The book is a critique of the practice of over-optimization and its effects on human behavior. Epstein looks at how this translates to financial markets and then goes on to discuss investment strategies, risk management, high frequency trading and other topics related to trading that are relevant today.
“Range by David Epstein” is a book that talks about the evolution of humans and how our physical abilities have changed over time. The book also talks about how we are becoming less physically capable, but more mentally capable.
Are you seeking for a synopsis of David Epstein’s book Range? You’ve arrived to the correct location.
I completed reading this book last week and took notes on some of David Epstein’s important points.
If you don’t have time, you don’t have to read the whole book. This summary will give you a quick overview of what you can expect to learn from this book.
Let’s get started without further ado.
I’ll go through the following points in this Range by David Epstein Summary of the Book:
What is the plot of David Epstein’s Range?
Variety demonstrates that you may achieve greatness and creativity by retaining a broad range of interests and taking the time to identify your focus in an era when many feel specialization is the path to success.
Range uses business, sports, science, and human psychology as examples of how to be open-minded and interested in his book.
What is the name of the author of Range?
David Epstein is a best-selling author and journalist with a background in science and athletics. He has worked for Sports Illustrated and the ProPublica website as a senior writer.
Since Barack Obama acquired his first book, The Sports Gene, which has garnered seven million views on TED, he has earned the highest endorsement of his work.
Who is David Epstein’s Range for?
David Epstein’s Range is not for everyone. If you are one of the following folks, you may like the book:
- Those looking for a sense of direction in life
- Those who are intellectually curious
- Those who want to accomplish in an unusual manner
Range by David Epstein Summary of the Book
Introduction
In our complicated and competitive environment, there is a lot of pressure to acquire a head start and specialize early. Many successful individuals, such as Tiger Woods, concentrate their lives early on on a particular route. When you delve a little further, you’ll discover that generalists, not specialists, are the most successful.
Generalists may take longer to discover their calling in life, but they are more creative and have a better ability to combine disparate subjects. Their fresh perspective has a bigger influence.
Using examples from medical, academics, and sports, this book investigates how specialized skill is significantly less strong than breadth and diversity. In contrast to open-minded, intellectually inquisitive amateurs, experts likewise have a tendency to assess their areas narrowly.
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Lesson 1: Starting early and specializing are fashionable, but their benefits are debatable.
Tiger Woods picked up his first miniature golf club when he was only 10 months old. He made his first appearance on television when he was two years old. Later that year, he competed in and won his first competition for children under the age of 10.
In recent years, the concept that specializing, getting a head start, and practicing intensely is the key to success in life has gained traction.
This tendency toward specialization isn’t simply seen in sports. Academia, the financial system, and medicine are all examples of this. Oncologists, for example, are no longer primarily concerned with cancer therapy.
They are now concentrating on malignancies of particular organs. We shouldn’t dismiss right-ear surgeons simply because physicians make jokes about them, argues Atul Gawande.
Is it true that specialization is the best course of action? Certainly not. Having just one area of knowledge does not help you perform well in a variety of situations. In a 2009 research, psychologists Daniel Kahneman and Gary Klein looked at the link between experience and performance.
As Klein demonstrates, experience counts in several industries. Years of training have taught firemen to spot patterns in flame behavior, allowing them to make 80 percent of their on-the-job choices automatically in seconds.
However, Kahneman discovered that in other areas, experience didn’t matter. According to a study of officer candidates in the Israeli Defense Forces, recruiters’ projections of future performance are no more credible than speculation.
Despite collecting more and more input after many rounds of recruiting, recruiters could not improve their ability to anticipate applicants. As a result, Kahneman came to the conclusion that experience and performance were absolutely unrelated.
There are certain occupations that are comparable to golf or firefighting. They give predictable patterns or basic principles that guide choices, however they are not always straightforward. However, in many spheres of life, such as army recruiting, generality allows for flexibility and innovation.
Let’s have a look at how it works.
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Lesson 2: Experimentation, like early specialization, may create skill.
While Tiger Woods was 31 years old, he saw Roger Federer win the US Open for the third year in a row. They were both in the peak of their careers at the time.
As they drank champagne in the locker room after the match, Federer was certain that he had never met somebody who fully understood his sense of invincibility like Federer. Federer became to be a good buddy of his. Roger, on the other hand, offered a biographer a quite different account than Tiger.
