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Heuristics

Turning Science into Journalism

Taleb uses the Lindy effect as a reading heuristic: work that has remained useful over time has survived a filter that newly hyped work has yet to face. He recommends giving lasting books and results more attention when choosing what to read.

THE IDEA

TURNING SCIENCE INTO JOURNALISM

So, we can apply criteria of fragility and robustness to the handling of information—the fragile in that context is, like technology, what does not stand the test of time. The best filtering heuristic, therefore, consists in taking into account the age of books and scientific papers. Books that are one year old are usually not worth reading (a very low probability of having the qualities for “surviving”), no matter the hype and how “earth-shattering” they may seem to be. So I follow the Lindy effect as a guide in selecting what to read: books that have been around for ten years will be around for ten more; books that have been around for two millennia should be around for quite a bit of time, and so forth. Many understand this point but do not apply it to academic work, which is, in much of its modern practice, hardly different from journalism (except for the occasional original production). Academic work, because of its attention-seeking orientation, can be easily subjected to Lindy effects: think of the hundreds of thousands of papers that are just noise, in spite of how hyped they were at the time of publication.

The problem in deciding whether a scientific result or a new “innovation” is a breakthrough, that is, the opposite of noise, is that one needs to see all aspects of the idea—and there is always some opacity that time, and only time, can dissipate. Like many people watching cancer research like a hawk, I fell for the following. There was at some point a great deal of excitement about the work of Judah Folkman, who, as we saw in Chapter 15, believed that one could cure cancer by choking the blood supply (tumors require nutrition and tend to create new blood vessels, what is called neovascularization). The idea looked impeccable on paper, but, about a decade and a half later, it appears that the only significant result we got was completely outside cancer, in the mitigation of macular degeneration.

Likewise, seemingly uninteresting results that go unnoticed, can, years later turn out to be breakthroughs.

So time can act as a cleanser of noise by confining to its dustbins all these overhyped works. Some organizations even turn such scientific production into a cheap spectator sport, with ranking of the “ten hottest papers” in, say, rectal oncology or some such sub-sub-specialty.

If we replace scientific results with scientists, we often get the same neomaniac hype. There is a disease to grant a prize for a promising scientist “under forty,” a disease that is infecting economics, mathematics, finance, etc. Mathematics is a bit special because the value of its results can be immediately seen—so I skip the criticism. Of the fields I am familiar with, such as literature, finance, and economics, I can pretty much ascertain that the prizes given to those under forty are the best reverse indicator of value (much like the belief—well tested—by traders that companies that get hyped up for their potential and called “best” on the cover of magazines or in books such as Good to Great are about to underperform and one can derive an abnormal profit by shorting their stock). The worst effect of these prizes is penalizing those who don’t get them and debasing the field by turning it into an athletic competition.

Should we have a prize, it should be for “over a hundred”: it took close to one hundred and forty years to validate the contribution of one Jules Regnault, who discovered optionality and mapped it mathematically—along with what we dubbed the philosopher’s stone. His work stayed obscure all this time.

Now if you want to be convinced of my point of how noisy science can be, take any elementary textbook you read in high school or college with interest then—in any discipline. Open it to a random chapter, and see if the idea is still relevant. Odds are that it may be boring, but still relevant—or nonboring, and still relevant. It could be the famous 1215 Magna Carta (British history), Caesar’s Gallic wars (Roman history), a historical presentation of the school of Stoics (philosophy), an introduction to quantum mechanics (physics), or the genetic trees of cats and dogs (biology).

Now try to get the proceedings of a random conference about the subject matter concerned that took place five years ago. Odds are it will feel no different from a five-year-old newspaper, perhaps even less interesting. So attending breakthrough conferences might be, statistically speaking, as much a waste of time as buying a mediocre lottery ticket, one with a small payoff. The odds of the paper’s being relevant—and interesting—in five years is no better than one in ten thousand. The fragility of science!

Even the conversation of a high school teacher or that of an unsuccessful college professor is likely to be more worthwhile than the latest academic paper, less corrupted with neomania. My best conversations in philosophy have been with French lycée teachers who love the topic but are not interested in pursuing a career writing papers in it (in France they teach philosophy in the last year of high school). Amateurs in any discipline are the best, if you can connect with them. Unlike dilettantes, career professionals are to knowledge what prostitutes are to love.

Of course you may be lucky enough to hit on a jewel here and there, but in general, at best, conversation with an academic would be like the conversation of plumbers, at the worst that of a concierge bandying the worst brand of gossip: gossip about uninteresting people (other academics), small talk. True, the conversation of top scientists can sometimes be captivating, those people who aggregate knowledge and for whom cruising the subject is effortless as the entire small parts of the field come glued together. But these people are just currently too rare on this planet.

I complete this section with the following anecdote. One of my students (who was majoring in, of all subjects, economics) asked me for a rule on what to read. “As little as feasible from the last twenty years, except history books that are not about the last fifty years,” I blurted out, with irritation as I hate such questions as “what’s the best book you’ve ever read,” or “what are the ten best books,”—my “ten best books ever” change at the end of every summer. Also, I have been hyping Daniel Kahneman’s recent book, because it is largely an exposition of his research of thirty-five and forty years ago, with filtering and modernization. My recommendation seemed impractical, but, after a while, the student developed a culture in original texts such as Adam Smith, Karl Marx, and Hayek, texts he believes he will cite at the age of eighty. He told me that after his detoxification, he realized that all his peers do is read timely material that becomes instantly obsolete.

When to use it

  • Deciding which academic papers to read: Include work that has remained useful over time when assessing a newly promoted result.

  • Evaluating investment tips: prefer advice from sources that have proven valuable over many years rather than recent market fads.

  • Choosing a classic book over a bestseller for deeper understanding.

  • Assessing a scientific theory: Consider the tests it has survived, along with later evidence and corrections.

FROM THEORY TO EVERYDAY LIFE

In practice

01

Judah Folkman's Cancer Research

Taleb recalls the excitement around Judah Folkman’s proposal to attack tumors’ blood supply. Describing his assessment about 15 years later, he singles out treatment of macular degeneration as the significant result. The example illustrates his concern about judging a promising idea before its effects are clear.

02

Jules Regnault's Discovery of Optionality

Taleb describes Jules Regnault’s mathematical work on optionality as remaining obscure for 140 years before receiving recognition. He uses the account to contrast lasting contributions with prizes for immediate promise.

✳

A MOMENT TO REFLECT

Put it to work.

  1. When selecting a book or article to read, how much weight do you give to its age? How might the Lindy effect change your reading list?

  2. Think of a recent scientific breakthrough that was heavily hyped. How likely is it to still be relevant in ten years? What does that say about the robustness of the finding?

  3. How can you apply the Lindy effect to other areas of life, such as investing, career advice, or personal development?

Connected ideas

Another lens can bring the same problem into focus.

References

  1. Thinking, Fast and Slow — Daniel Kahneman (2011)
  2. Good to Great — Jim Collins (2001)

CONTINUE THE CONVERSATION

Source texts

  • Antifragile (Nassim Nicholas Taleb)
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