and additionally I don’t think college will exist in its current form in 17 years. Now with support from Larry Fink and others, NYU Medical School is offering free tuition…can this become a trend? Education is being democratized with podcasts, online courses like Coursera (and other MOOCs: I love the sound of that acronym, which stands for Massive Open Online Courses), and even VR (check out Labster which is a VR science lab.) For more on EdTech, check out EdSurge.

Quote I enjoyed…

“The curious thing was the dog did not bark”- Sherlock Holmes. I like this because it hones the point that there is great information in the fact that something did not happen.

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