The Lesson: In this podcast, Tim Ferriss hosts a panel of speakers who are experts on failure, bad investments, and financial mishaps. All five of them have accumulated loads of useful advice on entrepreneurship and business – and over the course of this episode, they discuss their favorite failures, their most worthwhile investments, and their advice for college students may be about to enter “the real world”.
Notable Excerpt: “My field is that of global finance – and virtually all investors have been told when they were younger … that the more they understand the world, the better their investment results. It makes sense, doesn’t it? The more information we acquire and evaluate, the ‘better informed we become’ and the better our decisions. Accumulating information and becoming better informed is certainly an advantage in numerous (if not most) fields, but not in the counter-intuitive world of investing …
“… Beyond a certain amount of information, (a certain minimal amount) additional information only feeds confirmation bias, leaving aside the considerable cost and delay occasioned in acquiring that information. The additional information we gain that conflicts with our original assessment or conclusion, we conveniently ignore or dismiss, while the information that confirms our original decision makes us increasingly certain that our conclusion was correct.”
The Guests: Adam Robinson is a US Chess Federation life master and a co-founder of The Princeton Review who appears on the show to give his two cents on classic investment mistakes. Debbie Millman is a writer, designer, educator, artist, brand consultant and host of the podcast Design Matters, the longest-running and first ever podcast show about design. Neil Strauss is a New York Times bestselling author, transformational journalist, and ghostwriter. Scott Belsky is an American entrepreneur, author and early-stage investor best known for co-creating the online portfolio platform, Behance, Inc. Lastly, Veronica Belmont is a media personality who used to co-host the show Tekzilla.
The Host: Over the course of his career, Ferriss has become a one-time national Chinese kickboxing champion, a lecturer at Princeton University, a professional breakdancer on MTV, a horseback archer, and a multimillionaire author, motivational speaker, and investor. If that isn’t impressive enough, his critically-acclaimed podcast, the Tim Ferriss Show, was also voted #1 in its category on iTunes.
(LISTEN to the inspiring talk below – content begins at 5:46) – Editor’s note: this talk contains occasional cursing.
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