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Catch up with the latest on BizNews.com
- Missing transformation targets to be made an offence
- Piet Viljoen explains why JSE will keep outperforming Wall Street
- How Gupta company with R16 in its bank account scored R280m
- Cemair, SA’s #3 airline, expands flights to fill Comair/SAA vacuum
- Dethroned ANC could resort to social unrest – Hagedorn
- New craze: luxury Wellness ‘hospi-tels’
- Don’t let SA’s high immunity fool you
- More hedge funds betting against tether as crypto melts (Premium)
START YOUR MORNING WITH TODAY’S BIZNEWS BULLETIN – Overnight markets move sharply; Piet Viljoen; Mike Appel; FT.
Beginner’s Luck is a real thing – know about it and you won’t be fooled.
Author and thinker Nassim Taleb reckons the value of any book is determined by the times you re-read it. His work scores well in that test. They are chock-full with gems, often drawing me back in. Here’s an appropriate one from The Black Swan in the context of the many newbies refusing take their losses during the recent stock market meltdown.
In chapter eight of the book Taleb explains that there’s a common belief among gamblers that beginners are always lucky, but that luck turns in time. Researchers, he adds, confirm this, and “the same applies to stock market speculators.” But it’s an optical illusion.
As almost half of all gamblers win, a good chunk of all newcomers will be fortunate. Having enjoyed success, these ones tend to stick around and, once the odds eventually catch up with them, bemoan the loss of their early good fortune.
The half of new gamblers who don’t win, quickly get discouraged and give it up as a bad job. As Taleb explains: “The dropouts, by definition, will no longer be part of the surviving gamblers’ community. This explains beginner’s luck.” So it’s a very real thing. But beginner’s luck can also be a curse that keeps players at the table long after they should have left it.
BNC4 is soon approaching, taking place from 30 Aug – 2 Sep at the Champagne Sports Resort in the Central Drakensberg.
The good news is that a few rooms recently became available, so if you were interested in attending and haven’t booked due to a lack of availability, now is your chance to secure your spot. Click here to book your place for BNC#4: www.biznews.com/biznews-investment-conference
Sign-up to the free #SAinBRICS webinar taking place 5 July 2022 to get the inside track into how South Africa’s membership of BRICS provides opportunities for our own development as well as for the rest of the African continent.
Join Busi Mabuza, chairperson of the South Africa chapter of the BRICS Business Council and Ziaad Suleman, BRICS chair on SA’s 4IR Priorities, as well as Leslie Maasdorp, vice-president and Chief Financial Officer of the New Development Bank for exclusive insights into how to best leverage SA’s position in BRICS. It’s free but you do need to register. Click here to sign-up: https://bit.ly/3Nm11y4
To receive the Daily Insider every weekday at 6am in your inbox click here. You can also sign up to the weekend’s BizNews Digest for a wrap of the best content BizNews has to offer, for a leisurely Saturday read.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.