Against the Gods: The Remarkable Story of Risk by Peter Bernstein | Key Lessons (TIP701)

Описание: Kyle Grieve discusses the book Against The Gods, how risk has evolved over history, why risk management was deeply routed in gambling, revolutionary learnings on risk from brilliant historical figures, and much more!

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:49 - Why a human “calculator” can’t win in the market, and the key skills that drive investing success
00:05:57 - The two critical risk concepts Cardano introduced to beat the odds—still useful for investors today
00:08:16 - How Pascal and Fermat cracked the ‘problem of points’ and laid the groundwork for market probability models
00:12:37 - How Daniel Bernoulli connected intuition with measurement
00:18:20 - How Bayes’ rule transformed probability theory
00:20:29 - Why focusing on the downside matters most—especially when the market is euphoric
00:24:33 - How regression to the mean distorts our view of performance—and tricks investors into bad decisions
00:40:40 - Why diversification can sometimes increase risk
00:46:08 - How prospect theory rewrote the rules of decision-making—explaining why investors act irrationally
00:48:53 - Why investors cling to bad ideas—how biases and ego can sabotage returns

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📖  BOOKS MENTIONED:
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein: https://amzn.to/4b6MNi0
7 Powers: The Foundations of Business Strategy by Hamilton Helmer: https://amzn.to/3EIOS7X
Concentrated Investing by Allen Benello, Michael van Biema, and Tobias Carlisle: https://amzn.to/4i4uM6q

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