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The Investor's Podcast (We Study Billionaires)  - The Investor’s Podcast Network

TIP146: Superforecasting - The Art and Science of Predicting (Business Podcast)

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.63.6K Ratings

🗓️ 8 July 2017

⏱️ 41 minutes

🧾️ Download transcript

Summary

IN THIS EPISODE, YOU’LL LEARN: The right framework for making correct forecasts. How to prevent confirmation bias for your investments. Why financial experts are storytellers rather than forecasters. How and why the best investors constantly change their opinion.  BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Dan Gardner and Philip Tetlock’s book, Superforcasting – Read reviews of this book. Preston, and Stig’s interview with investing legend Ed Thorp. Preston and Stig’s interview with well-renown value investor Guy Spier. Preston and Stig’s interview with Dr. Robert Cialdini. Preston and Stig’s discussion on Nassim Taleb’s book The Black Swan. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: ⁠HardBlock⁠ ⁠Human Rights Foundation⁠ ⁠Plus500⁠ ⁠Netsuite⁠ ⁠Shopify⁠ ⁠Vanta⁠ Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. 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Transcript

Click on a timestamp to play from that location

0:00.0

You're listening to TIP.

0:03.0

So a few months ago, we had a huge name and finance on our show.

0:07.0

And the gentleman's name is Ed Thorpe.

0:10.0

And Ed Thorpe, his personal net worth, is around $900 million.

0:15.0

And during our discussion, I was talking to Ed Thorpe about certain ideas about what might happen in the future,

0:21.0

particularly about central banking.

0:24.0

And I asked Ed a really difficult question,

0:27.0

and I was kind of expecting him to tell me,

0:29.0

yeah, I think there's a high probability that that might be the case with respect to central banks.

0:34.0

And what I got back from him was kind of an interesting response.

0:38.0

Ed basically said to me, I have no idea.

0:41.0

And he responded so quickly without any hesitation that it just shocked me.

0:46.0

And during that interview, Ed said, you know, you really got to read this book called Super Forecasting

0:52.0

by Philip Tetlock and Dan Gardner.

0:55.0

And because of that interview and because of that moment that I experienced with Ed Thorpe

1:00.0

and how he responded to this question about forecasting.

1:04.0

And then he recommended this book for us to read.

1:07.0

That's why we decided to do this episode today on Super Forecasting.

1:12.0

And everyone really forecast whether about it's the weather,

1:15.0

beating the morning traffic or it's the financial markets.

1:19.0

And while forecasting might appear to be a game,

1:22.0

it's in fact very real and the stakes are high and substantial.

...

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