How to survive in a world where luck and randomness play a pivotal role. Topics covered include: What are power laws What are the narrative fallacy and hindsight bias What are examples of domains where randomness has contributed to success What are ways to distinguish investing skill from luck How sixth-century philosopher Boethius had an accurate view of chance What are ways we can benefit from good luck while protecting ourselves from bad luck Show … [Read more...]
224: Mastering the Market Cycle – Howard Marks
How to position your investment portfolio based on market cycles. Investing principles from Howard Marks' new book Mastering the Market Cycle. Photo by Darius Bashar In this episode you’ll learn: How have U.S. stocks performed relative to non-U.S.How to position investment portfolios based on cycles.What is asset selection and why there are more opportunities in extreme times.How luck and skill play a roll in investing. Show Notes The ‘Dumb’ Money Is Bailing on U.S. Stocks. … [Read more...]
203: Is Investing More Like Poker or Chess?
How to make better investing and life decisions. Photo by Michał Parzuchowski In this episode you’ll learn: What is the difference between chess and poker. Why we need to separate the decision process from the outcome. How to improve the quality of our investment decisions. What are are wu-wei and qi and what role do they play in better decision making. Show Notes Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke Thinking … [Read more...]
MNY031 Plus: Luck versus Skill
In this week's Money For the Rest of Us Plus episode, I discuss: Boethius' view on luck, skill, fate and providence from his book written in the early Middle Ages and how he foreshadowed complex adaptive systems. How complex systems have local uncertainty and global certainty. What is a narrative fallacy. How creativity functions within a complex adaptive system. The episode length is 17 minutes. … [Read more...]
31: The Role of Luck In Success
How luck and skill intertwine to make you successful. Dr. DeNo In this episode, you'll learn: Why most successful people point to luck as the reason for their success.Henry David Thoreau's view of luck.Why we need skill to take advantage of luck.Why we should pursue complex domains.Why we need to take big leaps.Why we should avoid boredom. Show Notes Hack The Entrepreneur Podcast Creativity: Flow and Psychology of Discovery and Invention by Mihaly … [Read more...]
