Nate Silver Quotes
Finding patterns is easy in any kind of data-rich environment; that's what mediocre gamblers do. The key is in determining whether the patterns represent signal or noise
Silver, Nate. The Signal and the Noise: Why So Many Predictions Fail-but Some Don't. Penguin Press, 2012.
Observation of the number of pharmaceutical companies that raised the price over by huge percentages on one or more of their high selling, life preserving drugs. There were some who claimed that there was a plan by the pharmaceutical industry to take advantage of the fact that certain drugs were necessary to preserve life. The quotation however was an excellent description of how the general public makes decisions about many aspects of economics, crime, corruption, and many other aspects of our society. The principle not only seems to generally hold for negative things but also positives such as whether a government program is working or whether a company innovates great products.
Nathaniel Read Silver is an American statistician and writer who analyzes baseball (see sabermetrics), basketball, and elections (see psephology). He is the founder and editor-in-chief of FiveThirtyEight and a Special Correspondent for ABC News.