Noise is useless variability: unlike variability that has a selection mechanism and feedback, as in evolution, nothing is learned from it and it is costly.

What these subjects mean

investing Putting money into markets on purpose: what a portfolio is for, whether active management earns its cost, and what money is actually a means to.

evolutionary biology Natural selection as an explanation, including the problem of how cooperation survives it.

What Daniel Kahneman actually said

Daniel Kahneman 12 Oct 2019 Psychologist and Nobel laureate (1934 to 2024)

we call that noises useless variability I mean variability can be very useful if you have a selection mechanism and some feedback so evolution is built up variability but of course it's useful but noise among underwriters is useless there's nothing nothing gets learned there's no feedback it's just noise and it's costly

Where this was said
Watch from 0:59:22 plays here
↗Daniel Kahneman | The Knowledge Project #68youtube.com

12 Oct 2019 · video · 1h 06m · spoken · machine transcript

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