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100 Little Ideas
Dunning-Kruger Effect : Knowing the limits of your intelligence requires a certain level of intelligence, so some people are too stupid to know how stupid they are.
Morgan Housel • 100 Little Ideas
Impostor Syndrome : Fear of being exposed as less talented than people think you are, often because talent is owed to cumulative advantage rather than actual effort or skill.
Morgan Housel • 100 Little Ideas
Three Men Make a Tiger: People will believe anything if enough people tell them it’s true. It comes from a Chinese proverb that if one person tells you there’s a tiger roaming around your neighborhood, you can assume they’re lying. If two people tell you, you begin to wonder. If three say it’s true, you’re convinced there’s a tiger in your neighbor... See more
Morgan Housel • 100 Little Ideas
Texas Sharpshooter Fallacy: Goals set retroactively after an activity, like shooting a blank wall and then drawing a bullseye around the holes you left, or picking a benchmark after you’ve invested
Morgan Housel • 100 Little Ideas
Planck’s Principle : “A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die and a new generation grows up that is familiar with it.”
Morgan Housel • 100 Little Ideas
System Justification Theory : Inefficient systems will be defended and maintained if they serve the needs of people who benefit from them – individual incentives can sustain systemic stupidity.
Morgan Housel • 100 Little Ideas
Cobra Effect: Attempting to solve a problem makes that problem worse. Comes from an Indian story about a city infested with snakes offering a bounty for every dead cobra, which caused entrepreneurs to start breeding cobras for slaughter.
Morgan Housel • 100 Little Ideas
Behavioral Inevitability : “History never repeats itself; man always does.” – Voltaire
Morgan Housel • 100 Little Ideas
McNamara Fallacy : A belief that rational decisions can be made with quantitative measures alone, when in fact the things you can’t measure are often the most consequential. Named after Defense Secretary McNamara, who tried to quantify every aspect of the Vietnam War.