Has the Pandemic Changed You?

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 20 May 2020

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

A look at growing patterns consumers and businesses are adopting as a result of the Covid-19 pandemic.

Topics covered include:

Two constants in a radically unpredictable world
How removing things is more powerful than adding things
How airline travel will change, leading to more local travel
Why bicycle sales are soaring
How our social interactions are changing
What is local maxima
How the forces of money, trust, technology, and climate change have played out in the aftermath of the pandemic.

Thanks to The Great Courses Plus for sponsoring the episode.

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is the Personal Finance Show on Money,
0:06.0	How It Works, How to Invest It and How to Live Without Worrying About It.
0:10.2	I'm your host David Stein. Today is episode 299 and it's titled Has the
0:16.2	Pandemic changed you? My investment approach is to focus on things that don't change. We live in a highly
0:26.4	unpredictable world and what doesn't change what is, is endless surprise and human emotions.
0:36.7	We don't really know what's going to happen with the economy, with financial markets,
0:42.1	with monetary policy, with the pandemic, the world is a constant series of
0:48.6	endless surprises, both good and bad. And then as things happen that we and others don't anticipate,
0:56.0	we emotionally react to them,
0:58.0	and often overreact to those surprises.
1:01.0	We become fearful and greedy. Asset bubbles can form.
1:06.0	Well, other asset categories might get too cheap.
1:09.0	This pandemic, the coronavirus pandemic, has been a major shock to me and I think to most people.
1:17.3	We certainly didn't anticipate it, and now we're coping with a dramatically different world. In previous episodes I've
1:24.4	discussed the economic, monetary, and investment impact of the pandemic and its
1:31.7	aftermath. In this episode I want to focus of the
1:34.0	I want to focus on how this seat change has impacted us personally.
1:40.0	I see three patterns that are emerging, two of which I've discussed in an earlier
1:46.9	episode of the podcast episode 197, the power of less and local. These three emerging patterns are less, local, and leap.
1:58.0	Less, the principal I've discussed a lot.
2:03.0	Naseim Nicholas Talib in his book, Skin in the Game, talked about a principal called Via
2:08.8	Negativa.
	...

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