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Archive for the 'Columbia Business School Publishing' Category

Friday, September 12th, 2014

Edward Hess: Can You Build a High-Performance Learning Organization?

Edward Hess, Learn or Die

“If we want adaptable learning organizations, we need to humanize our management models, and that requires many companies to fundamentally change attitudes and behaviors toward employees…. [W]e need to form new capital markets to support the building of endur­ing, value creating, people-centric, learning companies.”—Edward Hess

Appropriately enough, we conclude our week-long feature on Edward Hess’s Learn or Die: Using Science to Build a Leading-Edge Learning Organization with an excerpt from the books epilogue. In this passage, Hess describes the challenges of creating a High-Performance Learning Organization (HPLO):

Several people in the past year have asked me whether these research find­ings are scalable in a big company. My answer is: It depends. A private company built by an entrepreneur who aims to create an enduring business (like Gore and Bridgewater) has a good chance if the company executes its model well. Gore has scaled its model to over 10,000 employees globally, because maintaining the “Gore Way” has been a passionate pursuit of the successor leadership teams. Leadership succession coming from inside is critical. McKinsey & Company is another good example of a private busi­ness that has scaled and not lost its founder’s essence. Is it easier to do this in a private company? Yes, it is. The key is successful leadership succession from within. That is the challenge Bridgewater is tackling now.

Regarding public companies, UPS has scaled its high employee engagement and operational excellence model to over 400,000 employees, because Jim Casey’s philosophy is still alive in UPS. If successor leaders grew up in the culture and have lived the values for years, scaling is pos­sible. Other good examples of public companies that have achieved this are Costco, Corning, Inc., Sysco, and Southwest Airlines. Keeping the founder’s culture alive is the key, and that is difficult if an organization doesn’t build an internal leadership succession pipeline that keeps that culture alive. That is a challenge facing many good learning companies today, for example Starbucks, Amazon, and Google.

(more…)

Thursday, September 11th, 2014

VIDEOS: Edward Hess Presents Chapters from “Learn or Die”

We continue our video feature of Edward Hess’s discussions of chapters from his new book Learn or Die: Using Science to Build a Leading-Edge Learning Organization.

In these video, Hess presents overviews of chapters 7 to 11:

Chapter 7: Critical Thinking Tools

Chapter 8: A Conversation with Dr. Gary Klein

(more…)

Wednesday, September 10th, 2014

VIDEOS: Edward Hess Presents Chapters from “Learn or Die” (Part 1)

On Monday, as part of the giveaway for Learn or Die: Using Science to Build a Leading-Edge Learning Organization, we featured a video with Edward Hess in which he provides an overview of the book.

In conjunction with the book, Hess has provided short summaries for the other chapters in the book here are videos for chapters 2-6. (Tomorrow, we’ll post videos for chapter 7-11)

Chapter 2: Learning How Our Mind Works

(more…)

Monday, September 8th, 2014

Book Giveaway: Learn or Die by Edward D. Hess

Learn or Die: Using Science to Build a Leading-Edge Learning Organization

“This book does a beautiful job bringing together the most important ideas in organizational learning, established by academics and practitioners over the past thirty years or more, into one place.” — Amy C. Edmondson, Novartis Professor of Leadership and Management, Harvard Business School

This week our featured book is Learn or Die: Using Science to Build a Leading-Edge Learning Organization, by Edward D. Hess.

In addition to featuring the book and the author on the blog, we will also be posting about the book on twitter, and facebook.

We are also offering a FREE copy of Learn or Die: Using Science to Build a Leading-Edge Learning Organization to a lucky winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Friday, September 12 at 1:00 pm.

In Learn or Die, Edward D. Hess combines recent advances in neuroscience, psychology, behavioral economics, and education with key research on high-performance businesses to create an actionable blueprint for becoming a leading-edge learning organization.

The following is a video based on chapter 1 of the book, which provides an overview of Learn or Die. We will share other videos for the remaining chapters during the week:

Wednesday, July 2nd, 2014

The Nature of Value, as Illustrated Through Pins

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty.

