Learning to Expect the Unexpected


Former Wall Street bond trader and author of the quite useful book Fooled by Randomness pens an op-ed piece in today’s New York Times where he describes black swans (an outlier, an event that lies beyond the realm of normal expectations) with respect to 9/11 and the current investigation:

Most people expect all swans to be white because that’s what their experience tells them; a black swan is by definition a surprise. Nevertheless, people tend to concoct explanations for them after the fact, which makes them appear more predictable, and less random, than they are. Our minds are designed to retain, for efficient storage, past information that fits into a compressed narrative. This distortion, called the hindsight bias, prevents us from adequately learning from the past.
Black swans can have extreme effects: just a few explain almost everything, from the success of some ideas and religions to events in our personal lives. Moreover, their influence seems to have grown in the 20th century, while ordinary events ? the ones we study and discuss and learn about in history or from the news ? are becoming increasingly inconsequential.
Consider: How would an understanding of the world on June 27, 1914, have helped anyone guess what was to happen next? The rise of Hitler, the demise of the Soviet bloc, the spread of Islamic fundamentalism, the Internet bubble: not only were these events unpredictable, but anyone who correctly forecast any of them would have been deemed a lunatic (indeed, some were). This accusation of lunacy would have also applied to a correct prediction of the events of 9/11 ? a black swan of the vicious variety.

Fall Wisconsin Senate Race Poll


Incumbent Senator Russ Feingold is supported by 51% of Wisconsin residents in an early poll, according to Graeme Zielinski

By 51% to 29%, residents polled in March said they would like to see Feingold re-elected for his third term, with the remainder not answering the question or saying they didn’t know.
In a separate question, 47% said they had a favorable impression of Feingold, while 19% said their view was unfavorable, figures that have stayed relatively constant since fall. About a third said they didn’t know enough to have formed an impression.
Meanwhile, Feingold’s Republican rivals remained largely unknown, with neither state Sen. Bob Welch (R-Redgranite), construction executive Tim Michels or car dealer Russ Darrow registering with more than one in five residents.