The Psychology Behind Making Better Decisions with Global Financial Strategist Michael J. Mauboussin

The Science of Success

Matt Bodnar

Self-improvement, Social Sciences, Business, Science, Entrepreneurship, Education

4.6 • 1.1K Ratings

🗓️ 15 June 2016

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you want to improve your decision-making a build a better mental toolkit? In this episode we explore the psychology behind making better decisions with Michael J. Mauboussin. Michael is the Head of Global Financial Strategies at Credit Suisse. He is the author of three books, including More Than You Know: Finding Financial Wisdom in Unconventional Places, named in the The 100 Best Business Books of All Time. Michael also serves as an adjunct professor of finance at Columbia Business School. We discuss the following topics: -The interconnectedness of knowledge across many different disciplines -How to switch to the “outside view” to make better predictions and decisions -How to improve your results without being any smarter or better trained -A fascinating psychology study that demonstrates how we deceive ourselves -The biggest biases that cause investors to make bad decisions (and how to combat them) -Why the right tools aren’t enough to make you a successful investor -Concrete steps to start down the path of better decision-making -How to understand the difference between luck and skill in complex fields like business, investing, and entrepreneurship -How to become “numerate” and understand the physics and mathematics of misjudgment -What statistical base-rates are and how they can improve your decisions -How reversion to the mean really works and why you’ve been misunderstanding it Learn more about your ad choices. Visit megaphone.fm/adchoices See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome to the Science of Success with your host Matt Bonner.
0:11.0	Welcome to the Science of Success. I'm your host Matt Bodner. I'm an entrepreneur and
0:16.5	investor in Nashville, Tennessee and I'm obsessed with the mindset of success and
0:20.5	the psychology of performance.
0:22.8	I've read hundreds of books, conducted countless hours of research and study, and I'm going to take you
0:27.7	on a journey into the human mind and what makes peak performers tick.
0:32.0	With a focus on always having our discussions rooted in psychological
0:34.9	research and scientific fact, not opinion.
0:39.0	In this episode, we explore the psychology behind making better decisions, examine the interconnectedness of many different forms of knowledge, and discuss a number of key concepts to help you better understand the mathematics of misjudgment with Michael J Mobison.
0:57.0	Because the science of success keeps on growing with more than 350,000 downloads hitting the
1:02.4	front page of New and Notworthy, and much more.
1:05.2	I want to offer something special to my listeners.
1:07.7	I am giving away a $100 Amazon gift card to one lucky listener.
1:12.4	We gave away one last week and we get one away every
1:15.1	single month. All you have to do to be entered to win this $100 Amazon gift card is to text the word
1:20.7	smarter, that's SMAR AR, T-E-R, to the number 4-2-22.
1:26.5	Again, that's smarter to 4-4-222 to be entered to win a $100 Amazon gift card. And if you want to win a $100 Amazon gift card.
1:33.0	And if you want to win 10 extra entries into the giveaway,
1:37.0	all you have to do is leave us a positive review on iTunes
1:40.0	and send me an email with a screenshot of that review.
1:43.0	Send the email to Matt at science of success. co that's M A T T at science of success dot co.
1:51.6	In our last episode we interviewed Shane Parish. We discussed mental models, cognitive
	...

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