The weekend is here! Pour yourself a mug of BeanBox coffee, grab a seat and get ready for our long-form weekend read:
• LaGuardia Airport is no longer the worst. This team has done it right: An elite squad was tasked with making sure Terminal B was ready to open. There are lessons from LaGuardia for every business. (Wall Street Journal)
• Robots are here. And they’re making you fries. Meet Flippy, Sippy and Chippy, introducing new technology to address the long-term labor crisis in food service. (Washington Post) see more Grapes, Berries and Robots: Is Silicon Valley Coming to Farm Worker Jobs? The global ag-tech revolution has gained momentum in recent years, sparking debate about how it will affect the workforce. (parent)
• Liquid Venture Capital: Venture capital has provided great historical returns but is illiquid and difficult to access. Fortunately, innovation doesn’t just happen in venture-backed startups. We replicate venture capital returns using liquid small-cap public equity and find that the implicit innovation premium also exists for large innovative firms. We also show that crypto tokens can provide a liquid complement to blockchain venture equity. (Sparkline Capital)
• We don’t have a hundred biases, we just have the wrong model: Behavioral economics today is famous for its increasingly large collection of deviations from rationality, or, as it is often called, ‘biases’. While useful in applied work, it is time to shift our focus from collecting deviations from models of rationality that we know are not true. Rather, advancing behavioral economics as a science requires us to develop new theories of human decision making. Behavioral economics has identified dozens of cognitive biases that prevent us from acting ‘rationally’. We need a new model: Heliocentrism. (work in progress)
• What Canada’s Largest Art Heist Reveals About the Shady Side of the Art World: Stolen masterpieces are never found—and no one really looks for them (The Walrus)
• A Chinese spy wanted GE’s secrets, but the US got China instead: How the arrest of a burnt intelligence officer exposed an economic-espionage machine. (Business Week)
• We need a new philosophy of progress: We were naïve about progress in the past, but that doesn’t mean we have to be paranoid about progress in the future. Progress is not inevitable but it does mean it is up to us. Are we ready for the challenge? (big thoughts) see more Flawed Altruism: The Disgusting Philosophy of “Effective Altruism” Offers Nothing for Global Justice Movements. The first thing that should raise your suspicions about the “Active Altruism Movement” is the name. It is self-righteous in the most literal sense. What is different from functional altruism? Well, all the rest of us, presumably dysfunctional and non-altruistic, are those of us who either don’t care about other people or are exercising our empathy incorrectly. (current events)
• Eric Idol: I am a pancreatic cancer survivor. It’s a funny story: We immediately decide that pancreatic cancer is such a scary word and confuses people so much that we will call Kenny my diagnosis. Kenny is much less threatening. Kenny is manageable. Kenny is something we can talk about publicly. I have an appointment at the Kenny Center the next day. In the Keniology parking lot, as the valet takes my car, I say to Tanya: “This is the valet of the Chateau of Death.” (time)
• Did Neanderthals create art? Experts continue to debate whether Neanderthals were painters and jewelry makers. A paleoanthropologist explores evidence of Neanderthal art and the source of human skepticism. (sapiens)
• How to give good news: The art of telling a prospect he’s going to the big leagues: Yet unlike hidden ball tricks or other relatively rare displays of chicanery in the game, Kelly and minor-league managers use the same gag with regularity. More than once a year, those managers may tell a player that he will soon make his major-league debut. And every single time — sometimes with precious little notice, often in front of a roomful of players who keep an eye on any big-league opening — those managers do their best to surprise the moment. (athletic)
Be sure to check out our Masters in Business interview this weekend with America Online (AOL) co-founder Steve Case, founder of the investment firm Revolution, Smithsonian’s Char, and author of The rise of rest: How entrepreneurs in surprising places are creating the new American dream.
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