Last month, we pinned many of the most profound illustrations from the book on CUP’s Pinterest profile.
As one can see below, Gogerty takes a completely original approach to explaining the relationship between intrinsic value and price. As the intrinsic value of a golden-egg-laying goose may not be obvious at a quick glance, neither is the value of a firm’s unique capabilities. View the full The Nature of Value board here.









Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!
Additionally, you can read an excerpt from the first chapter here.

Tuesday, July 1st, 2014

A Glimpse into The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Today, we are happy to present an excerpt from the first chapter of The Nature of Value, “The Problem with Price? It’s Not Value,” in which Gogerty illustrates the concept of intrinsic value as a golden-egg-laying goose. After seeing these original graphics, you won’t be able to confuse “price” for “value” again!

Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!

Monday, June 30th, 2014

Book Giveaway! The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.

The Nature of Value explores the function of economic value in the context of evolution’s processes to explain how investors can improve their allocation decisions. View the book trailer here:

We are also offering a FREE copy of The Nature of Value. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Monday, July 7th at 1:00 pm. Good luck, and spread the word!

Wednesday, June 18th, 2014

A Conversation With Leslie Pratch, Author of LOOKS GOOD ON PAPER?

Leslie Pratch

“Effective leaders are likely to act with consistently high integrity and to demonstrate sound, timely judgement when they occupy positions of power…. But every executive is unique … the most striking differences … are in their underlying motivations and their coping tendencies.”–Leslie Pratch

The following is an interview with Leslie Pratch, author of Looks Good on Paper: Using In-Depth Personality Assessment to Predict Leadership Performance

Q: How did you first become involved in the role you play for companies now—evaluating candidates for leadership positions?

A: I have been evaluating candidates for leadership positions for more than 15 years. But I didn’t get to this spot by accident; creating the tools and building the capability to do this was something I pursued for many years across multiple universities and graduate degrees.

First, I was a graduate student in psychology. As a graduate student, I had the chance to help set up a talent program for high potential professionals at Arthur Andersen. For my Ph.D. dissertation, I researched if it were possible to predict the emergence of leaders in a high performing group, using a psychological approach I was developing. It turned out that it was possible. After graduate school, I worked with State Farm on the development of a competency framework for their whole organization. That led me to the development of my own competency framework, which I use in my work today with my clients. I also got an MBA, after I had begun evaluating executives, to give me better tools to understand the issues my clients and their candidates face.

Q: How does holding an MBA help you in your work?

A: Having a strong understanding of business allows me to understand at a sophisticated level what my clients are trying to do with their companies and investments. I can understand and think critically about the investment thesis, understand the strategy of the firm, and see the implications of all of that for the job that will be ahead for the candidates I’m evaluating. Having a strong understanding of business lets me be a business discussion partner as well as a skilled psychologist.

Q: Why do you continue to track candidates for months and years after they have secured the position they were being considered for?

A: These are long-term jobs. The usual investment horizon for my clients is three-to-five years, and most public company boards give top managers some time before deciding whether a new CEO is a success (with rare, glaring exceptions when someone is clearly failing). Since I am not predicting how a candidate will perform on a specific task, but rather how the candidate will handle the complex job of leading an organization over time, we have to let time pass to see what happens. (more…)

Thursday, April 10th, 2014

Video: Interview with Michael Yogg, author of Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot

The following is an interview with Michael Yogg author of Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot.

The interview is with Glyn Holton, who writes the following:

Today, I interview Michael Yogg, author of the new book Passion for Reality. Its about Paul Cabot, a pioneer of the mutual fund industry. In 1920s Boston, Cabot cofounded State Street Investment Corporation, one of the first open-ended mutual funds. He shepherded the fund through frenzied markets, the crash of 1929 and into the Great Depression. As Washington turned to investigating and then regulating the fledgling mutual fund industry, Cabot played a central role. The book does more than tell Cabot’s story. It gives us a front-row seat on the emergence of this important industry.

