“A reader lives a thousand lives before he dies… The man who never reads lives only one.”

I had the opportunity to read his book and wanted to discuss a few insights that could help the audience apply these learnings in day-to-day biotech operations.

Some of the interesting topics we delved into:

• Rule #27: Planning your luck – Can you really plan your luck?
• Probabilistic thinking – Should we calculate probabilities in detail or focus on the payoff?
• Bayesian thinking – If the prior probabilities of Phase 2 and Phase 3 are 40% and 30% respectively, how does the probability of Phase 3 change once we get very good Phase 2 data?
• Type 1 and Type 2 errors – Which error should be minimized in investing? Evolutionarily, animals and plants have survived millions of years by minimizing one of these errors. Which one do you think, and why?

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Thanks for watching! 👋