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The Seatbelt Rule

Everyone should know the seatbelt rule.

First, read about it:

My Seatbelt Rule for Judgment [Danny Guo] – “In the seatbelt case, the ingenuity of engineers has managed to account for multiple situations. I just didn’t realize it at first! And even now that I am aware of it, it makes me think of what else I don’t know about seatbelts. How much complexity do these mechanisms add for manufacturing? How much more expensive do they make a car? Which aspects are legally required? And so on.”

It was a lesson that I learned when I was much younger too – you have to take into account how much you know before you think something is stupid. Dunning Kruger is a real bias and very easy to fall into.

On the flip side, just because something is the way it is doesn’t mean it has to be. Even if you know little about it (but you have to educate yourself!). Conditions may have changed and anything can be disrupted. 🙂

How Does the FBI Art Crime Team Operate? [Hyperallergic] – “Forgeries and fakes — for which the FBI consults its sizable Rolodex of art historical experts — are a tricky business. In the United States, it is illegal to knowingly sell these items, but not to own or display them; furthermore, the FBI is legally obligated to return fakes to their owners after a case has ended. Owners may want to hang onto works that have been deemed inauthentic for reasons that range from distrusting the opinion of the authenticator to simply liking the artwork despite its besmirched status (more unusually, some academic institutions like Harvard University have held onto fakes as teaching tools). Inevitably, with deaths and inheritances, much of the work filters back through the market, a headache for the FBI who see the same inauthentic works recirculating. McKeogh is aware of fakes that have entered the art market four or five times.”

3 Lessons About Building Wealth From an Investing Legend [Darius Foroux] – “In life, there’s often a lot of room for making mistakes. When you make a typo in your writing, the reader still understands you. And you can easily fix a typo. When you play sports, you can make multiple mistakes in a game and still win. But when you invest, making several mistakes in a row can wipe out all your money. Discipline will help you to stick to your investing strategy, which is more important than what your strategy actually is.”

Why We Switched to a Black-Owned Bank (And Think You Should Too) [Family Money Adventure] – “Are we naive enough to think that moving our cash to a black-owned bank is going to make a massive difference in this world? Probably…but we don’t care. We’ve put our money where our mouth is, and we couldn’t be happier.”