Author Joseph Buchdahl Summary An analysis of the science, psychology and philosophy of gambling. Takeaway Gambling is the speculation on the future that can take on different forms such as casino games, sports betting, and financial investing. Outcomes in these areas are hard to predict and it is even harder to make money from it against benchmarks that encapsulate the collective information of large crowds. Gamblers often underestimate the randomness that determine gambling outcomes and attribute positive outcomes to their own ability to predict the future....

Author William Dalrymple Summary The history of the rise and fall of the East India Company. Takeaways The East India company was a trading company based in London that rose from humble beginnings to a fully fledged imperial power that managed to replace the ruling Mughal empire on the Indian subcontinent in a short period of time between 1756 and 1803. In that time period the East India Company extended their sphere of influence through treachery, forged contracts, collaboration with local banker, bribes, and military prowess in armed conflicts and wars....

Author Mike Walsh Summary Anecdotes about modern leaders and their approach to decision making. Takeaways We experience a time of accelerated change that is unlikely to slow down in the future. With new technologies emerging and more data being available to influence decision making, leaders need to adjust their way of approaching problems. For example, successful leaders in the “algorithmic age” apply first principles thinking to come up with solutions that can be carried out by computers....

Author Timothy Ferris Summary Practical tips to develop a richer lifesyle. Takeaways Working hard for decades to afford an enjoyable retirement is an outdated concept. It is better to schedule mini-retirements and other exciting activities periodically. A “newly rich” lifestyle can be financed by developing products or ideas that can be sold to generate cash flow outside of established employment patterns. Quotes "‘Someday’ is a disease that will take your dreams to the grave with you....

Author Stephen J. Dubner und Steven Levitt Summary A collection of stories that illustrate how to think more productively, creatively, and rationally. Takeaways People have difficulties thinking rationally. They have biases that leads them to seek evidence that confirms what they already think, or are tempted to adopt views of friends, families, and colleagues. “Thinking like a freak” means to get comfortable with admiting to not know the answer to a question....

Author David Goggins Summary The personal story of former Navy SEAL David Goggins who overcame traumatic experiences to become a successful soldier and athlete. Takeaways Most people do not know what they are truly capable of and resist challenging themselves physically and mentally to stretch the limits of their potential. Unlocking this potential requires hard work and dedicated exposure to uncomfortable experiences and pain to “callous” the mind and become mentally strong....

Author Ray Dalio Summary The life and work principles of Ray Dalio, founder of investment firm Bridgewater Associates. Takeaways An idea meritocracy is the best way to make decisions in a company. An idea meritocracy requires a commitment to truth and transparency. It can be achieved if people are open minded and ideas are evaluated based on the track record of the people who contribute them. The process can be supported by writing down and refining principles that support decision making and reflect learnings from the past....

Author Vincent A. W. J. Marchau, Warren E. Walker, Pieter J. T. M. Bloemen, Steven W. Popper Summary A review of methods and applications for decision making under deep uncertainty. Takeaways Situations with deep uncertainty are characterized by a lack of knowledge about how future events will unfold. In complex systems, the predictability of potential outcomes is low. When confronted with deep uncertainty, decision makers are advised to shift from a predict-then-act paradigm to a monitor-and-adapt strategy....

Author Brendan Reid Summary Advice for a more strategic approach to career planning. Takeaways Corporations typically don’t operate rationally as they consist of people who have their own benefits in mind. Career progression requires a strategic approach and tactical steps contrary to commonly accepted practices. Don’t be overly passionate about your ideas and rather be objective in providing optionality Embrace the changes everyone else hates Learn to promote your ideas instead of refining them without feedback Avoid a too strong focus on result orientation and instead spend time expanding your skill set Don’t be a part of the heard, and don’t gossip about peers and superiors Find big problems to solve Don’t hold peers accountable and mentor them wherever possible Quotes “People inherently want to work with people similar to themselves and who they like....

Author Carl Anderson Summary A blueprint to create a data-driven and analytics focused organization. Takeaways Data-driven organizations are more successful and generate more value through better decision making. For a company to be data-driven it must have the right culture and talent in place to use data effctively along the so called analytics value chain. Sponsorship from high profile positions in the organization is needed to implement a culture that values testing and experimentation to derive insights that can give a competitive advantage....