Friday, February 14th, 2014

Moralism and the Facts — The Pillars of Paul Cabot’s Investment Strategy

Passion for Reality, Michael YoggWe conclude our week-long feature on Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot, with an excerpt from the epilogue. In these excerpts, Yogg considers some of the core values that shaped Cabot’s investment strategy and what it might mean for today’s investors:

Two modes of thought shaped Paul Cabot’s approach to investments and the conduct of his business: moralism, inherited largely from his fam­ily and the culture of Boston; and empiricism, a demand for the facts, a trait he was probably born with but which was reinforced by his education and his experience in the stock market. He was not unique in this, but Paul also had the self-confidence and the passion to challenge the prevailing business culture and move to change it.

When confronted with wrongdoing, Paul often displayed the mindset of a Massachusetts Puritan of an earlier era, even though his lifestyle was far from puritanical and he was not overly religious. When he discovered price manipulation of trust shares, he gave a speech that sounded in parts like a jeremiad. When the perpetrators tried to have him silenced, he “flamed up. (He) got so goddamn mad.” It was truly righteous anger. Echoing the early Puritans, he believed that if sinners were tolerated, they would—at least figuratively—bring God’s wrath down on the entire com­munity. Referring to the abuses of the British trusts of the nineteenth century, he declared in 1928 that “unless we avoid these and other errors and false principles we shall inevitably go through a similar period of disaster and disgrace. If such a period should come, the well run trusts would suffer with the bad as they did in England forty years ago.”

Most of the specific abuses that Paul objected to—price manipulation, dumping unwanted securities into mutual fund portfolios, unnecessarily complicated and deliberately confusing capital structures—were breaches of fiduciary duty, instances in which a manager put his own interests above those of the client. Takeovers in which a financially-driven conglomerate took over businesses it did not fully understand were another concern. There was a sense in New England and elsewhere, both before and during Paul’s day, that people should stick to their business, do what they do best, and not buy something merely because the acquisition would increase reported profits. He compared the takeovers of the 1960s to various past financial scandals, “all born of greed and lust for power.”

Paul’s lack of greed complemented his moralism. He was known for his frugality and even ridiculed for it. While writing this, I heard for the first time the story of how he raced a neighbor to the back of a Needham supermarket to grab the last loaf of discounted day-old bread. But being frugal and unostentatious meant he had no need for great wealth and was not even tempted to break the rules governing a fiduciary’s conduct. Unlike many financial executives during the 1982–2000 boom and since, he lived in the same world as his clients—wealthier than most but not or­ders of magnitude wealthier. It also meant he was not likely to get caught up in the greed-driven, frenzied last stages of a bull market….

(more…)

Thursday, February 13th, 2014

Paul Cabot’s Jeremiad

In the following passage from Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot, Michael Yogg examines Paul Cabot’s ideas about reform for the financial industry and the characteristics of a good investment manager. He also looks at some of the parallels between Cabot’s time of the late 1920s and 1930s and our present time:

Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul CabotWhen a country loses its common sense and confidence, as America did in the late 1920s and the 1930s, it takes hundreds of clear-thinking leaders in government and the private sector to establish the rules, formal and informal, through which society rebuilds and functions. [Sidney Weinberg, head of Goldman Sachs] was one of those leaders. Paul was another….

For Paul, clarity, simplicity, and honesty were inextricably linked. He knew that a trust with an excessively complicated capital structure oft en had trustees who did not know what they were doing or had something to hide—in other words, trustees who were something less than able and honest. This is what lay behind Paul’s preference for the Boston-type open-end fund, with its one class of shares leading to all shareholders being treated equally. It is also why this type of fund accounts for almost all mutual funds today.

Among the many parallels between the late 1920s and late 1990s was the formation of exceedingly complicated investment funds whose structures of­fended the common sense of the clearest thinkers of their day. When Long-Term Capital Management (LTCM) sought the aid and the capital of Warren Buffett during its crisis, Buffett’s objection to the fund—according to Roger Lowenstein, biographer of Buffett and chronicler of the LTCM saga—was the overly complicated structure. If it took hours for Paul to figure out how profits were divided by some of the trusts of his day, he would have required months to understand LTCM’s capital structure or Enron’s deals with special-purpose partnerships owned and controlled by its own corpo­rate officers. He would not have been tempted by either of these “opportu­nities,” so popular with “sophisticated” investors at the end of the century.

