Author Topic: Sam Walton: Made In America, My Story - Sam Walton with John Huey  (Read 8206 times)

Liberty

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 10246
  • twitter.com/libertyRPF
    • twitter.com/libertyRPF
Re: Sam Walton: Made In America, My Story - Sam Walton with John Huey
« Reply #20 on: October 11, 2018, 06:49:02 AM »
I especially liked his rant about people complaining that they were killing off the small town mom and pop stores.  He (rightly) claimed that they offered a better experience, better merchandising, better hours, friendlier staff and lower prices - and that's what killed off other stores.  No point feeling nostalgic for operators who don't serve their customers as well.

It's something that comes up over and over again in different situations, and I think it's based on some human cognitive biases. When benefits are spread out over many kind of invisible people but downsides are concentrated on a few visible people, most people will go with what is visible and easy to create a narrative around.

You see this all the time with farmers. Free trade helps everybody who's buying food, but it hurts farmers. It's easy to create a narrative around those poor farmers, but harder to create one around millions of people having access to slightly cheaper/better/more varied food.
"Most haystacks don't even have a needle." |  I'm on Twitter  | Interesting podcast on sleep science


longinvestor

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1609
  • Never interrupt compounding unnecessarily -Munger
Re: Sam Walton: Made In America, My Story - Sam Walton with John Huey
« Reply #21 on: October 11, 2018, 11:35:42 AM »
Reading this reinforced an active switch I made to Autobiographies last year. For me at least, the right biographies are far more interesting to read as a genre than other genres. I've read Walton, Jobs, Knight, Gates, Feynman, Darwin (wip); Munger and Buffett although they are not strict bios. Couldn't put them down.