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”
Expertise is not “to know only me,” but “to make understanding others to know with what only I know for.” It is not expertise if I cannot persuade others by overwhelming them with my things. The expertise that failed to convince and communicate is called “stubbornness”. “Collective intelligence” is the expertise that succeeds in persuasion and communication, and does not mean a stubbornness that enforces consensus. - Joseph’s “just my thoughts”