During their recent episode, Taylor, Carlisle, and Anne-Laure Le Cunff discussed How Cognitive Scripts Shape Our Decisions and Influence Everyday Life. Here’s an excerpt from the episode: Anne-Laure: So, something that I was going to just mention in passing and I ended up expanding quite a lot on out of … Read More
Decision Making: Rationality vs. Intuition
During their recent episode, Taylor, Carlisle, and Alex Morris discussed Decision Making: Rationality vs. Intuition. Here’s an excerpt from the episode: Jake: Yes. Let’s feast on veggies. So, as you guys probably know by now, I’m endlessly obsessed with decision making science and today we’re going to dive into this … Read More
Mohnish Pabrai: How the Kelly Formula Can Improve Your Financial Strategy
In his book The Dhandho Investor, Mohnish Pabrai discusses the Kelly Formula, a strategy for determining the optimal fraction of a bankroll to bet on favorable odds. Using examples, Pabrai illustrates how to calculate the edge (expected value) and apply the formula to maximize returns while managing risk. For instance, … Read More
Warren Buffett on Personal Accountability in Investing: The Mirror Test
In a lecture at the University of Florida, Buffett shared a simple yet powerful philosophy: “We never look back. We just figure there is so much to look forward to that there is no sense thinking of what we might have done. It just doesn’t make any difference. You can … Read More
Howard Marks on Smart vs. Lucky: Lessons for Investors
In this Insight Conversation with Annie Duke, Howard Marks reflects on a key lesson he learned from his early studies in investment: the quality of a decision cannot be judged by its outcome. Success can result from poor decisions, and many investors are often “right for the wrong reasons.” He … Read More
Why Investing Success Demands Embracing Paradox
During their recent episode, Taylor, Carlisle, and Jim O’Shaughnessy discussed Why Investing Success Demands Embracing Paradox. Here’s an excerpt from the episode: Tobias: JT, top of the hour. Do you want to do your veggies? Jake: Yeah. And couldn’t be a better transition, to be honest, as you might find … Read More
Jim O’Shaughnessy On Why ‘Two Thoughts’
During their recent episode, Taylor, Carlisle, and Jim O’Shaughnessy discussed Jim’s new book, ‘Two Thoughts‘. Here’s an excerpt from the episode: Tobias: Jim, your new book, which I have a copy of, thanks to you. Thank you very much. I left it wrapped under the tree and then I opened … Read More
Why More Choices Make You Worse at Deciding
During their recent episode, Taylor, Carlisle, and Jim O’Shaughnessy discussed Why More Choices Make You Worse at Deciding. Here’s an excerpt from the episode: Jim: [laughs] But also, there is that science. We learned this early on with my first company, O’Shaughnessy Capital Management, that we used to have brochures, … Read More
Aswath Damodaran: It’s Not Being Right. It’s Being Less Wrong Than Everybody Else
In this interview with MOI, Aswath Damodaran explains that life and investing are full of uncertainty, which means we can’t predict or control everything. People don’t like this feeling, so they try to ignore it or ask others for answers. But instead of hiding, we should accept uncertainty as normal. … Read More