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Judd Kessler—a professor at the Wharton School and author of Lucky by Design—joins Joe to explore the hidden markets that shape our lives, careers, and opportunities.

Joe and Judd discuss how many of the most important decisions we encounter—from job promotions to school admissions to performance evaluations—aren’t driven by price, but by rules we rarely see or fully understand. These “hidden markets” determine who gets what, often leaving people frustrated, confused, or convinced that success comes down to luck.

Throughout the conversation, they examine how understanding the rules of these markets can shift outcomes, why preparation and self-awareness matter more than we think, and how leaders—whether they realize it or not—are constantly designing markets through the way they allocate time, attention, and opportunity.

They also explore practical strategies for navigating these environments, from competing in high-speed, first-come-first-serve systems to knowing when it’s better to “settle for silver” rather than walk away empty-handed.

Joe and Judd also discuss:

What “hidden markets” are—and why they’re everywhere
Why success often looks like luck (but isn’t)
How understanding the rules gives you a competitive advantage
The strategy of “settling for silver” to improve your odds
Why preparation and clarity of values matter before entering any competition
How poorly designed systems invite “speculators” and unintended consequences
The three E’s of market design: efficiency, equity, and ease
Why leaders must be intentional about how they allocate time, attention, and opportunity
How misaligned or unclear expectations can quietly shape careers
The importance of aligning who you are with what the system rewards

Whether you’re navigating promotions, competing for opportunities, or leading others in high-stakes environments, this episode offers a powerful framework for understanding the systems around you—and how to operate within them more effectively.

Watch the full episode on YouTube

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