Roger’s mother was a tennis instructor, but she refused to train him if she was tempted. Squash, skiing, wrestling, skating, basketball, tennis, and badminton were among the activities he participated in as a kid. Later, he attributed his agility and hand-eye coordination to his diverse sports background.
Over time, he discovered that he preferred ball-related sports. He got more interested in tennis as a teenager, although not intensely.
When his coaches saw his skill, he wanted to remain in his group with his buddies rather than being moved to a group of older players.
Federer’s circuitous journey to tennis success demonstrates that sampling, rather than specific instruction, may sometimes be a more efficient path to success.
There is plenty of data to back this up from a variety of areas. Even in a highly specialized field like music, where there are many exceptional artists. Yo-Yo Ma, a cellist, for example, started performing music at an early age. Most people are unaware that Ma started his musical career on the violin and piano before switching to the cello since he disliked those two instruments.
Yo-Yo Ma isn’t the only one that engages in such behavior. According to a research done at a British boarding school, all pupils who had systematic music lessons early in their development were classified as “average,” with none being “outstanding.” Children who have attempted three instruments were regarded as extraordinary.
As a result, if you haven’t discovered your calling yet, try something new. Take a page from Vincent van Gogh’s book. He tried everything from working in bookshops to teaching, art selling, and preaching before realizing his purpose as an artist who changed painting forever.
Lesson 3: Living in a complicated environment has boosted the typical person’s IQ and capacity to think abstractly.
In 1981, Professor James Flynn of Dunedin, New Zealand, a political studies professor, revolutionized the way we think about thinking.
During the two world wars, Flynn noticed that the IQ ratings of American servicemen had improved considerably. During WWII, a soldier who scored in the 50th percentile was only in the 22nd percentile. Flynn enlisted the help of researchers in other nations to gather information.
He received IQ test data from the Netherlands, which revealed comparable huge IQ jumps from generation to generation. He then went on to collect data from 14 more nations.
The Flynn effect has been observed to result in an average three-point gain in IQ per decade across thirty nations. What is the cause of this sudden increase? The work of a Russian psychologist called Alexander Luria may provide some understanding.
In the Soviet Union, 1931 was a year of fast transformation. Remote, premodern settlements that had functioned in the same manner for generations were transformed into communal farms with industrialized development, organized production, and labor division.
Luria takes use of this pace of change in order to undertake unique experiments. In one trial, a peasant was instructed to separate wool into categories. Wool items in similar hues, such as blues of various shades, might be grouped together in more contemporary towns.
Participants in rural, yet premodern areas, on the other hand, refused to adapt. Each bit of wool, they believed, was unique – it was an impossible job!
Other questions utilizing conceptual reasoning elicited similar answers. One of the locals, Rakmat, was given a photograph of three adults and one kid and asked to identify the individual who did not belong to the group.
The boy was not Rakmat, but he did not consider the topic in the abstract as we would. Rather, he told the youngster to remain with the grownups and help them.
Luria’s results were unmistakable. Those who have been exposed to more modernism have a higher ability to relate items or abstract concepts. Our brains are continuously digesting abstract thoughts in today’s world.
When we see a download progress bar on our computer, for example, we immediately recognize what it means. We are more capable than ever before of comprehending a wide variety of subjects and making connections between them.
Despite this, our conceptual emphasis is narrowing.
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Lesson 4: If you want to remember anything, it has to be slow and difficult.
It’s possible that your favorite professors weren’t the ones who taught you the most. Researchers tracked the development of thousands of students at the US Air Force Academy who were attending Calculus I courses with hundreds of different teachers.
Professors whose pupils had better scores on the test were likewise highly appreciated by students, according to the research. Professors whose students did not obtain excellent marks received harsher evaluations from students.
In the end, the economists who did the research discovered something else. Professors’ favorable remarks, in the end, had a detrimental influence on their pupils. Students who got lower evaluation later on, on the other hand, fared better.
These lecturers seemed to develop a better knowledge of arithmetic principles rather than teaching to standardized assessments. It made their lessons challenging and irritating, resulting in bad ratings and reviews from their students. It did, however, pay off in the end. Professors employed enticing problems to inspire pupils, i.e., more challenging but ultimately more rewarding learning methods.
We may all employ specific approaches to accept desired problems. One of these approaches is spacing, which involves taking time between studying and doing something.
