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Jordan comments on Rationality Quotes: December 2010 - Less Wrong
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Up voted, although I think 'wasted' is a bit harsh. I would call lost time to unsuccessful research a necessary cost. If we all knew exactly which problems to study and which approaches to use it wouldn't be research, it would be divination.
I read the quote not as saying that four-fifths of his time had no value at all but that so-called 'wasted' time is a necessary part of the research process and actually does have value.