People Like Us Invest Like This - Remastered with New Introduction
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 23 March 2022
⏱️ 31 minutes
🧾️ Download transcript
Summary
This week, we revisit a classic episode released five years ago. In a newly recorded introduction, David shares the background on the episode and why he chose to release it again in its newly edited form.
Topics covered include:
- The availability heuristic and confirmation bias
- How to deal with extreme events when most days are just like the day before
- How chaos and unpredictability is used as a leadership strategy
- Why do we need a point of view to guide our actions when investing
- How to manage financially in a increasingly complex and risky world
Show Notes
Uncertainty – Lawrence M. Krauss – Edge
Regression To the Mean – James J. O’Donnell – Edge
Excerpts from Seth Klarman’s 2016 year end letter to his clients as quoted in the New York Times
Messy: The Power of Disorder To Transform Our Lives – Tim Harford
Seth Godin Course on Presenting To Persuade
Ultra-Easy Money: Digging The Hole Deeper? – William R. White
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Transcript
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| 0:00.0 | Hi, this is David Stein, and today's episode is a little different. |
| 0:04.2 | We're going to re-release an episode that we have remastered. |
| 0:08.8 | It's an episode that was recorded over five years ago on February 14, 2017 in Idaho Falls. |
| 0:15.5 | I had just finished up a five weeks day in southern Mexico. |
| 0:19.7 | La Prella and I were there. |
| 0:21.0 | We enjoyed our time, but La Prella got food poisoning on our first night in Mexico, and |
| 0:27.2 | then she got a severe cold. |
| 0:28.7 | So it was a tough five or six weeks. |
| 0:31.7 | Our dog got sick, and we had an unfortunate Airbnb experience in San Cristobal de las Casas |
| 0:39.0 | in Chiapas. |
| 0:40.1 | There wasn't any internet, there was no washer and dryer that was promised. |
| 0:44.9 | The day before I recorded this episode was La Prella's birthday, and a few days earlier |
| 0:48.7 | after having spent five or six weeks in Mexico, she said, I just want to go home for my birthday. |
| 0:55.4 | So we flew home. |
| 0:56.9 | This is the next day I'm reflecting on those experiences, and I recorded this episode |
| 1:02.8 | on people like us, invest like this. |
| 1:06.0 | The timing of our return was fortuitous, because there was a mid-century modern house in |
| 1:11.4 | Idaho Falls that we had been admiring for years. |
| 1:14.9 | It came on the market for sale by owner, and we were able to purchase it and move in, |
| 1:20.3 | and move out of a house that La Prella had remodeled that we really hadn't expected to |
| 1:24.6 | live in, but our farmhouse sold faster than we thought, and so we moved into this other |
| 1:29.1 | house that just wasn't quite working out. |
... |
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