richardkmiller / Richard

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  1. Vernon Smith on Markets and Experimental Economics

    —Huffduffed by richardkmiller

  2. Bogle on Investing

    The legendary John Bogle, founder of the Vanguard Group and creator of the index mutual fund, talks about the Great Depression, the riskiness of bond funds, how he created the Index 500 mutual fund—now the largest single mutual fund in the world—how the study of economics changed his life and ours, and Sarbanes-Oxley. At the end of the conversation, he reflects on his life and career.


    Time: 58:30

    How do I listen to a podcast?


    Size: 13.4


    Right-click or Option-click, and select "Save Link/Target As MP3.

    —Huffduffed by richardkmiller

  3. Things

    This hour we investigate the objects around us, their power to move us, and whether it’s better to look back …

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  4. Alternative Feminist Approaches to Ordain Women | Mormon Stories Podcast

    In this 2-part series, Fiona Givens, Maxine Hanks, Margaret Young, and Neylan McBaine discuss alternative Feminist approaches to the Ordain Women moveme…

    —Huffduffed by richardkmiller

  5. Alternative Feminist Approaches to Ordain Women | Mormon Stories Podcast

    In this 2-part series, Fiona Givens, Maxine Hanks, Margaret Young, and Neylan McBaine discuss alternative Feminist approaches to the Ordain Women moveme…

    —Huffduffed by richardkmiller

  6. Radiolab Morality

    For thousands of years philosophers have debated the essence of morality. Now, neuroscientists may have answers.

    —Huffduffed by richardkmiller

  7. Radiolab Space

    We ponder our insignificant place in the universe, and boldly go after stories of romance & cynicism in Outer Space.

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  8. Radiolab Emergence

    What happens when there is no leader? We look at the bottom-up logic of cities, Google, and even our brains.

    —Huffduffed by richardkmiller

  9. Taleb on Black Swans, Fragility, and Mistakes

    Like the De Vany podcast, I’m again a bit annoyed by this flat out dismissal of running as a valuable form of exercise.

    It is widely understood that to improve times at any distance (which is presumably what runners aim to do - get better) some level of speedwork is required.

    To hold "jogging" out there as a one size fits all non-diversified type of workout is a straw man.

    Take anyone who has done even one month of consistent running (w/ proper technique to avoid injury), and I’m quite sure most people will say

    1) they can run faster at the end of one month, and are on occasion tempted to push themselves hard on days they are "feeling good" (something that is only possible once you clear the hurdle of "omg, i’m running and this is horrible", which comes w/ time) and

    2) they generally feel healthier and have improved mood.

    To illustrate the wide level of variation in running, check out Hal Higdon’s website for training schedules for various races (from my experience, most runners are typically training for one type of race or another): (I’m not at all affiliated with Higdon, but his training schedules are very widely read.)

    Also, consider the popularity of fartleks ( and "indian running" (

    The importance of variation is nothing new to runners.

    Also, I would like to hear De Vany and Taleb specifically address the practice of persistence hunting, where early humans allegedly used their ability to sweat to keep cool while running long distances to exhaust animals that lacked this ability:

    Having been around the sport for awhile and having heard people on one hand extol its virtues and on the other criticize it and having seen many arguments in between, I put De Vany and Taleb squarely in the category of people who don’t have the guts to run.

    Conversely I would be hard pressed to think of a sport enjoyed by so many (soccer, tennis, swimming, cycling, golfing, etc.) for which I could muster the level of disdain these guys have for running.

    I love your podcasts Russ, but I wish you would be more willing to grill your guests when they stray outside of their specialty.

    For example, one line of questioning might be: "Running certainly seems to be an emergent phenomenon.

    Marathon running has grown from 25k finishers in 1976 to 425k in 2008 (, a CAGR of 9.3%.

    My presumption is that participation in shorter races like 5k’s and 8k’s are growing even more rapidly.

    Why do you think humans are adopting this allegedly self-destructive behavior at such a high rate?"

    —Huffduffed by richardkmiller

  10. Taleb on the Financial Crisis

    Great podcast with much wisdom.

    Let me push back on a few points though.

    It’s great that Taleb sees the transformative power of the internet starting in the 90s, but I wonder about his analysis of stars taking the gains.

    While that is no doubt true, the question is how much that trend contributed to income inequality.

    Aren’t Tiger Woods, Luciano Pavarotti, and J.K. Rowling a drop in the pond compared to the richest 1-5% that skewed the income inequality distribution recently?

    Rather, I suspect that the inequality came from professional and technical positions being highly renumerated in the last decade or two, to try and approach the productivity of these highly skilled people.

    For two people digging ditches or working on a factory floor, the productivity of any worker is fundamentally limited compared to any other worker, at most 2-3X.

    Whereas with information work this multiple explodes to 10-50X- this has been shown to be true in computer science- I believe much of the income inequality came from the attempt to compensate in equal proportion to this productivity difference.

    It is likely that employers then got into the star mentality and overpaid, just as you often see sports team owners overpay for star athletes, and might have been better off trying to raise the productivity of everyone by spreading best practices from the most productive to everyone else.

    Either way, the opera singers and golf superstars that Taleb talks about will soon see a great reverse in their unique positions.

    The internet initially augmented their positions greatly, now it will tear them down.

    One Katie Couric on CBS will be replaced by hundreds of news anchors reading the news online, helping flatten out the income distribution in the process.

    It was interesting to hear Taleb make Kling’s point that regulators helped cause this mess.

    It would have been interesting to hear Taleb expand on his solution of nationalization followed by most of the market becoming unregulated and why he felt some portion of the market would need to stay nationalized.

    Regarding his skepticism of theories and directed research, isn’t it possible that the scientific frontier expanded greatly in the last century and that both directed research and tinkering would have had much lower success rates as a result?

    Although, the point he might be making is that researchers always have to be on the lookout for secondary effects that they weren’t looking for, rather than throwing that secondary data away, because that’s much more likely to be beneficial than the original hypothesis.

    I think we ultimately have to theorize, Taleb’s point is simply that we need to emphasize empirical evidence much more where we can and not be so confident in existing theories.

    As for the benefits of religion, it would be nice if it were merely used as a moral code but one can point to religious wars as an example of religious theorizing and not just following the practices.

    We have to theorize, we just have to be much more thoughtful, empirical, and humble when we do.

    —Huffduffed by richardkmiller

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