A research on this was published in the Journal of Experimental Psychology in 1987. Spanish students were split into two groups and assessed on vocabulary taught the same day vs vocabulary gained weeks later in this research.
The groups were evaluated again eight years later after no more research had been done. The latter group could recall almost 200 percent more words.
Even for short periods of time, spacing is helpful. A sequence of words were read to individuals in a 1972 research at Iowa State University. The first group was instructed to repeat the phrase as soon as possible. After fifteen seconds of distraction by some basic arithmetic problems, a second group was asked to repeat them.
The first group did far better than the distracted group. The participants, on the other hand, were required to write down every phrase they recalled the next day. This time, that group outperformed the prior group. They were able to shift the knowledge from a short-term to a long-term memory as a consequence of their hard effort.
When you’re learning, don’t get too enthused about making rapid progress. Work hard and take your time learning. In time, you’ll enjoy the benefits.
Lesson 5: Thinking outside the box may help with limited concentration issues.
In certain situations, dealing with professionals may be preferable. If you require surgery, you should go to a specialist who specializes in the technique and has performed it many times before. This restricted concentration, on the other hand, might be counterproductive since we could benefit from greater contemplation and thought.
Cardiologists often utilize stents – metal tubes that keep blood channels open – to treat chest discomfort, to the point that they do it instinctively, even when it’s harmful or inappropriate. In 2015, Harvard Medical School’s Dr. Anupam Jena performed a research.
Patients who were brought to the hospital with cardiac arrest or heart failure when top cardiologists were gone had a decreased death rate, according to a research.
There are many sectors that highlight the benefits of adopting an outside perspective rather than the inside perspective defined by your own field of expertise.
Dan Lovallo, a University of Sydney professor, invited private equity investors to offer a comprehensive analysis of firms they were contemplating investing in, as well as an estimate of their return on investment.
Investors were then invited to write about comparable ventures, such as a new technological start-up or an infrastructure project.
The estimated profits for the enterprises the investors were really planned to invest in turned out to be almost 50% greater than for the alternative ideas they had chosen but not thoroughly investigated.
Following their discovery of the discrepancies, the investors reduced their projected earnings on their initial investments.
Our judgements get more harsh as we ponder about more information about something, according to research. In one research, students gave a better rating to an institution after learning that just a few scientific departments were placed in the top ten nationally, rather than all science departments.
It is obvious that neglecting to view things in context might lead to some poor judgments.
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Lesson 6: A broad variety of experiences and interests generate innovation.
The diversity and popularity of comic books often astound us. Alva Taylor, a Dartmouth management professor, and Henrik Greve, a professor at the Norwegian School of Management, chose to investigate the influence of individual breadth on creative impact by looking at comic books.
They followed the careers of comic writers and the economic success of thousands of comic books from 1971 onwards to make predictions about what will increase the value of comic books. They believe that the more comics a creative produces, the better the comics become.
Furthermore, they felt that the greater a publisher’s resources, the better and more successful its product would be.
All of these assumptions turned out to be false. Experience or financial resources have little bearing on success. The breadth of a creator’s expertise across comic genres determined their success.
The more genres a creative has worked in, from comedy to crime to fantasy to non-fiction, the more successful they were. Breadth is correlated with success in many fields, not simply the arts and creative industries.
Andy Ouderkirk, an inventor at 3M, was selected Innovator of the Year in 2013, and his name appears on around 170 patents, indicating his accomplishment. He started doing study after becoming concerned with what makes effective and creative teams.
The people who were most likely to receive 3M’s Carlton Award for innovation weren’t experts. Their depth was in one area, but they also possessed a lot of knowledge in other areas.
Patents were widespread in the domains of competence of these polymaths, but they also often applied knowledge gained in one area to another. Professor Robert Root Bernstein of Michigan State University conducted research that backed with Ouderkirk’s conclusions. Nobel laureates are 22 times more likely than other scientists to be amateur actors, magicians, dancers, or entertainers.
Here’s a message to all recruiting managers seeking for new hires: Don’t restrict yourself to folks that fit neatly into your categories. Allow for people who don’t cleanly fit into any of the categories. They might have a wealth of knowledge in a range of subjects.
Lesson 7: Our culture pays attention to experts and commentators who are useless at forecasting.
