Clay reviews Nassim Taleb’s book – Fooled by Randomness.

Nassim Taleb is a Lebanonborn American mathematician and statistician whose work concerns problems of randomness, probability, and uncertainty. He’s very well known for his popular books, including The Black Swan, Antifragile, Skin in the Game, and Fooled by Randomness.

IN THIS EPISODE YOU’LL LEARN:
0:00:00 Intro
0:02:41 The role of luck in investing.
0:04:38 Why we should develop a sense of skepticism and humility.
0:08:27 Why humans are more prone to make investment decisions based on emotions rather than facts and probabilities.
0:17:19 Why it’s so important to understand alternative histories.
0:35:48 What the firehouse effect is.
0:46:34 Biases that get investors into trouble, such as the survivorship bias and the endowment effect.
0:49:49 The story of a trader who got married to his positions which ended up being a value trap.
0:55:04 How Taleb’s investment strategy capitalizes on asymmetric opportunities.
0:53:48 What chaos theory is.
0:58:35 Distinguishing a good process from a good outcome.

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/maste...

Be a better you in 2024 by learning a new language. Get 50% off on a onetime payment for a lifetime Babbel subscription today. https://babbel.com/wsb

Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com...

Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/s...

▶ RELATED EPISODES:
How Nassim Taleb and Bill Ackman Made BILLIONS During ‘Black Swan’ Events:    • How Nassim Taleb and Bill Ackman Made...  
Investing Lessons From Darwin | What I Learned About Investing From Darwin w/ Kyle Grieve:    • Investing Lessons From Darwin | What ...  
Learn From the Mistakes of the World’s Greatest Investors | Big Mistakes by Michael Batnick:    • Learn From the Mistakes of the World’...  

Listen to our episodes here: https://link.chtbl.com/TIPWSB

Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/e...

  BOOKS MENTIONED:
Fooled by Randomness by Nassim Taleb: https://amzn.to/3uEuRKP
Antifragile by Nassim Taleb: https://amzn.to/3I52nNr
The Black Swan by Nassim Taleb: https://amzn.to/4bFobwF
Skin in the Game by Nassim Taleb: https://amzn.to/4bLQycw

Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going!

OTHER RESOURCES
Seeking Alpha is a crowdsourced content service for financial markets. Take control of your financial future — Use our link here for a 14day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/

⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤

ABOUT OUR SHOW  
On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.

Website: https://www.theinvestorspodcast.com/w...

Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/s...

⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤

OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/t...

TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/t...

⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.