Quote IconBilly Hasan, a former Spoonrocket contractor who drove for the company until June of this year, remembers the moment that the company switched from paying drivers hourly wages to paying them on a commission basis. Under the old system, Hasan says, he often made between $50 and $60 working a six-hour shift. Under the new one, it took him eight or nine hours to make the same amount. “Before they made the switch, it felt like one big team working together,” he says. “After, it kind of felt like, ‘We don’t really care about you guys, we only care about the money coming in.’”

Silicon Valley’s Contract-Worker Problem — NYMag

Quote IconOn the one hand, the existing stock of purpose-built infrastructure naturally favours particular technologies: in particular, those which run on fossil fuels. And on the other, government hasn’t been involved in anything like the kind of demand-boosting infrastructure binge we saw in the middle of the last century. In other words, the rich world’s innovation problem may not have anything much to do with innovation. The rich world’s innovation problem may simply be the mistaken and ahistorical assumption that rapid productivity growth occurs in a vacuum.

Innovation: A crude view of technology | The Economist

Quote IconCONFIDENCE, n. A quality, similar to religious belief but grounded on much shakier evidence, that tends to be high when it should be low and low when it should be high. Periods of high confidence are pernicious; the better investors feel today, the more likely they are to be sorry later. Almost no one can acknowledge that at the time, however.

The Devil’s Financial Dictionary – C | Jason Zweig

Quote IconInvestment performance (like life in general) is a lot like choosing a lottery winner by pulling one ticket from a bowlful. The process through which the winning ticket is chosen can be influenced by physical processes, and also by randomness. But it never amounts to anything but one ticket picked from among many. Superior investors have a better sense for the tickets in the bowl, and thus for whether it’s worth buying a ticket in a lottery. Lesser investors have less of a sense for the probability distribution and for whether the likelihood of winning the prize compensates for the risk that the cost of the ticket will be lost.

Risk Revisited - Howard Marks