Time Preference Rate. “The Marshmallow Tale” by Joachim de Posada and Ellen Singer describes the “Marshmallow Experiment” at Stanford University. The experimenter left the child alone in the room and gave the child a marshmallow, instructing the child to eat it immediately. However, if the child did not eat it within 15 minutes, the experimenter would give the child another marshmallow. Some children waited the full 15 minutes, while others stopped waiting early. These two groups were followed for 14 years, and as a result, the more patient children showed better social and mental abilities. Those who cannot tolerate waiting are said to have a high time preference rate, while those who are patient are described as having a low time preference rate. In investment, high and low time preference ratios are not necessarily good or bad because many investments depend on luck. The key is to find and stick to methods and principles that match one’s own tendencies. - Joseph’s “just my thoughts”
For leadership to be good, one must always grow up with self-objectivity and self-verification. It refers to admitting when something is wrong immediately and changing direction and attitude. However, this meta-recognition property presents a significant obstacle to leadership. People tend to follow a leader who sides with them rather than one who possesses exemplary character and ability. The more reasonable the leaders are, the easier it is to overlook this phenomenon, and the more likely they are to make enemies in the process of making sensible and correct decisions. This raises the question: do you need to be a good leader? Not necessarily. The basic rule is not to use an inflexible yardstick. - Joseph’s “just my thoughts”