E42: Dr Philippa Malmgren. How to manage the next big thing (Dr P is a robot entrepreneur, presidential advisor, author…)

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Episode Summary:

Listen to the full episode on iTunes (and please leave a rating to help the podcast reach more people): E42: Dr Philippa Malmgren. How to manage the next big thing (Dr P is a robot entrepreneur, presidential advisor, author…)

• A digital currency will likely kill the black economy, eradicate old debts and make taxation automatic.
• One of the most important topics in the world right now is the ubiquitous gathering of data.
• Your smart phone tracks which floor you work at in a building, your walking gaits to predict cardiac health (even without using fitness apps), physical use of space in a hotel room and emotional response to different videos and images on your phone (this is done through the camera in the phone).
• In the past this type of information wasn’t very useful by itself, however now artificial intelligence enables us to connect the dots.
• For example: Is the stretch of road you drive on prone to accidents? If so, you may be charged a higher insurance.
• Banks already use AI to predict when a divorce is coming in a household by looking at expenditures.
• Then they drag down the credit limit of the lower earning partner.
• Data will track your eating habits to see if you can be insured.
• The news we read are driven by the algorithm. We only get more of what we already read.
• It’s important to maintain diversity. By tracking everything and putting people into boxes we reduce diversity and force people to conform.
• Do one thing everyday that takes you out of your comfort zone and makes you more diverse. Walk new path to work, eat new food.
• You can’t have a civil society without a civil dialogue.
• The Chinese are building a computer with 1 million times the computational power of the planet to manage their social credit scoring system.
• With a powerful computer you can break other peoples codes: nuclear code, financial system code etc.
• The biggest danger for political leaders is that advisors and people close to them don’t say the truth.
• One of the most difficult skills is to write a memo to the president every single day. Half a page outlining the topic and a few options to choose from.
• Einstein said that creativity is the residue of time wasted.
• Operate at 80% efficiency everyday. If you’re operating at 100% there’s no mental space for emergencies or creative thinking.
• The creative solutions never happen when you’re working or in meetings. They happen during washing dishes, gardening etc.
• By operating at 100% efficiency you will experience more accidents and burn outs and less creativity.
• In companies, the culture is far more important than the strategy.
• In most companies, meetings are won by those who speak first and loudest.
• On average, men are often confident speaking up when they know 40-60% while women wait until they’re 100% certain and double checked everything.
• This leaves out many quiet yet potentially very useful voices.
• If you shift meetings to equal speaking time you also hear the quiet voices.
• Overall, the company culture should promote real competence over confidence.
• People shifted from wanting to buy things to buy experiences.
• We’re moving to experience based living instead because experiences last longer in the mind.
• The problem with inflation: Inflation is an average measure of a certain basket of goods. However, if your goods aren’t in that basket, the measure isn’t very useful to represent reality.
• The current data shows inflation yet everyone is talking about how they can’t afford rent and health care. Over time the anecdotal stories will show up in the future data.

Oskar Faarkrog

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* Why decision making and risk management? Because better decisions equal better finances, better relationships and an overall better life.

* Decisions are the foundation of everything you do and the outcome you eventually get.

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