Jay Goltz:

I recently read an article in The New York Times about a program that had been proving for many years what lots of people had long suspected — that SAT scores are not necessarily great predictors of college success. The piece got me thinking about my own observations about the relationship between college success and entrepreneurial success. Or perhaps I should say the lack of a relationship.

Choosing entrepreneurship might be one of the most simple and pure adventures you can take. No permission needed, no essays to write, no tests to take, no interviews to get through, no one to tell you what to do or what not to do — and of course no one else to take the credit or blame.



You need only the possibly crazy notion that someone wants to pay you money for your goods or services — and the guts to quit your job, sign the lease, borrow some money, spend the money and tell your spouse, parents, and/or parole officer. For some, this is invigorating. For others it is intimidating. It can be both. Certainly, it is very different from the more predictable paths of going to graduate school or getting a job.

Charles Munger (1994):

I’m going to play a minor trick on you today because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom—a much broader topic that interests me because I think all too little of it is delivered by modern educational systems, at least in an effective way.



And therefore, the talk is sort of along the lines that some behaviorist psychologists call Grandma’s rule after the wisdom of Grandma when she said that you have to eat the carrots before you get the dessert.



The carrot part of this talk is about the general subject of worldly wisdom which is a pretty good way to start. After all, the theory of modern education is that you need a general education before you specialize. And I think to some extent, before you’re going to be a great stock picker, you need some general education.



So, emphasizing what I sometimes waggishly call remedial worldly wisdom, I’m going to start by waltzing you through a few basic notions.



What is elementary, worldly wisdom? Well, the first rule is that you can’t really know anything if you just remember isolated facts and try and bang ‘em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form.

The Financial Philosopher:

“I do nothing but go about persuading you all, old and young alike, not to take thought for your persons or your properties, but and chiefly to care about the greatest improvement of the soul. I tell you that virtue is not given by money, but that from virtue comes money and every other good of man, public as well as private. This is my teaching, and if this is the doctrine which corrupts the youth, I am a mischievous person.” ~ Socrates

Every time I see news coverage of street protests in today’s Greece or of political leaders discussing Greek Austerity, I imagine if Socrates would be there among the protestors and, if so, what he might say or do. Would he support the protestors? What might he say to the government leaders? Would he approve of Greek Austerity measures?

Jason Boog:

orbes has joined a group of 30 clients using Narrative Science software to write computer-generated stories.

Here’s more about the program, used in one corner of Forbes‘ website: “Narrative Science has developed a technology solution that creates rich narrative content from data. Narratives are seamlessly created from structured data sources and can be fully customized to fit a customer’s voice, style and tone. Stories are created in multiple formats, including long form stories, headlines, Tweets and industry reports with graphical visualizations.”

The New York Times revealed last year that trade publisher Hanley Wood and sports journalism site The Big Ten Network also use the tool. In all, 30 clients use the software–but Narrative Science did not disclose the complete client list.