Both 1929 and 2000 marked peaks in what Galbraith refers to as the “bezzle, an inventory of undiscovered embezzlement,” which is a measure of corruption that is as cyclical as any financial index. In prosperous times, when people are making money, they relax and look less critically at ex­actly how it is being made. Unscrupulous operators take advantage of this by perpetrating various types of fraud and “the bezzle increases rapidly,” according to Galbraith. When the prosperous times end, everything goes into reverse. Investors are more skeptical, even suspicious. Morality im­proves and the “bezzle” shrinks. The stock market boom and the ensuing crash caused a traumatic exaggeration of these normal relationships.

(more…)

Wednesday, February 12th, 2014

Michael Yogg — Investment Profession Should Learn from Industry Pioneer who Spoke Out

“The investment profession must do a better job of policing its own or face the loss of public trust and ever more draconian regulation.”—Michael Yogg

The following post is by Michael Yogg, author of Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot:

Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot“The manager was a horse’s ass of the first order. The most responsible job I ever had was going out and getting him a box of cigars.” Paul Cabot, the legendary investor and mutual fund pioneer, was recalling his first job after graduating from Harvard Business School in 1923, at an American bank in London. It was undemanding and left him time to pursue a personal interest, the study of British investment trusts. Cabot came from a well connected family, and he contacted a friend, Junius Morgan, grandson of J.P. Morgan, who introduced him to Robert Fleming, a bond investor and investment trust entrepreneur who had teamed up with the elder Morgan to help finance American railroads.

Fleming tutored Cabot on every aspect of his business; but Cabot had his own ideas. He was the son of a Boston trustee and, unlike Fleming, was comfortable investing in stocks, which he believed had superior long-term return prospects. He returned to Boston in late 1923 as stocks, in his words, “were just coming into fashion to be considered respectable moneymaking investments….I wasn’t a damn bit interested in bonds.”

The next year Cabot, and two others, founded a mutual fund. They established an extraordinary investment record, primarily because—taking a cue from J.P. Morgan—they were among the very few in the 1920’s to regularly visit the companies they invested in. As the bull market grew into a mania, Cabot’s London training really began to pay off. He had studied the scandals as well as the successes of the British trusts. When he saw the same abuses occurring in the U.S.—price manipulation, dumping of unwanted securities into mutual funds, deliberately complicated and confusing capital structures—he was among the first to recognize them, certainly the first to publicize them.

In 1928 he addressed a group of bankers and identified these abuses, without identifying the abusers. But one of them correctly concluded it was a target and threatened to remove its deposits from National Shawmut Bank, where Cabot was a director, unless the bank silenced him. As Cabot remembered it, “I flamed up. I got so goddamn mad I said, why the sons of bitches, ….I’ll show them how I’m going to be shut up. I trotted up to the Atlantic Monthly, the editor of which happened to be my uncle, and gave him this speech and he published it.” When the market crashed and more scandals surfaced, Cabot became well known for his prescience, integrity, and investment acumen, a reputation that endured and deepened over the years.

(more…)

Tuesday, February 11th, 2014

Interview with Michael Yogg, author of “Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot”

Passion for Reality, Michael YoggThe following is an interview with Michael Yogg, author of Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot. Find out how to win a FREE copy of Passion for Reality!

Question: Why did you chose to write about Paul Cabot?

Michael Yogg: I knew Paul for the last 16 years of his life (1978-1994) and worked for his company for nearly two decades. I’ve spent most of my life in the investment business but have been trained as both an historian and an investor. Paul was an important pioneer of the mutual fund industry in the 1920s, when he was also known for his denunciations of corruption on Wall Street. He had a major hand in crafting New Deal securities legislation, including the Investment Company Act of 1940, which is still fundamental to mutual fund regulation. He was an extraordinary investor, in part due to his insistence on meeting managements face-to-face, long before most of his competitors did so. He also was among the first to value stocks on earnings, their price/earnings ratio and growth rate, rather than the more traditional dividend yield that had prevailed before the mid-1920s. He quintupled the Harvard endowment when he was treasurer. And he was a tough, no-nonsense corporate director. But the most important reason for the book is who he was, not what he did, his personality and his character.

Q: Tell us more about that.

