2725: Cognitive Bias by The Mad Fientist on Financial Investments & Investing Risk vs. Reward
b'Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.\\nEpisode 2725:\\nExplore the profound impact of cognitive biases on our decision-making processes, especially in high-stakes scenarios like financial investments. This episode, inspired by a Mad Fientist article, delves into everyday examples and psychological experiments that reveal our subconscious preferences for risk over certainty, influenced by how choices are framed.\\nRead along with the original article(s) here: https://www.madfientist.com/cognitive-bias/\\nQuotes to ponder:\\n"If the problem is framed as a loss, as it is in the island #1 scenario, we become risk-seeking."\\n"Your brain is useful when setting up an investment plan but it\\u2019s not useful when you execute that plan."\\nEpisode references:\\nThe Simple Path to Wealth by JL Collins: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926\\nPredictably Irrational by Dan Ariely: https://www.amazon.com/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248\\nYou Are Not So Smart by David McRaney: https://www.amazon.com/You-Are-Not-So-Smart/dp/1592407366\\nThinking, Fast and Slow by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555\\nSources of Power: How People Make Decisions by Gary Klein: https://www.amazon.com/Sources-Power-People-Make-Decisions/dp/0262611465\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'