Go to Jeff Salisbury LWGate Home Page.From: "Edward W. Gjertsen II" <ed@macktracks.com>
Subject: RE: [CANSLIM] New to the group
Date: Fri, 24 Jan 2003 09:32:36 -0600
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Has anyone determined whether pigeons can differentiate between the
colors Green and Red? Assumptions, assumptions, assumptions.
Ed Gjertsen II
ed@macktracks.com
- -----Original Message-----
From: Gene Ricci [mailto:genr@swbell.net]
Sent: Thursday, January 23, 2003 10:06 PM
To: My Friends
Subject: Puritanical Pigeons
Puritanical Pigeons
The Quotation .
A beer never tastes as good as when you drag yourself over a hilltop to
get it. Jeans always look better when they cost a couple of hundred
dollars. The same is even true of university courses: the chemistry you
struggled with somehow seems more worthy than the Spanish you coasted
through. Social psychologists have tended to view this sort of twisted
logic as uniquely human - fobbing it off as "cultural". But a group of
pigeons in Kentucky has now exploded the myth that humans alone have
such a work ethic. They have shown that even dumb birds tend to value
hard-won rewards more than freebies.
Thomas Zentall, a psychologist at the University of Kentucky, was
suspicious of the idea that humans were the only creatures to behave in
this way. With the help of a graduate student, Tricia Clement, he
trained a small band of pigeons to tap on a button if they wanted a
snack. Sometimes the pigeon had to tap only once, whereupon the button
turned red and some grain appeared. Other times, though, the pigeon had
to tap a tiresome 20 pecks before the light turned green and the grain
was delivered.
The pigeons soon learnt that the red button meant one thing and the
green quite another. But given the choice between them, which would a
pigeon go for? Classical theory suggests that the pigeon should not
really care; both buttons, after all,
preceded the same reward. If anything, a clever pigeon would associate
the red button with less work, and might prefer it.
What Dr. Zentall and Ms. Clement found, however, was quite the opposite.
Pigeons, like humans, are tricked into thinking that what they have
worked hard for is actually better. They selected the green button twice
as often as the red one. The effort seemed, according to Dr. Zentall, to
make the grain more valuable. The phrase "bird-brained" somehow comes
winging irresistibly to mind.
- - The Economist, August 5th, 2000
Innerworth Comment
Beware, and be aware, that the rewards you reap from trading do not
increase in worth if the process of earning them involves unnecessary
effort. Therefore you can trade smart when you accept that you can
actually work less, if you work smart. George Soros has talked about
"working" as little as possible. However, he is not talking about being
lazy. The following quote from Bill Lipschutz in New Market Wizards
describes the process:
By the way, when I talk about working hard, I mean commitment and focus;
it has nothing to do with how many hours you spend in the office. These
traders have tremendous commitment to the markets - to their craft, so
to speak. They develop scenarios, reevaluate scenarios, collect
information, and reevalute that information. They constantly ask
themselves: what am I doing right? What am I doing wrong? How can I do
what I am doing better? How can I get more information? It's obsessive.
- -The New Market Wizards, by Jack Schwager, p.63
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<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>Has anyone determined whether =
pigeons can
differentiate between the colors Green and Red? Assumptions, =
assumptions,
assumptions.</span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'> </span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>Ed Gjertsen II</span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>ed@macktracks.com</span></font></p>=
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>-----Original =
Message-----<br>
<b><span style=3D'font-weight:bold'>From:</span></b> Gene Ricci
[mailto:genr@swbell.net] <br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> </span></font><font =
size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;font-family:Tahoma'>Thursday,
January 23, 2003</span></font><font size=3D2 face=3DTahoma><span =
style=3D'font-size:
10.0pt;font-family:Tahoma'> </span></font><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>10:06 =
PM</span></font><font
size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;font-family:Tahoma'><br>
<b><span style=3D'font-weight:bold'>To:</span></b> My Friends<br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> Puritanical =
Pigeons</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<table class=3DMsoNormalTable border=3D0 cellspacing=3D0 cellpadding=3D0 =
width=3D760
bgcolor=3D"#DEDEBC" =
style=3D'width:570.0pt;margin-left:.5in;background:#DEDEBC'>
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<td width=3D739 height=3D414 valign=3Dtop =
style=3D'width:553.95pt;padding:0in 0in 0in 0in;
height:310.5pt'>
<p class=3DMsoNormal><b><font size=3D4 face=3DArial><span =
style=3D'font-size:13.5pt;
font-family:Arial;font-weight:bold'>Puritanical Pigeons =
</span></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'><br>
<br>
<br>
<b><span style=3D'font-weight:bold'>The Quotation …</span></b> =
</span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>A beer never tastes as good as when you drag =
yourself over
a hilltop to get it. Jeans always look better when they cost a couple =
of
hundred dollars. The same is even true of university courses: the =
chemistry
you struggled with somehow seems more worthy than the Spanish you =
coasted
through. Social psychologists have tended to view this sort of twisted =
logic
as uniquely human – fobbing it off as “cultural”. =
