Author: Ron Gamer
Publisher: Adventure Publications
ISBN: 1591933331
Category : Juvenile Fiction
Languages : en
Pages : 287
Book Description
Jessie and her new friend Buddy stumble upon a mysterious stash of stolen goods. But when Buddy crashes his ultralight into a lake, Jessie recruits her old pal Travis to help solve the mystery. Where did the stolen goods come from? Who is the peculiar man? And what dark secret lies beneath it all? Readers of all ages will love this novel, part of Ron Gamer's outdoor adventure series.
Hidden Chance
Author: Ron Gamer
Publisher: Adventure Publications
ISBN: 1591933331
Category : Juvenile Fiction
Languages : en
Pages : 287
Book Description
Jessie and her new friend Buddy stumble upon a mysterious stash of stolen goods. But when Buddy crashes his ultralight into a lake, Jessie recruits her old pal Travis to help solve the mystery. Where did the stolen goods come from? Who is the peculiar man? And what dark secret lies beneath it all? Readers of all ages will love this novel, part of Ron Gamer's outdoor adventure series.
Publisher: Adventure Publications
ISBN: 1591933331
Category : Juvenile Fiction
Languages : en
Pages : 287
Book Description
Jessie and her new friend Buddy stumble upon a mysterious stash of stolen goods. But when Buddy crashes his ultralight into a lake, Jessie recruits her old pal Travis to help solve the mystery. Where did the stolen goods come from? Who is the peculiar man? And what dark secret lies beneath it all? Readers of all ages will love this novel, part of Ron Gamer's outdoor adventure series.
Fooled by Randomness
Author: Nassim Nicholas Taleb
Publisher: Random House
ISBN: 1588367673
Category : Business & Economics
Languages : en
Pages : 369
Book Description
Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes. Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill. This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives. The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness. However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared. Named by Fortune One of the Smartest Books of All Time A Financial Times Best Business Book of the Year
Publisher: Random House
ISBN: 1588367673
Category : Business & Economics
Languages : en
Pages : 369
Book Description
Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes. Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill. This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives. The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness. However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared. Named by Fortune One of the Smartest Books of All Time A Financial Times Best Business Book of the Year
Treasures Inside The Bell: Hidden Order In Chance (With Cd-rom)
Author: Carlos E Puente
Publisher: World Scientific
ISBN: 9814487635
Category : Science
Languages : en
Pages : 111
Book Description
Generalized versions of the central limit theorem that lead to Gaussian distributions over one and higher dimensions, via arbitrary iterations of simple mappings, have recently been discovered by the author of this publication and his collaborators. Treasures Inside the Bell: Hidden Order in Chance reveals how these new constructions result in infinite exotic kaleidoscopic decompositions of two-dimensional circular bells in terms of beautiful deterministic patterns possessing arbitrary n-fold symmetries. These are patterns that, while reminding us of the infinite structure previously found in the celebrated Mandelbrot set, turn out to contain natural shapes such as snow crystals and biochemical rosettes, and even the DNA structure of life.
Publisher: World Scientific
ISBN: 9814487635
Category : Science
Languages : en
Pages : 111
Book Description
Generalized versions of the central limit theorem that lead to Gaussian distributions over one and higher dimensions, via arbitrary iterations of simple mappings, have recently been discovered by the author of this publication and his collaborators. Treasures Inside the Bell: Hidden Order in Chance reveals how these new constructions result in infinite exotic kaleidoscopic decompositions of two-dimensional circular bells in terms of beautiful deterministic patterns possessing arbitrary n-fold symmetries. These are patterns that, while reminding us of the infinite structure previously found in the celebrated Mandelbrot set, turn out to contain natural shapes such as snow crystals and biochemical rosettes, and even the DNA structure of life.
SUMMARY - Fooled By Randomness: The Hidden Role Of Chance In Life And In The Markets By Nassim Nicholas Taleb
Author: Shortcut Edition
Publisher: Shortcut Edition
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
Book Description
* Our summary is short, simple and pragmatic. It allows you to have the essential ideas of a big book in less than 30 minutes. By reading this summary, you will learn how to better take chance into account when making decisions. You will also learn : that the human being is not gifted to think rationally; that economists, journalists and traders are not as reliable as they seem; that success is not necessarily synonymous with competence or intelligence; how best to deal with unpredictability; how to become wiser. Chance, sometimes called luck or fate, is an unavoidable parameter of events and life itself. However, human beings persist in wanting to reduce its importance, believing in their arrogance to be able to control it, or even make it disappear. Experts of all stripes, traders and even economists thus boast of predicting the future... until they are wrong, which inevitably happens. Since chance is surely stronger than human reason, it would be wiser to be humble. If man is irremediably fallible and incapable of thinking correctly, would it not be better to take this limitation into account, rather than trying to fight it? Discover some keys to do so! *Buy now the summary of this book for the modest price of a cup of coffee!
