The Investing for Beginners Podcast - Your Path to Financial Freedom

AAR15 - Avoiding Financial Biases with John De Goey

Sep 16, 2025

John De Goey, an acclaimed portfolio manager and author of 'Bull Shift,' shares his enlightening journey as a financial advocate. He uncovers how biases like overconfidence and recency can distort our financial decisions, while discussing the necessity of diversification and preparing for economic downturns. John advises on overcoming optimism bias and longevity risk, emphasizing the crucial role of financial advisors. He also recommends insightful reads on behavioral finance, aiming to guide listeners towards achieving true financial freedom.

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INSIGHT

Confidence Is A Double-Edged Bias

Overconfidence is common for people in their late 20s and 30s and pushes them to take risks.
Confidence helps action but must be recognized as a bias to avoid mistakes.

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INSIGHT

Recency Bias Hides Historic Risks

Recency bias makes recent events feel disproportionately predictive of the future.
That bias can blind investors to older historical risks like stagflation returning.

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ADVICE

Compare History With Today's News

Read both history and current reporting and compare them to spot genuine similarities and differences.
Think critically instead of assuming the best outcome because you want it to be true.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Financial Biases

02:01 • 14min

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Building Confidence for Financial Success

15:45 • 3min

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Navigating Financial Realities

18:48 • 11min

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Navigating Investment Complacency

29:30 • 6min

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Navigating Emotions in Financial Decision-Making

35:41 • 11min

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#950

• Mentioned in 39 episodes

The Wealthy Barber

David Chilton

In 'The Wealthy Barber', David Chilton provides straightforward and accessible advice on managing personal finances. The book uses a fictional story to illustrate key financial concepts, making it easy for readers to understand and apply the principles to their own lives. It covers topics such as budgeting, investing, and long-term financial planning.

• Mentioned in 572 episodes

Thinking, Fast and Slow

Daniel Kahneman

In this book, Daniel Kahneman takes readers on a tour of the mind, explaining how the two systems of thought shape our judgments and decisions. System 1 is fast, automatic, and emotional, while System 2 is slower, effortful, and logical. Kahneman discusses the impact of cognitive biases, the difficulties of predicting future happiness, and the effects of overconfidence on corporate strategies. He offers practical insights into how to guard against mental glitches and how to benefit from slow thinking in both personal and business life. The book also explores the distinction between the 'experiencing self' and the 'remembering self' and their roles in our perception of happiness.

#494

• Mentioned in 61 episodes

Predictably Irrational

The Hidden Forces That Shape Our Decisions

Dan Ariely

In this revised and expanded edition of the groundbreaking New York Times bestseller, Dan Ariely uses a series of illuminating experiments to show how expectations, emotions, social norms, and other invisible forces skew our reasoning abilities. Ariely explains how we consistently overpay, underestimate, and procrastinate, and how these behaviors are neither random nor senseless but systematic and predictable. The book covers various aspects of decision-making, from the power of placebos to the effects of social and financial norms, and offers insights into how to make better decisions by understanding these irrational patterns.

#2470

• Mentioned in 18 episodes

Misbehaving

The Making of Behavioral Economics

Richard H. Thaler

In 'Misbehaving: The Making of Behavioral Economics,' Richard H. Thaler recounts his journey in challenging traditional economic theories that assume humans are rational actors. The book chronicles the evolution of behavioral economics, a field that integrates psychology and economics to understand how people actually make decisions. Thaler discusses various behavioral concepts such as endowment effects, mental accounting, and self-control issues, using anecdotes and empirical studies to illustrate these points. The book also delves into Thaler's personal struggles and successes in establishing behavioral economics as a recognized field, including his work with institutions like the British tax collection agency and his battles with traditional economic thinking.

Bull Shift

John De Goey

In this episode of 'At Any Rate,' host Evan Raidt is joined by John De Goey, author of 'Bull Shift,' host of 'Make Better Wealth Decisions Podcast,' and a respected portfolio manager.

John shares his extensive journey to becoming a consumer advocate and financial advisor, highlighting his personal financial awakening.

John discusses various biases, emphasizing overconfidence and recency bias, and how they impact our financial decisions.

The conversation delves into the concepts of optimism bias and longevity risk and the importance of diversification.

John offers valuable advice on preparing for economic downturns and the role of financial advisors in providing focus and discipline. He also recommends several insightful books on behavioral finance and shares his views on achieving financial freedom.

The episode wraps up with John providing information on where to find more of his work, including his podcast and latest book. 00:00 Introduction and Guest Welcome 00:33 John Dego's Journey to Financial Advocacy 02:40 Personal Financial Awakening 05:27 Understanding Financial Biases 08:13 Stagflation and Economic Concerns 13:47 Financial Goals and Industry Changes 28:10 The Role of Financial Advisors 31:59 Longevity Risk and Financial Freedom 35:28 Recommended Reading for Financial Literacy 39:32 Conclusion and Where to Find More

Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.

Please make sure you subscribe to John's channels and website. You can find him on his website ⁠johndegoey.ca, his podcast ⁠Make Better Wealth Decisions Podcast⁠, and buy his book Bull Shift, where all books are sold.

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