The World's Best Book Summaries
What is The Millionaire Next Door formula? What net worth is considered wealthy? The Millionaire Next Door formula multiplies your age times your pretax annual income divided by 10 to get your expected net worth—this excludes inheritances. You are wealthy if your net worth is twice as large as your expected net worth. Discover more on how to calculate your net worth using The Millionaire Next Door formula.
What is convexity? How does convexity relate to antifragility? In Antifragile, Taleb explains that antifragile systems thrive off randomness and the unexpected. Part of this is due to convexity—but what is convexity exactly? In this case, it’s when an effect of an event increases alongside the intensity of the event. Read more to find out what convexity is and how it relates to antifragility.
What are the top five techniques used by liars to mislead the public and make statistics look better in their favor? How are these techniques used in practice? There are many techniques that anybody with an agenda can use to manipulate statistics in their favor. In How to Lie With Statistics, Darrell Huff explains how liars can fudge the numbers and he gives examples of misleading statistics so you can learn how to avoid being manipulated. Keep reading for misleading statistics examples and techniques that liars use.
How do liars manipulate statistics to make them more favorable? How can hard numbers possibly be skewed? Manipulating statistics isn’t as difficult as one may think. Although statistics are hard numbers and lying about them isn’t legal, that doesn’t mean they can’t be skewed or framed in a way to make the presenter look better. Keep reading for the top eight ways that statistics are manipulated.
How can you get accurate statics if you can’t possibly count every entity of a population? What criteria make a good sample? It is true that the only way to get a 100% accurate sample is to count every single entity, but that’s just impossible. That’s why statisticians use samples to represent a population. There are certain criteria that must be met to ensure that your sample is as accurate as possible. Keep reading to learn more about how good sampling leads to accurate statistics.
How can people manipulate graphs to change how you perceive them? What are the six most common forms of image manipulation? It is possible for someone with an agenda to manipulate an image (whether that be a graph, a map, or a photo) to control the message you take away from them. You’d be surprised how often this happens in business and advertising. Keep reading to learn how manipulated graphs can support an agenda.
How do companies get away with misleading customers into buying their products? How can statistics be manipulated for deceptive advertising? If a company can’t find a statistic that makes them look good, then they resort to plan B: deceptive marketing. The top two methods for this are to either focus on semi-related figures or to attribute correlation to causation. Learn more about these deceptive advertising techniques below.
What are the five questions you should ask yourself when looking at statistics? How can you tell when a statistic is being manipulated? It is important to perform a statistical evaluation before you trust any statistic you’re given. Many statistics are manipulated to fulfill an agenda but even manipulated statistics can provide you with valuable information. Continue on to learn how to perform a statistical evaluation.
How do you get a good statistical sample? How do some people manipulate their sample selection to mislead others? In How to Lie With Statistics, Darrell Huff explains the criteria for getting a good statistical sample size. Good sampling in statistics is important because bad sampling can lead to unintentional (or intentional) bias and misleading numbers. Keep reading to learn how to get a good sample and avoid bad sampling.
What can you learn from the How to Lie With Statistics book? What are the ten techniques that liars use to manipulate statistics? How can you assess if a statistic is reliable? In his book How to Lie With Statistics, Darrell Huff explains how people (advertisers, companies, anyone with an agenda) can manipulate numbers to yield statistics that support their cause. Since these people aren’t actually lying, it isn’t considered illegal. Huff teaches you what to look out for and how to see through liars. Continue on for more on How to Lie With Statistics.