People don't have a good intuitive sense of how to weigh new information in light of what they already know. They tend to overrate it.
Nate SilverFinding 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
Nate SilverWe need to stop, and admit it: we have a prediction problem. We love to predict thingsโand we arenโt very good at it.
Nate Silver