During the Cold War, Philip Tetlock, a world-renowned forecasting specialist, compiled and analyzed the forecasts of 284 experts. Experts, according to his studies, have a dismal track record when it comes to making forecasts.
Years of experience, academic degrees, and even access to confidential material, according to Tetlock, have little bearing on an expert’s performance. Experts have correctly forecast an unexpected occurrence 15% of the time, and it has occurred 15% of the time. Events that were considered to be absolutely definite did not occur 25% of the time.
Anyone who has seen cable news knows that celebrity and accuracy have a bizarre and inverse connection, as Tetlock discovered. The more an expert was “about as accurate as a dart-throwing chimpanzee,” as Tetlock famously put it, the more likely he was to be incorrect.
Many of the specialists had a too limited focus. Because they had spent their whole careers on a specific problem, such as US-Soviet relations, they were prone to have clear beliefs about how it operated.
What, on the other hand, distinguishes stronger forecasts of future events? According to psychologists like Jonathan Baron, active open-mindedness — the openness to evaluate one’s own views – is critical. The majority of us can’t seem to get over our strong propensity to cherry-pick facts that supports our pre-existing ideas.
A research was undertaken by Yale professor Dan Kahan. Pro- and anti-Brexit voters were given a set of facts on the efficacy of a skin cream. The task was completed by the majority of the participants.
Based on their political convictions, participants misread the findings when the same figures were presented as a relationship between crime and immigration. A comparable research on gun restrictions was done in the United States.
What is the most effective strategy to overcome our propensity to hold on to our views despite evidence to the contrary? One of our personality qualities, according to Kahan, is critical for thinking clearly about the world around us and being open-minded.
Rather of emphasizing on scientific knowledge – how much you know – stress scientific curiosity — a want to learn more, a capacity to think critically, and an openness to fresh evidence.
Let us now consider how we may welcome this kind of inquiry.
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Lesson 8: If you want to be a generalist, you must adjust your attitude toward learning and success.
Make an effort to answer this question appropriately. In 1000 persons, there is one instance of illness X. False positives account for 5% of all testing for the condition. What is the likelihood that a positive test result means the individual has the disease?
If your answer was two percent, or 1.96 to be exact, you were correct. You outperformed the 75% of Harvard and Boston University doctors and students who got it incorrect by doing so. They got 95 percent of the questions right.
It’s a simple issue to solve if you think about it right. Ten persons out of a group of 10,000 will have the illness and test true positive. Fifty percent of the time, or 500 individuals, will test positive for something they aren’t. Only ten (1.96%) of the 510 persons who had a positive test are sick.
Unfortunately, many pupils are not taught how to think critically about such topics. Arturo Casadevall, a microbiologist and immunologist, believes that this must alter.
At the Johns Hopkins Bloomberg School of Public Health, Casadevall is developing new programs to improve interdisciplinary knowledge of issues such as philosophy, ethics, statistics, and logic. A course named “How do we know what is true?” looks at a variety of academic areas.
The course “Anatomy of Scientific Error” teaches students how to spot indicators of scientific misconduct.
With a greater comprehension of logic and transdisciplinary thinking, Casadevall feels that students will be better equipped to contribute significantly to our economy and society.
Some of us aren’t in the same position as Casadevall in academia. How can we broaden our horizons? Accepting failure is one option. Dean Keith Simonton, a researcher who specializes in creativity, discovered that the more effort creators make, the more failures they generate, but they are also more likely to produce a superstar hit.
Edison, for example, was the owner of over 1,000 patents, the majority of which were unsuccessful. One of his biggest successes, though, was the light bulb.
Following a wide-ranging, disordered route of exploration may not always be productive. However, in the end, it may prove to be the finest road to greatness.
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Final Thoughts
Specialization is typically ineffective compared to a diverse set of experiences, experiments, and expertise. Patience, open-mindedness, and scientific curiosity are all required for a diverse variety of experiences.
We may boost our chances of developing important ideas and contributing significantly to our economy and society by cultivating and exemplifying these characteristics.
Additional Reading
If you enjoyed reading Range, you may also like the following book summaries:
Range is available for purchase.
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“Range by David Epstein” is a book that focuses on the science of running. The author, David Epstein, talks about how humans have evolved to run at different speeds and what it means for runners and athletes. Reference: sparknotes range david epstein.
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