Charlie Munger calls the lollapalooza effect a combination of several elements all acting in concert to create an even greater outcome. In investing, you are looking for outsized gains and you should look for these effects.
Richard Hamming gets at a more specific example in You and Your Research–in order to make important contributions you need the right problem, with the right approach, at the right time.
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Tournament Like Fields With Asymetric and Convex Payouts Favor High-Variance Strategies
Fields that exhibit tournaments with asymmetric and convex payouts favor high-variance strategies (variance from the benchmark mean).