Back with the best links of the week, don’t engage in public discourse without reading them, or you’ll make us all dumber.
- Ramit Sethi on young people ‘investing’ in a home: I don’t know if I’ve written about this before, or just said it a million times, but I’m consistently amazed by how pervasive the ideas that rent is ‘throwing away money’ and that real estate is the best investment you can make have become in the thinking of people in their 20s and 30s. This is amplified by the total obliviousness to the risks inherent with what is usually an extremely levered investment.
“I don’t want to waste money paying rent.” I’m convinced this awful phrase was invented by Realtors BECAUSE IT’S SIMPLY NOT TRUE FOR EVERYONE. YOU ARE NOT WASTING RENT IF YOU LIVE IN AN EXPENSIVE AREA.
- Alex Nowrasteh from the Cato Institute on Common Arguments against Immigration: h/t to David Henderson on this link, great breakdown of the common arguments that get thrown around and what we know about the actual economic effects of immigration (especially low-skill immigrants).
6. “Immigrants are especially crime prone.”
- Jacob Falkovich on the wage gap: Similar to immigration, the wage gap has a bunch of facts that everyone knows the headlines for, but nobody has bothered to think critically about. I recommend the whole post. If the below quote doesn’t convince you to read it, hope is lost.
Economics tells us that if a wage gap existed, smart companies would profit by hiring women, driving the sexist companies out of business.
- Sabine Hossenfelder on being a consultant for amateur physicists (the title of the article uses the word autodidact): Fascinating both from the implications of the success of the business, but also for the insight into how (extremely invested) amateurs approach problems, take things out of context, and are generally unfamiliar with the required pre-requisites for engaging in the industry in a productive way.
My clients read way too much into pictures, measuring every angle, scrutinising every colour, counting every dash.
- Tren Griffin, a Dozen Things series, Michael Bloomberg & Charlie Munger: One of my favorite ‘dozens’ in a while, every quote from Bloomberg is a gem.
7. “I always give the most difficult and complicated assignment I have to the most overworked person in the company. There’s a reason they don’t have time — work is a marketplace, and it’s telling you this person is good.”
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