Busy, busy few weeks for me,
But we all still need to keep ourselves smart.
So here’s some Best Reads.

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The Algebra of Wealth
(No Mercy/No Malice)

I first heard Prof. Scott Galloway talk about this on the episode of his podcast that dropped this week. You may not agree that it’s algebra but I would think that he has the main components of getting wealthy right. Also, nice anecdotes and reminder to focus on the downside of getting it wrong, given the environment that we’re in where FOMO is starting to set in for many people.

Respect the Base Rate
(Of Dollars and Data)

Another great post that deals with the idea of numerical literacy. One of the most common mistakes that many people make is to forget what the baseline is. If you recognise what the base rate is, I believe you’ll end up making better decisions in general. It’s just like how a few backs, people were going ballistic over the reduction in interest rates earned in a savings account when the actual change amounted to something so insignificant that it was hardly worth mentioning.

If you want to know more about numerical literacy, I highly recommend Tim Harford’s latest book, The Data Detective.

The Big Long
(The Reformed Broker)

I sent this to a friend when I first read it. Basically, describes the times we’re living in.

Chinese microlending is getting weird and dangerous

I can’t remember exactly how I came across this but it’s a fantastic article. Maybe besides reminding Jack Ma who’s really in charge, Chinese regulators are on to something after all.