TIP554: Mental Models for Successful Investing w/ John Jennings

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

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 21 May 2023

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay chats with John Jennings about his new book - The Uncertainty Solution. John Jennings is President and Chief Strategist of St. Louis Trust & Family Office, which has $12 billion dollars in assets under management. He is also a member of the firm’s Management Committee, on its Board of Directors, and also serves on the Investment, Risk Management, and Trust Committees. John works closely with client families, advising them in all areas of wealth management. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 01:38 - Why humans are hard-wired to avoid uncertainty. 06:40 - Mental models we can use to invest more intelligently. 10:08 - How humans tend to react when faced with uncertainty. 16:56 - Why we are wired to quickly come to conclusions and tend to confuse correlation with causation. 27:17 - How the improbable is much more probable than we might expect. 32:13 - Why the economy is not directly correlated with the stock market. 47:51 - Where investing falls on Michael Maubbousin’s Skill vs Luck continuum. 1:00:53 - How behavior biases like loss aversion and overconfidence affect our investment decisions. 1:06:14 - How storytelling can trick us into making poor investment decisions. 1:10:13 - What base rates are and understanding base rates can help us make more intelligent decisions. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. John’s new book - The Uncertainty Solution. John’s website. John’s firm - St. Louis Trust & Family Office. Check out our newly released TIP Mastermind Community. Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video. Follow Clay on Twitter. 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: River Toyota CI Financial Sun Life AFR The Bitcoin Way Industrious Briggs & Riley Meyka Public Vacasa American Express iFlex Stretch Studios Range Rover Fundrise USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 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. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TI-P.
0:03.2	On today's episode, I'm joined by John Jennings.
0:06.1	John is the president and chief strategist of St. Louis Trust and Family Office, which
0:10.8	has over $12 billion in assets under management.
0:14.2	I brought John onto the show to chat about his new book, The Uncertainty Solution.
0:19.2	In this episode we cover why humans are hardwired to shy away from uncertainty, mental models
0:24.4	we can use to invest more intelligently, why we're hardwired to quickly come to conclusions,
0:29.9	and tend to confuse correlation with causation, how the improbable is much more probable
0:35.1	than we might expect, why the economy is not directly correlated with the stock market,
0:40.4	where investing falls on Michael Mobison's skill-versal-look continuum and much more.
0:45.6	John brings a wealth of knowledge to this conversation as he is very experienced in
0:49.9	the investment industry.
0:51.4	Without further delay, I hope you enjoy today's episode with John Jennings.
0:56.4	You are listening to the Investors Podcast, where we study the financial markets and read
1:04.5	the books that influence self-made billionaires the most.
1:07.7	We keep you informed and prepared for the unexpected.
1:13.2	Welcome to the Investors Podcast.
1:20.7	I'm your host, Clay Fink.
1:22.7	Today, I'm joined by John Jennings, who is the author of this wonderful new book called
1:27.9	The Uncertainty Solution.
1:29.9	John, thanks a lot for joining me and congrats on the new book.
1:32.9	Great.
	...

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