MY: Paul received a traditional, upper-class Boston Brahmin upbringing, and this shaped his character. But he was also an iconoclast, a rebel really; his personality and his strong will made him stand out. When he discovered dishonest behavior he became incensed. In spite of all the ethical problems we face in the financial markets today, no one gets as angry as Paul did when he detected and publicized mutual fund price manipulation, and when the perpetrators tried to shut him up by pressuring a bank where he was a director. “I flamed up. I got so god damned mad.” His morality and his temper extended to his private life. When he was reprimanded for bringing his close friend Sidney Weinberg, a Jew who was then head of Goldman Sachs, to his private club, his response was to tell the club president to stick the club up his ass. And Paul promptly resigned. He accomplished more than his contemporaries because of his stubbornness and what today is called “out-of-the-box” thinking.

(more…)

Monday, February 10th, 2014

Book Giveaway!: Passion for Reality: The Extraordinary Life of Investing Pioneer Paul Cabot

Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot, Michael Yogg

This week we will be featuring Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot, by Michael Yogg on our blog, twitter, and facebook.

We are also offering a FREE copy of Passion for Reality: The Extraordinary Life of the Investing Pioneer Paul Cabot to a lucky winner. To enter the contest please e-mail pl2164@columbia.edu and indicate your name and address. The winner will be selected Friday, February 14th at 3:00 pm.

Paul Cabot (1898–1994) was an innovative mutual fund manager and executive known for his strong character, charismatic personality, and trendsetting financial achievements. Iconoclastic and rebellious, Cabot broke free from the Boston Brahmin trustee mold to pursue new ways of investing and serving investment clients.

For more on the book, you can also read the introduction or preview the book.

Thursday, January 16th, 2014

August Turak on the Myth of Personal Development

Columbia Business School Publishing

August Turak, Business Secrets of the Trappist Monks: One CEO's Quest for Meaning and AuthenticityIn a recent article for Forbes, August Turak, author of Business Secrets of the Trappist Monks: One CEO’s Quest for Meaning and Authenticity (Columbia Business School Publishing), takes a closer look at what is meant by “personal development” and how it is frequently misunderstood.

In interviews about the book, Turak is frequently asked “What do you do for personal development?” However, how most people think about personal development in a business context is different from Turak’s view. While many tend to think of it as a means to success, Turak believes personal development is the end. Turak explains:

“Personal development” is compartmentalized; it becomes something we do off the clock and in our spare time in order to “get ahead” in the “real world.” Slowly and unwittingly we become like the real estate agent who religiously accompanies his family to church only because being perceived as a family oriented, God fearing man is “good for business.”

This entire world view tragically puts the proverbial cart before the horse. Whether you call it personal development, personal growth, self-actualization, self-transcendence, or spirituality does not matter. What matters is realizing that the reason you were born is to become the best human being you can possibly be. Personal development is not a tool for reaching a bigger goal. Becoming a complete human being is already the biggest and most noble goal you can aspire to.

(more…)

Thursday, December 12th, 2013

Business Secrets of the Trappist Monks Shortlisted for a Best Business Book of 2013!

Business Secrets of the Trappist Monks, August TurakInterest and excitement for August Turak’s Business Secrets of the Trappist Monks: One CEO’s Quest for Meaning and Authenticity continues to grow.

The book was recently shortlisted by 800-CEO-READ as one of the best business books of 2013 for the management category. As explained in the nomination, “the book’s message is clear and as business-centric as they come: you don’t need to be focused on money to make money, but instead be clear about your purpose.”

Turak was also recently interviewed for the podcast Entrepreneur of Fire , in which he discussed the factors that led him to be a successful entrepreneur.

Finally, in a recent post for the Huffington Post, Turak Tprovided a list of 9 principles of building an authentic business. These principles, developed with his partners, emphasized that success could also come with service and selflessness. The following is an excerpt from that list:

Our first principle was setting a company culture where personal growth, honesty, integrity, and selflessly putting people first were more important than making money.

Our second principle was high expectations. Starting a business based on higher values didn’t mean setting low bars and rationalizing away failure as just one of the inevitable costs of trying to do authentic business in a profane world. Instead, if we were truly in business for a higher purpose, our goals should be higher than the goals of those who were simply in it for the money. For example, we decided to begin work each morning at seven-thirty in order to get a jump start on those heathens better known as the competition. We maintained that start time for the next seven years.