Publisher: Shortcut Edition
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
Book Description
* Our summary is short, simple and pragmatic. It allows you to have the essential ideas of a big book in less than 30 minutes. By reading this summary, you will learn how to better take chance into account when making decisions. You will also learn : that the human being is not gifted to think rationally; that economists, journalists and traders are not as reliable as they seem; that success is not necessarily synonymous with competence or intelligence; how best to deal with unpredictability; how to become wiser. Chance, sometimes called luck or fate, is an unavoidable parameter of events and life itself. However, human beings persist in wanting to reduce its importance, believing in their arrogance to be able to control it, or even make it disappear. Experts of all stripes, traders and even economists thus boast of predicting the future... until they are wrong, which inevitably happens. Since chance is surely stronger than human reason, it would be wiser to be humble. If man is irremediably fallible and incapable of thinking correctly, would it not be better to take this limitation into account, rather than trying to fight it? Discover some keys to do so! *Buy now the summary of this book for the modest price of a cup of coffee!
Incerto 4-Book Bundle
Author: Nassim Nicholas Taleb
Publisher: Random House
ISBN: 0812997697
Category : Business & Economics
Languages : en
Pages : 1253
Book Description
Nassim Nicholas Taleb’s landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don’t understand, in nonoverlapping and standalone books. All four volumes—Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material—are now together in one ebook bundle. ANTIFRAGILE “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides.”—The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN “[A book] that altered modern thinking.”—The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we—especially the experts—are blind to them. FOOLED BY RANDOMNESS “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”—Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill—the markets—Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times This collection of aphorisms and meditations expresses Taleb’s major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.
Publisher: Random House
ISBN: 0812997697
Category : Business & Economics
Languages : en
Pages : 1253
Book Description
Nassim Nicholas Taleb’s landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don’t understand, in nonoverlapping and standalone books. All four volumes—Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material—are now together in one ebook bundle. ANTIFRAGILE “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides.”—The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN “[A book] that altered modern thinking.”—The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we—especially the experts—are blind to them. FOOLED BY RANDOMNESS “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”—Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill—the markets—Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times This collection of aphorisms and meditations expresses Taleb’s major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.
Chance and Temporal Asymmetry
Author: Alastair Wilson
Publisher: OUP Oxford
ISBN: 0191054585
Category : Philosophy
Languages : en
Pages : 518
Book Description
Chance and Temporal Asymmetry presents a collection of cutting-edge research papers in the metaphysics of science, tackling the perplexing philosophical problems raised by recent progress in the physics and metaphysics of chance and time. How do the probabilities found in fundamental physics and the probabilities of the special sciences relate to one another? Can a constraint on the initial conditions of the universe underwrite the second law of thermodynamics? How does contemporary quantum theory reframe debates over the nature of chance? What grounds do we have for believing in a fundamental direction to time? And how do all these questions connect up? The aim of the volume is both to survey and summarize recent debates about chance and temporal asymmetry and to push them forward. Familiar approaches are subjected to searching new critiques, and bold new proposals are made concerning (inter alia) the semantics of chance-attributions, the justification of the Principal Principle connecting chance and degree of belief, and the source of the temporal asymmetry of human experience. The contributors include world-leading figures in the field, all presenting new work rather than rehashing old ideas, as well as a number of promising junior scholars. A wide-ranging introduction connects the different chapters together, and provides essential background to the debates they take up. Technicality is kept to a minimum and philosophical and conceptual foundations take centre stage. Chance and Temporal Asymmetry sets the agenda for future work on time and chance, which are central to the emerging sub-field of metaphysics of science. It will be indispensable to graduate students and to specialists in metaphysics and philosophy of science.
Publisher: OUP Oxford
ISBN: 0191054585
Category : Philosophy
Languages : en
Pages : 518
Book Description
Chance and Temporal Asymmetry presents a collection of cutting-edge research papers in the metaphysics of science, tackling the perplexing philosophical problems raised by recent progress in the physics and metaphysics of chance and time. How do the probabilities found in fundamental physics and the probabilities of the special sciences relate to one another? Can a constraint on the initial conditions of the universe underwrite the second law of thermodynamics? How does contemporary quantum theory reframe debates over the nature of chance? What grounds do we have for believing in a fundamental direction to time? And how do all these questions connect up? The aim of the volume is both to survey and summarize recent debates about chance and temporal asymmetry and to push them forward. Familiar approaches are subjected to searching new critiques, and bold new proposals are made concerning (inter alia) the semantics of chance-attributions, the justification of the Principal Principle connecting chance and degree of belief, and the source of the temporal asymmetry of human experience. The contributors include world-leading figures in the field, all presenting new work rather than rehashing old ideas, as well as a number of promising junior scholars. A wide-ranging introduction connects the different chapters together, and provides essential background to the debates they take up. Technicality is kept to a minimum and philosophical and conceptual foundations take centre stage. Chance and Temporal Asymmetry sets the agenda for future work on time and chance, which are central to the emerging sub-field of metaphysics of science. It will be indispensable to graduate students and to specialists in metaphysics and philosophy of science.