But a
group of pigeons in </span></font><font size=3D2 face=3DArial><span
=
style=3D'font-size:10.0pt;font-family:Arial'>Kentucky</span></font><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> has now
exploded the myth that humans alone have such a work ethic. They have =
shown
that even dumb birds tend to value hard-won rewards more than =
freebies. </span></font></p>
<table class=3DMsoNormalTable border=3D0 cellpadding=3D0>
<tr>
<td style=3D'padding:.75pt .75pt .75pt .75pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Thomas Zentall, a psychologist at the =
</span></font><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>University</span></font><fon=
t
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> of </span></font><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>Kentucky</span></font><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>, was
suspicious of the idea that humans were the only creatures to behave =
in this
way. With the help of a graduate student, Tricia Clement, he trained a =
small
band of pigeons to tap on a button if they wanted a snack. Sometimes =
the
pigeon had to tap only once, whereupon the button turned red and some =
grain
appeared. Other times, though, the pigeon had to tap a tiresome 20 =
pecks
before the light turned green and the grain was delivered. =
</span></font></p>
<table class=3DMsoNormalTable border=3D0 cellpadding=3D0>
<tr>
<td style=3D'padding:.75pt .75pt .75pt .75pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>The pigeons soon learnt that the red button meant =
one
thing and the green quite another. But given the choice between them, =
which
would a pigeon go for? Classical theory suggests that the pigeon =
should not
really care; both buttons, after all,</span></font></p>
</td>
<td width=3D21 height=3D414 valign=3Dtop =
style=3D'width:16.05pt;padding:0in 0in 0in 0in;
height:310.5pt'>
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style=3D'font-size:12.0pt;font-family:"Comic Sans =
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bgcolor=3D"#DEDEBC" =
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<tr height=3D414 style=3D'height:310.5pt'>
<td width=3D739 height=3D414 valign=3Dtop =
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height:310.5pt' id=3Dlock>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>preceded the same reward. If anything, a clever =
pigeon
would associate the red button with less work, and might prefer it. =
</span></font></p>
<table class=3DMsoNormalTable border=3D0 cellpadding=3D0>
<tr>
<td style=3D'padding:.75pt .75pt .75pt .75pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>What Dr. Zentall and Ms. Clement found, however, =
was quite
the opposite. Pigeons, like humans, are tricked into thinking that =
what they
have worked hard for is actually better. They selected the green =
button twice
as often as the red one. The effort seemed, according to Dr. Zentall, =
to make
the grain more valuable. The phrase “bird-brained” somehow =
comes
winging irresistibly to mind.</span></font></p>
<p class=3DMsoNormal><u><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>- The Economist, </span></font></u><u><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>August
5th, 2000</span></font></u><font size=3D2 face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial'> </span></font></p>
<table class=3DMsoNormalTable border=3D0 cellpadding=3D0>
<tr>
<td style=3D'padding:.75pt .75pt .75pt .75pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial;display:none'> </span></font></p>
<table class=3DMsoNormalTable border=3D0 cellpadding=3D0>
<tr>
<td style=3D'padding:.75pt .75pt .75pt .75pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><b><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial;font-weight:bold'>Innerworth Comment =
</span></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'><br>
Beware, and be aware, that the rewards you reap from trading do not =
increase
in worth if the process of earning them involves unnecessary effort.
Therefore you can trade smart when you accept that you can actually =
work
less, if you work smart. George Soros has talked about =
“working”
as little as possible. However, he is not talking about being lazy. =
The
following quote from </span></font><font size=3D2 face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Bill</span></font><font =
size=3D2
face=3DArial><span style=3D'font-size:10.0pt;font-family:Arial'> =
Lipschutz in New
Market Wizards describes the process: </span></font></p>
<p class=3DMsoNormal><i><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial;font-style:italic'>By the way, when I talk about =
working
hard, I mean commitment and focus; it has nothing to do with how many =
hours
you spend in the office. These traders have tremendous commitment to =
the
markets – to their craft, so to speak. They develop scenarios,
reevaluate scenarios, collect information, and reevalute that =
information.
They constantly ask themselves: what am I doing right? What am I doing =
wrong?
How can I do what I am doing better? How can I get more information?
It’s obsessive. </span></font></i></p>
<p class=3DMsoNormal><u><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>-The New Market Wizards, by Jack Schwager, =
p.63</span></font></u></p>
</td>
<td width=3D21 height=3D414 valign=3Dtop =
style=3D'width:16.05pt;padding:0in 0in 0in 0in;
height:310.5pt'>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<blockquote style=3D'border:none;border-left:solid black =
1.5pt;padding:0in 0in 0in 4.0pt;
margin-left:3.75pt;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt'=
>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
face=3DVerdana><span
style=3D'font-size:10.0pt;font-family:Verdana'> </span></font></p>
</blockquote>
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