Article Title: There’s a right way and a wrong way to fail
The article is about the way we should fail and what we should learn from our failures. To illustrate this the author uses various examples. He says that Mathematician Abraham Wald once cited that extra armours should be provided in the areas of the aircraft which have not survived damages as it is evident that the aircraft which has more bullet holes in the specific areas that has returned to its base need not require to be studied.
Earlier in the commencement days of flying, the survival rate of the pilots were very low. After a century the fatalities resulting from the same have been negligible due to serious study of the failures. Whereas, the negligence in the study of fatalities caused due to medical error has always kept that number high. The reason behind this are litigation procedures, insurance deals, considering doctors as infallible beings and protection of reputation.
In case of finance there are two approaches that exist-closed details of hedge funds, venture capitalists, etc. and the open data related to mutual funds because of various demanding factor. In case of silicon valley and certain venture funds,the data regarding their failures in achieving something is actually displayed. They would be in the pursuit to find better deals. The author leaves a message that we should lean form the past mistakes and the stigma that surrounds the failures must disappear.
Words to learn from this Article:
Stigma – disgrace
Astounding – surprising
Metaphor – comparison
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