Rory Sutherland

I shouldn't have been here.

My fault.

I got in the way of your suit.

The psychopath will lose his rag and can't control this.

And likewise, if you turn up late, there's a chance they'll go, look, I've been sitting on my own like an idiot for 15 minutes.

Whereas you and I would go, oh, I know, I only just got here myself.

The traffic's terrible.

We don't fully know, you see, the value of what is going on

in using a personal quality as a proxy for a decision which is simply too complicated to legalize or to reduce to numbers.

Also, it is, I'll completely agree, in economic terms, it's suboptimal.

But if it leads to downside variance reduction,

which is what we're really trying to do.

We're not trying to optimize.

We're trying to reduce the risk of downside variance.

And that's true in all sorts of things, investment strategy, et cetera, the barbell approach.

First of all, make sure you don't do anything disastrous.

Then after that, try and get lucky.

In fairness, if you study social science matters, you've probably, but I agree with you that the, I mean, my wife occasionally gets a bit annoyed with me because I'll get, you know, I will literally apply Caleb logic to decisions.

Just to give an example, I always argue that over 36 years, holidays where I've rented a car are better than holidays where I haven't.

And my argument is you have more optionality.