The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward by Benoit B. Mandelbrot |
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The 42 conundrums, problems and riddles in this book have been collected by the editors over many years, from many sources. The tests are designed to be fun, as well as instructive. In taking them, you will learn a lot about logical reasoning, but even more about yourself. The best part is - having tested your own mental agility, you will have an arsenal of 42 tricks to inflict on friends and colleagues. From the Introduction: "Warren Buffett, the world's most successful investor, posed the following question to shareholders in one of his Berkshire Hathaway annual reports: 'How many legs does a dog have if you call its tail a leg?' If you said 5, go to the back of the class. The answer is 4. 'Just because you call its tail a leg," says Buffett, 'doesn't mean it is a leg.' He used the riddle as an allegory for accounting shenanigans. When a company says it has made "GBP50 million profit", its claim should be regarded critically. Accounting rules may allow a finance director to declare X as profit, but that doesn't mean X is profit. As the saying goes, 'Profit is a matter of opinion. Cash is a matter of fact'. The conundrums, tests and tricks in this book are in the same spirit as Buffett's dog riddle. They are meant to entertain and educate. Some are straight numeracy tests, some are word plays, some are logic traps, and some require lateral thinking. A few of them are easy. Most demand some mental exertion. One was devised by Einstein." The example question: You have ten stacks of ten coins. One stack contains coins that weigh 1.1 grams each. The other nine stacks contain coins that weigh 1.0 grams each. The coins all look the same. You also have a set of weighing scales. Using the scales once only, locate the stack with the 1.1 gram coins.
The 42 conundrums, problems and riddles in this book have been collected by the editors over many years, from many sources. The tests are designed to be fun, as well as instructive. In taking them, you will learn a lot about logical reasoning, but even more about yourself. The best part is - having tested your own mental agility, you will have an arsenal of 42 tricks to inflict on friends and colleagues. From the Introduction: "Warren Buffett, the world's most successful investor, posed the following question to shareholders in one of his Berkshire Hathaway annual reports: 'How many legs does a dog have if you call its tail a leg?' If you said 5, go to the back of the class. The answer is 4. 'Just because you call its tail a leg," says Buffett, 'doesn't mean it is a leg.' He used the riddle as an allegory for accounting shenanigans. When a company says it has made "GBP50 million profit", its claim should be regarded critically. Accounting rules may allow a finance director to declare X as profit, but that doesn't mean X is profit. As the saying goes, 'Profit is a matter of opinion. Cash is a matter of fact'. The conundrums, tests and tricks in this book are in the same spirit as Buffett's dog riddle. They are meant to entertain and educate. Some are straight numeracy tests, some are word plays, some are logic traps, and some require lateral thinking. A few of them are easy. Most demand some mental exertion. One was devised by Einstein." The example question: You have ten stacks of ten coins. One stack contains coins that weigh 1.1 grams each. The other nine stacks contain coins that weigh 1.0 grams each. The coins all look the same. You also have a set of weighing scales. Using the scales once only, locate the stack with the 1.1 gram coins.
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