One of the most widely quoted sentences of Sir Francis Bacon—it comes from his essay "Of Studies"—concerns the reading of books: "Some books are to be tasted, others to be swallowed and some few to be chewed and digested; that is, some books are to be read only in parts; others to be read, but not curiously; and some few to be read wholly, and with diligence and attention." This is usually taken as a wise or sententious general comment about the worthiness of various texts, but Ann Blair shows that Bacon was making a very practical recommendation to people who were overwhelmed by the availability of books and couldn't imagine how they were going to read them all. Bacon tells such worried folks that they can't read them all, and so should develop strategies of discernment that enable them to make wise decisions about how to invest their time. I think Bacon would have applauded Clay Shirky's comment that we suffer not from "information overload" but from "filter failure." Bacon's famous sentence is really a strategy for filtering.

via The Chronicle of Higher Education.

At its core, Bayes’s theorem depends upon an ingenious turnabout: If you want to assess the strength of your hypothesis given the evidence, you must also assess the strength of the evidence given your hypothesis. In the face of uncertainty, a Bayesian asks three questions: How confident am I in the truth of my initial belief? On the assumption that my original belief is true, how confident am I that the new evidence is accurate? And whether or not my original belief is true, how confident am I that the new evidence is accurate?

via NYTimes.com.

Billy’s Beer and Wine sold exactly $47 worth of lottery tickets the day before Marjorie Selbee arrived, just another sleepy day for the liquor store in this tiny Western Massachusetts town. But from the moment the 70-something woman from Michigan entered the store early July 12, Billy’s wasn’t sleepy anymore.

Over the next three days, Selbee bought $307,000 worth of $2 tickets for a relatively obscure game called Cash WinFall, tying up the machine that spits out the pink tickets for hours at a time. Down the road at Jerry’s Place, a coffee shop in South Deerfield, Selbee’s husband, Gerald, was also spending $307,000 on Cash WinFall. Together, the couple bought more than 300,000 tickets for a game whose biggest prize - about $2 million - has been claimed exactly once in the game’s seven-year history.

But the Selbees, who run a gambling company called GS Investment Strategies, know a secret about the Massachusetts State Lottery: For a few days about every three months, Cash WinFall may be the most reliably lucrative lottery game in the country. Because of a quirk in the rules, when the jackpot reaches roughly $2 million and no one wins, payoffs for smaller prizes swell dramatically, which statisticians say practically assures a profit to anyone who buys at least $100,000 worth of tickets.

During these brief periods - “rolldown weeks’’ in gambling parlance - a tiny group of savvy bettors, among them highly trained computer scientists from MIT and Northeastern University, virtually take over the game. Just three groups, including the Selbees, claimed 1,105 of the 1,605 winning Cash WinFall tickets statewide after the rolldown week in May, according to lottery records. They also appear to have purchased about half the tickets, based on reports from the stores that the top gamblers frequent most

via The Boston Globe.

Here's a quick and fascinating breakdown by total amount held and percentage of total U.S. debt, according to Business Insider: Hong Kong: $121.9 billion (0.9 percent)

Caribbean banking centers: $148.3 (1 percent)

Taiwan: $153.4 billion (1.1 percent)

Brazil: $211.4 billion (1.5 percent)

Oil exporting countries: $229.8 billion (1.6 percent)

Mutual funds: $300.5 billion (2 percent)

Commercial banks: $301.8 billion (2.1 percent)

State, local and federal retirement funds: $320.9 billion (2.2 percent)

Money market mutual funds: $337.7 billion (2.4 percent)

United Kingdom: $346.5 billion (2.4 percent)

Private pension funds: $504.7 billion (3.5 percent)

State and local governments: $506.1 billion (3.5 percent)

Japan: $912.4 billion (6.4 percent)

U.S. households: $959.4 billion (6.6 percent)

China: $1.16 trillion (8 percent)

The U.S. Treasury: $1.63 trillion (11.3 percent)

Social Security trust fund: $2.67 trillion (19 percent)

via CNN.com Blogs.

WHEN we think of the qualities we seek in visionary leaders, we think of intelligence, creativity, wisdom and charisma, but also the drive to succeed, a hunger for innovation, a willingness to challenge established ideas and practices. But in fact, the psychological profile of a compelling leader — think of tech pioneers like Jeff Bezos, Larry Ellison and Steven P. Jobs — is also that of the compulsive risk-taker, someone with a high degree of novelty-seeking behavior.  In short, what we seek in leaders is often the same kind of personality type that is found in addicts, whether they are dependent on gambling, alcohol, sex or drugs.

via NYTimes.com.

On April 21, 1884, a 28-year-old researcher in the field now called neuroscience sat down at the cluttered desk of his cramped room in Vienna General Hospital and composed a letter to his fiancée, Martha Bernays, telling her of his recent studies: “I have been reading about cocaine, the effective ingredient of coca leaves,” Sigmund Freud wrote, “which some Indian tribes chew in order to make themselves resistant to privation and fatigue.” Less than a month later, Freud was writing to Bernays about the many self-experiments in which he had swallowed various quantities of the drug, finding it useful in relieving brief episodes of depression and anxiety. Later, he described how “a small dose lifted me to the heights in a wonderful fashion. I am just now busy collecting the literature” — in German, French and English — “for a song of praise to this magical substance.”

That song of praise was “Über Coca,” a monograph published in July 1884...

via An Anatomy of Addiction - NYTimes.com.

When I tell people what we are doing, they want to hear about the room where you produce. I tell them that there is a lot of paperwork. That they take your picture and look at your license. Then they walk you back to the room. You are handed a list of instructions and some stickers and a plastic cup. The cup has a forest-green lid.

via The Morning News.