Our third principle was compassion. This didn’t mean that we would never fire anyone. It meant that we would do everything we could to help everyone get over the bar — without lowering the bar. While more would be expected of some than of others, all would be expected to carry his or her own weight….

(more…)

Thursday, December 5th, 2013

Video: Jeanne Liedtka on Design Thinking

In the following video, Jeanne Liedtka, coauthor of Solving Problems with Design Thinking: Ten Stories of What Works describes the book and how design thinking offers businesses new ways of tackling problems. As she explains the effectiveness of design thinking is exemplified in the success of such design-oriented companies as Apple and Ideo.

For more on design thinking, you can visit the Coursera page for the class Design Thinking for Business Innovation.

Friday, October 25th, 2013

Watson on Jeopardy! And IBM’s Decision to Put Him There

Of course one of the most prominent examples of congitive computing is Watson’s famous victory on Jeopardy!. Below is a video produced by Engadget that documents Watson’s appearance with Ken Jennings, Alex Trebek, et al. And below that is an excerpt from Smart Machines: IBM’s Watson and the Era of Cognitive Computing, by John E. Kelly and Steve Hamm. In the excerpt Kelly and Hamm reveal the fascinating story behind the creation of Watson and the decision to put it on Jeopardy!

Excerpt from Smart Machines:

The Watson project got its start in a surprising way. In the fall of 2004, IBM’s head of computing systems soft­ware, Charles Lickel, traveled from his home in Tucson to spend the day with a small team he managed at an IBM facility in Poughkeepsie, New York. At the end of the workday, the team gathered at the nearby Sapore Steak-house for dinner. They were bemused when, at seven p.m. sharp, many of the diners abruptly got up from their tables, rushed into the bar, and clustered excitedly around the TVs. One of Charles’s guys explained that they were watching long-time champion Ken Jennings defend his title on Jeopardy!

Charles hadn’t followed Jeopardy! for years, but the scene made an impression on him. A few months later, research director Paul Horn asked his lieutenants to think up a high-profile project that the lab could take on that would demonstrate IBM’s scientific and technological prowess. The company calls these its “grand challenges.” The previous grand challenge had been a huge success: IBM’s Deep Blue computer had beaten the world’s top chess grand master in a highly publicized match in the mid-1990s. But a lot of time had passed since that victory.

During one of the brainstorming sessions aimed at picking the company’s next grand challenge, Charles suggested building a computer that could compete on Jeopardy! IBM has long used man-versus-machine games to moti­vate scientists, focus research, and engage the public. In the early 1960s, IBM researcher Arthur Samuel, the AI pio­neer, created one of the first computer programs capable of learning when he wrote a checkers-playing program designed to run on the 701, IBM’s first commercial com­puter. Samuel challenged one of the top U.S. checkers champions to a match—and won. IBM researcher Gerry Tesauro in the late 1980s developed a program called TD-Gammon, which used a technique called temporal differ­ence learning to teach itself how to play backgammon. It was competitive in matches with some of the world’s top backgammon players.

(more…)

Thursday, October 24th, 2013

Steve Hamm on Smart Machines and the Era of Cognitive Computing

Yesterday we heard from John E. Kelly III in a lengthy conversation about his experience as a researcher at IBM and his take on the history of computing as well as his vision of its future. Today we hear from the co-author of Smart Machines: IBM’s and the Era of Cognitive Computing, Steve Hamm.

In the interview, Hamm considers how congnitive computing represent the third stage in the evolution of computers. He also explains how these new “smart machines” are different than their predecessors and particularly equipped for the age of big data:

Wednesday, October 23rd, 2013

Video: John Kelly Discusses Cognitive Computing and Watson at the Computer History Museum

John Kelly III, co-author of Smart Machines: IBM’s Watson and the Era of Cognitive Computing, discusses IBM’s Watson and cognitive computing as well as other topics ranging from his background and the path that led him to IBM and the history of research there to the newest lab in Nairobi, Kenya.

The discussion was part of an event at the Computer History Museum: