I have worked with Jeffrey Wernick, and my experience was quite different. He tended to take a very top-down approach and often exerted significant pressure to have his way on decisions. He certainly shared a lot of fantastic stories, so many, in fact, that I sometimes questioned whether he truly accomplished everything he claimed, or if some of it was embellished. Is it possible he fabricated this story?
Given the logistics, I find it hard to believe something like this could be managed with only paper records. The amount of time such an operation would require seems considerable. I hope if you do get another chance to speak to him you really push him for some process and procedure, if I'm wrong and he really did do all of this, it would be great to document it all properly.
Congratulations! Meeting like this both confirming and inspiring. And i am surprised noone told you about him - all these people exposed to the idea and Wernick himself , i would expect at least one could have let you know.
Impressive! Now all we need is to do it a bunch more times to see how well it stacks up. Hey, how about you try to convince Jeffrey Wernick to found another company and do it again? He seems like the guy to do it, he has the resources and experience.
It feels like the right approach, but I need to understand the mechanics better.
I am still anchored by Hayeks Knowledge in Society paper, with the notion that there are latent signals in the marketplace. Entrepreneurs in his example are good at detecting and using those latent signals.
In a prediction market, you get the signal and some context. You do not need to wait for an entrepreneur to convert the signal into information.
The Sloan model of management in a sense gave us a framework to take signals and process them into a large organization to take action. But is limited because the CEO resource allocator becomes distant from market latent demand signals, making low quality decisions. But the prediction market creates objective signals, improving CEO resource allocator.
It seems a DAO model of management coupled with prediction markets would be superior to the Sloan model. The DAO would control policy limits. The prediction markets would front end strategy development.
With the flexibility of newer Ai tools it is probably easier to generate possible futures and describe them to players in a prediction market to convert latent demand into features for MVPs that entrepreneur can take to market.
It seems the guy from the 80s though worked through some of the practical decisions within such a framework. I am eager to understand those practical steps to take this to the next level.
So they changed the way it was running immediately? Just because they're not interested doesn’t mean they think they know a better way, or one just as good, although disinterest doesn’t bode well for such things. What did they think they were buying, I wonder?
I heard from Robin that the download buffering was a temporary problem that's now been fixed. It drove me crazy, but I did perservere, and it is absolutely a banger of an episode.
How did you hear about each other?
I was invited to a podcast, hadn't heard of him til we started talking on it. He says he'd read & recommended me to others decades ago.
My favorite novel during the late 1970's.
https://en.wikipedia.org/wiki/The_Shockwave_Rider
I have worked with Jeffrey Wernick, and my experience was quite different. He tended to take a very top-down approach and often exerted significant pressure to have his way on decisions. He certainly shared a lot of fantastic stories, so many, in fact, that I sometimes questioned whether he truly accomplished everything he claimed, or if some of it was embellished. Is it possible he fabricated this story?
Given the logistics, I find it hard to believe something like this could be managed with only paper records. The amount of time such an operation would require seems considerable. I hope if you do get another chance to speak to him you really push him for some process and procedure, if I'm wrong and he really did do all of this, it would be great to document it all properly.
Congratulations! Meeting like this both confirming and inspiring. And i am surprised noone told you about him - all these people exposed to the idea and Wernick himself , i would expect at least one could have let you know.
Impressive! Now all we need is to do it a bunch more times to see how well it stacks up. Hey, how about you try to convince Jeffrey Wernick to found another company and do it again? He seems like the guy to do it, he has the resources and experience.
It feels like the right approach, but I need to understand the mechanics better.
I am still anchored by Hayeks Knowledge in Society paper, with the notion that there are latent signals in the marketplace. Entrepreneurs in his example are good at detecting and using those latent signals.
In a prediction market, you get the signal and some context. You do not need to wait for an entrepreneur to convert the signal into information.
The Sloan model of management in a sense gave us a framework to take signals and process them into a large organization to take action. But is limited because the CEO resource allocator becomes distant from market latent demand signals, making low quality decisions. But the prediction market creates objective signals, improving CEO resource allocator.
It seems a DAO model of management coupled with prediction markets would be superior to the Sloan model. The DAO would control policy limits. The prediction markets would front end strategy development.
With the flexibility of newer Ai tools it is probably easier to generate possible futures and describe them to players in a prediction market to convert latent demand into features for MVPs that entrepreneur can take to market.
It seems the guy from the 80s though worked through some of the practical decisions within such a framework. I am eager to understand those practical steps to take this to the next level.
So what is the end of the story? Are those markets still in operation, or did some bureaucrat finally notice their existence and crush them?
He sold the company to focus on real-estate, and none of the people he'd worked with shared his interest in continuing this method.
So they changed the way it was running immediately? Just because they're not interested doesn’t mean they think they know a better way, or one just as good, although disinterest doesn’t bode well for such things. What did they think they were buying, I wonder?
I don't know about "immediately". The linked video had buffering issues and basically stopped playing at a certain point, so I didn't get to the end.
I heard from Robin that the download buffering was a temporary problem that's now been fixed. It drove me crazy, but I did perservere, and it is absolutely a banger of an episode.