IL23: Learning to Fail Well ft. Amy Edmondson
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 31 January 2024
⏱️ 63 minutes
🧾️ Download transcript
Summary
In this episode we talk to Amy Edmondson, Harvard Business School professor and author of the Financial Times 2023 Business Book of the Year: The Right Kind of Wrong, The Science of Failing Well. Edmondson argues we should cultivate an appetite for “intelligent failure” - events that may be painful but ultimately lead to innovation, personal growth and better relationships. This is difficult because we are hardwired to push failure “underground”, a bias that is often made worse by work cultures that punish failure in the name of accountability. Edmondson explains how we can overcome these obstacles using stories from her own life and findings from her career as a scientific researcher.
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Episode TimeStamps:
02:22 - Introduction to Amy Edmondson
10:27 - The importance of psychological safety
15:04 - The different types of failure
18:25 - Why do we fear to fail?
22:54 - The idea of reframing
25:04 - Practicing reframing
27:06 - Has the way students work changed?
30:25 - The dark side of the performance mindset
32:40 - Integrating feedback the right way
36:16 - The Stop. Challenge. Choose Method
41:02 - The key aspect of failing well
44:48 - How can we cultivate intelligent failure?
50:35 - Conceptualizing excellence in a new way
53:33 - Encouraging openness while maintaining intellectual property
56:33 - A philosophical perspective
01:00:36 - Key takeaways from Niels
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | In a sense, part of being innovative, part of taking risks, |
| 0:10.7 | part of growing and learning in your life in any realm, |
| 0:16.8 | is being willing to take interpersonal risks. |
| 0:21.1 | You know, being willing to do things that might not immediately earn the approval of others. |
| 0:27.5 | Learning, growing, failing well is about saying, yes, I can take these interpersonal risks. |
| 0:33.4 | It's pausing to take a breath and realize, no, I won't die. |
| 0:38.9 | You know, if so-and-so doesn't like me in that moment, |
| 0:43.5 | I will, in fact, I will be contributing to the team. |
| 0:50.1 | Imagine spending an hour with the world's greatest traders. |
| 0:53.9 | Imagine learning from their experiences, their successes, and their failures. |
| 0:58.0 | Imagine no more. |
| 1:00.0 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world |
| 1:06.0 | so you can take your manager due diligence or investment career to the next level. |
| 1:14.7 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:18.5 | All the discussion we'll have about investment performance is about the past, |
| 1:23.3 | and past performance does not guarantee or even infer anything about future performance. |
| 1:28.0 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:33.5 | and you need to request and understand the specific risks from the investment manager about their product before you make investment decisions. Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
| 1:50.7 | For me, the best part of my podcasting journey has been the opportunity to speak to a huge range of extraordinary people from all around the world in this series i have invited one of them namely |
| 1:56.3 | kevin coldine to host a series of in-depth conversations to help uncover and explain new ideas to make |
| 2:02.9 | you a better investor. In the series, Kevin will be speaking to authors of new books and research |
| 2:08.4 | papers to better understand the global economy and the dynamics that shape it so that we can |
... |
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