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My guest today is Thomas Gilovich, an American psychologist who is the Irene Blecker Rosenfeld Professor of Psychology at Cornell University. He has conducted research in social psychology, decision making, behavioral economics, and has written popular books on these subjects.

The topic is behavioral economics.

In this episode of Trend Following Radio we discuss:

• How his world dovetailed into money and markets
• Basketball, streak shooting, and the \u201chot hand\u201d
• Randomness and the clustering illusion
• The missing Malaysian Airlines flight and probability
• The reluctance to accept a probabilistic view of the world
• Politics, predictions, and probabilities
• People who see the world in black and white
• Drawing conclusions from incomplete and unrepresentative evidence, and how to avoid that folly
• The position of the devil\u2019s advocate, and the importance of that role
• Gilovich\u2019s response to the media\u2019s talking heads, and their often black and white opinions
• Behavioral economics vs. traditional economics
• When people do the wrong thing because the public demands it
• Bill James and the closer
• Instinct vs. considered judgment and test taking
• Irrationality in financial markets and bubbles
• Loss aversion
• Why you don\u2019t need to be better than the market

Jump in!

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I\u2019m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I\u2019m 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\u2019d like to give you a great piece of advice you can use in your life and trading journey\u2026 cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

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