the new Soviet man
While we’re kicking the remains of Superfreakonomics around the car park, here’s something else. Via Kevin Drum, it seems that John Meriwether, the chap whose hedge fund LTCM nearly killed the banking sector in 1998, has started another hedge fund, a few months after his come-back ended up being crushed under the financial panic of 2008.
As a comment at RealClimate says with regard to Dubner and Levitt:
So, do Levitt and Dubner list Dunning and Kruger as co-authors on this chapter?
I think you’ll agree this comment wins the Internet. Meriwether seems to be the ideal type of a certain kind of intellectual failure mode, almost an American original – the man obsessed by the notion that his (almost always) numerical expertise makes him an all-round expert.
Nathan Myrhold is another – he even called his post-Microsoft hobby company “Intellectual Ventures”, which ought to put a rough value on the degree of wankishness we’re dealing with here. But, of course, they aren’t intellectuals or even technocrats; they specialise in hyper-specialisation, rather than any broader culture, and by the time they reach this point they are usually many years from dealing with anything practical.
In fact, as a cultural type, they’re almost Soviet figures; believers that if you can get that input-output table\Gaussian copula just right, we’ll be able to achieve the new man and true communism\hedge the entire economy perfectly.