Tag Archives: fools

dreaming of the historical potential of 100 years of google…

if you’ve never read ‘fooled by randomness’ by nassim nicholas taleb, it’s definitely worth a look. this is what it looks like in paperback – though not my coffee which is inexplicably covered in coffee. well, coffee spillage was always going to be happen to someone, so i shouldn’t feel upset that it was me.

i can’t quite agree with Malcolm Gladwell that ‘it is to conventional Wall Street wisdom approximately what Martin Luther’s 95 these were to the Catholic Church.’ in fact i suspect in saying this that gladwell is making exactly the mistake scoped out in the book – mistaking a short term blip in intellectual discourse for a a long term see change in a thinking paradigm. but it is rather good.

it is a defiantly unscientific book in many ways, which appeals to me, but also (once you get past layer after layer of egotism on the part of its author) rather a refreshing and human one. in particular, it is salve to the wounds created by those peers or competitors that you see as being slightly more successful than you – don’t worry, says taleb, they are almost certainly just lucky, and if you hang around for a bit, you’ll see them fall flat on their faces (as long as you haven’t got too cocky yourself in the meantime, in which case it’ll be your face you should be worried about.)

the bit that i have been particularly enjoying is around the dangers of having too clear an idea of what is going on at the moment. he counsels traders to try to track their investments on a weekly rather than a daily basis, and laughs with scorn at those who check share prices of wirless devices. i think i will join him, it is a satisfying thing to do. the item below is a trap for fools of randomness.

of course it immediate occurred to me that this mistake is prevalent in all of the worlds in which i am most active – in marketing, in media, in politics and indeed in music and movies. we’ve all got to start checking the results a bit less often, otherwise we will never really know what is going on.

this is difficult of course. i have lost count of the time i have spent talking about social monitoring, instantaneous course-correction, live planning etcetra and nauseam. and if i have an intensely functional problem to solve, like getting as many people as possible into a cinema or onto a website within a couple of days, then this stuff is all pretty useful.

but if you really want to get a perspective on the health of a brand or company, or the quality of a piece of music or film, or the long term political prospects of a party and individual, a bit of patience clearly works wonders – otherwise you run the risk of becoming obsessed with burst of tweets or opinion polls or test screenings that really just reflect the consistent background noise created by randomness.

this takes me back to my post from yesterday (see below) and back to my friend Edmund Burke – a political opposite but a philosophical exemplar for me. if you really want to work out what the best thing is to do, don’t just ask lots of people right now, or analyse the patterns of behavioural data from the last couple of weeks – give it some time, and try to analyse what is really happening based on decent, long terms trends. we will then become less obsessed with trigger events and revolutions, and wiser in our understanding of evolution, and what might happen next. thanks edmund.

what becomes really exciting is when we begin to think at what this deluge of instantaneous data, thus far momentous in scope and detail, but fickle in terms of its trending and caught up in patterns of self-reference, could mean for understanding of human nature, if we start giving layering on to our approach for it a respect for the collective wisdom of time.

the mind boggles at what a historian would be able to do with 100 years of twitter or search data. i hope these sources are jealously preserved, and that someone remembers to look at them and ask interesting questions…once we get over the excitement of discovering the most tweeted subject of the week.

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