My guest today is Megan McArdle, a Bloomberg View columnist who writes on economics, business and public policy. She founded the blog "Asymmetrical Information".
The topic is her book The Up Side of Down: Why Failing Well Is the Key to Success.
In this episode of Trend Following Radio we discuss:
- "Trophy kids" and taking the monkey bars away
- The idea of a regulator out there trying to guarantee our safety
- Why the companies that make it aren't the ones with the best strategic plan–it's the ones that execute (and fail well)
- The power of experimentation
- Nobel winner Vernon Smith and experimentation
- The idea of learning in crisis
- How sunk costs are difficult for a large part of the population to grasp
- Van Halen, errors, and M&M's
- Normative error
- Small, manageable risks
- Forager morality vs. farmer morality
- A story about Kentucky Fried Chicken (KFC)
Jump in!
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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.
To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/
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Hope you enjoy my never-ending podcast conversation!
Michael Covel's Trend Following