This book is an old classic by Darell Huff. He went out of his way in the 1950s to explain how cognitive biases and statistical manipulation are used in research, media, and business opportunities.
Every founder and investor should read this book, mostly because it brings to life some of the most basic forms of statistical and emotional manipulation one might try to present to you during a pitch.
As investors and founders, we get paid to have an opinion about the future and to be right ahead of others. As you build your self-fulfilling prophecy, make sure that you are aware of others trying to manipulate information to convince you of their agenda.
My favorite excerpt:
Possibly more important to keep in mind is that the distortion of statistical data and its manipulation to an end are not always the work of professional statisticians. What comes full of virtue from the statistician's desk may find itself twisted, exaggerated, oversimplified, and distorted through selection by salesman, public relations experts, journalists, or advertising copywriters.
But whoever the guilty party may be in any instance, it is hard to grant him the status of blundering innocent. False charts in magazines and newspapers frequently sensationalize by exaggeration, rarely minimize anything.
I am not traveling for an entire month. I’ve decided to adopt the HARD75 protocol for 30 days to take better care of my body and health.
The compounding power of putting in an extra 6-10 hours a week for the last decade helped me tremendously on the quest towards Munger/Naval freedom.
In today's episode, I chat with Rodrigo Teijeiro, founder of RecargaPay, a leading mobile payments fintech in Brazil that has reached more than 3,5M users.