Ignorant Cognition
Author: Selene Arfini
Publisher: Springer
ISBN: 3030143627
Category : Philosophy
Languages : en
Pages : 197
Book Description
This book offers a comprehensive philosophical investigation of ignorance. Using a set of cognitive tools and models, it discusses features that can describe a state of ignorance if linked to a particular type of cognition affecting the agent’s social behavior, belief system, and inferential capacity. The author defines ignorance as a cognitive condition that can be either passively (and unconsciously) borne by an agent or actively nurtured by him or her, and a condition that entails epistemic limitations (which can be any lack of knowledge, belief, information or data) that affect the agent’s behavior, belief system, and inferential capacity. The author subsequently describes the ephemeral nature of ignorance, its tenacity in the development of human inferential and cognitive performance, and the possibility of sharing ignorance among human agents within the social dimension. By combining previous frameworks such as the naturalization of logic, the eco-cognitive perspective in philosophy and concepts from Peircean epistemology, and adding original ideas derived from the author’s own research and reflections, the book develops a new cognitive framework to help understand the nature of ignorance and its influence on the human condition.
Publisher: Springer
ISBN: 3030143627
Category : Philosophy
Languages : en
Pages : 197
Book Description
This book offers a comprehensive philosophical investigation of ignorance. Using a set of cognitive tools and models, it discusses features that can describe a state of ignorance if linked to a particular type of cognition affecting the agent’s social behavior, belief system, and inferential capacity. The author defines ignorance as a cognitive condition that can be either passively (and unconsciously) borne by an agent or actively nurtured by him or her, and a condition that entails epistemic limitations (which can be any lack of knowledge, belief, information or data) that affect the agent’s behavior, belief system, and inferential capacity. The author subsequently describes the ephemeral nature of ignorance, its tenacity in the development of human inferential and cognitive performance, and the possibility of sharing ignorance among human agents within the social dimension. By combining previous frameworks such as the naturalization of logic, the eco-cognitive perspective in philosophy and concepts from Peircean epistemology, and adding original ideas derived from the author’s own research and reflections, the book develops a new cognitive framework to help understand the nature of ignorance and its influence on the human condition.
The Hidden Dimension
Author: Edward Twitchell Hall
Publisher: Anchor
ISBN:
Category : Architecture
Languages : en
Pages : 217
Book Description
An examination of various cultural concepts of space and how differences among them affect modern society. Introducing the science of "proxemics," Hall demonstrates how man's use of space can affect personal business relations, cross-cultural exchanges, architecture, city planning, and urban renewal.
Publisher: Anchor
ISBN:
Category : Architecture
Languages : en
Pages : 217
Book Description
An examination of various cultural concepts of space and how differences among them affect modern society. Introducing the science of "proxemics," Hall demonstrates how man's use of space can affect personal business relations, cross-cultural exchanges, architecture, city planning, and urban renewal.
Hidden Trails
Author: William Patterson White
Publisher:
ISBN:
Category :
Languages : en
Pages : 362
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 362
Book Description
Skin in the Game
Author: Nassim Nicholas Taleb
Publisher: Random House
ISBN: 0425284638
Category : Philosophy
Languages : en
Pages : 305
Book Description
#1 NEW YORK TIMES BESTSELLER • A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: • For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. • Ethical rules aren’t universal. You’re part of a group larger than you, but it’s still smaller than humanity in general. • Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. • You can be an intellectual yet still be an idiot. “Educated philistines” have been wrong on everything from Stalinism to Iraq to low-carb diets. • Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. • True religion is commitment, not just faith. How much you believe in something is manifested only by what you’re willing to risk for it. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.”
Publisher: Random House
ISBN: 0425284638
Category : Philosophy
Languages : en
Pages : 305
Book Description
#1 NEW YORK TIMES BESTSELLER • A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: • For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. • Ethical rules aren’t universal. You’re part of a group larger than you, but it’s still smaller than humanity in general. • Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. • You can be an intellectual yet still be an idiot. “Educated philistines” have been wrong on everything from Stalinism to Iraq to low-carb diets. • Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. • True religion is commitment, not just faith. How much you believe in something is manifested only by what you’re willing to risk for it. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.”