Nassim Taleb - 3 Cognitive Biases That are Making You Poor and Unhealthy + How To Overcome Them

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It's packed with 23 Nuggets from top Influential Doers and Entrepreneurs (in their own words), 🎆 visuals (to make it super easy to understand), and my own 💭 reflections.

★ Sources:

🧠 Quotes
“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Nicholas Taleb.

“If you’re willing to bleed a little bit every day but in exchange you’ll win big later, you will do better. That is, by the way, entrepreneurship. Entrepreneurs bleed every day. They’re not making money, they’re losing money, they’re constantly stressed out, all the responsibility is upon them, but when they win they win big. On average they’ll make more.” - Naval Ravikant

👨 People

- Nassim Taleb
Nassim Taleb's work concerns problems of randomness, probability, and uncertainty. Author of many successful books, including The Black Swan, which The Sunday Times considers one of the 12 most influential books since World War II.

- Mohnish Pabrai
Mohnish Pabrai is a renowned investor and entrepreneur. He currently manages around 600-800m$ in his Investment Fund. He also started the NGO "Dakshana" in India (2008), which coaches students to pass the university entrance exams for IT and Medicine. He has a close friendship with Charlie Munger.

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--------- Time Codes -----------
0:00 - Nassim Taleb & Daniel Kahneman on the 3 Biases
8:07 - Mohnish Pabrai on seeking Asymmetry in his life (same concept as Antifragility)
10:26 - Reflections & More
14:33 - Shortform: The platform where I get the BEST nuggets from non-fiction Books

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[HarmonyPill]

Duality of mind: biases, judgements stopping us from being Antifragile.

[clumsydad]

we have so many biases we cannot keep them straight, and in general we're not encouraged to think in the first place ... we end up working more for the things we are told we need to have, instead of working for the things that reveal the realization of ourselves and our curiosities and passions and good will towards humanity ... peace all

[annoy_ken]

Im glad you left up the one graphic. Makes it easier to keep the conversation's points in mind. Great work.

[ChianTheContrarian]

Loss aversion is only valid provided the decision-maker hasn't had loss, i.e. the avoid taking risk that has potential upside. But once decision-maker has already experience losses, decision-maker tends to take more risk to recover the losses, which ends up as sunk-cost bias or bias of escalating commitments.

[omarish]

Man these videos are so great! Keep up the great work!

[quasa]

Hey! Good job with this channel. I've discovered Naval through it and watched a shit ton of his stuff already. Thanks

[jeran]

2 points. Your have to have money in order to risk it. An unstable environment creates unstable people and unstable families.

[christheother]

I'm retired now but I never really gave a crap about money and I always seemed to have enough for what I needed. Never worried much about it.

[vincentanguoni]

This guy is a genius...he may not be always correct....I can relate to most of what he says from my experience in these past 72 years ..one thing I believe is that change is the norm ..if we can't adapt...we are screwed!!! Just sayin'

[GBOAC]

Is it right to say this is also a big factor with addiction? You rather have loads of small positive effects while postponing the problem confrontrations than enduring the small negative effects we experience from life.

[Quickeasyguitarlessons]

Lots of small risks with unknown possible upsides ✊
By the way when big oil companies search for new deposits of oil/gas they use same principle.
They loose money many times on small scale but when they hit jackpot it pays for all previous losses and brings big profit 👍

[bonyclyde]

Interstîng! Nice & intriguing way to analyse behaviour and bisases!

[rohan]

The content you deliver is always amazing

[rayrwyr]

All human conginitive biases are highly useful to navigate our lives intuitively and efficiently. They work fine 95+% of the time. For small things that bias works well. For big things (which happen less than 5% of time), we should guard against coginitive biases.

[Jessebowyer]

Hey Picking nuggets please keep uploading these transformative videos!
Also If I may; could you adjust the graphics (notes, etc…) because at times it becomes a lot on the screen and it can be hard to follow but I may be wrong and this could be my individual experience!

[quant]

People prefer echo chambers. And not much else... collective insanity is what defines humanity.

[shadyworld]

Now that tells us a lot about “Human behavior on debt”
And how debt which is technically as it’s programmed in our brains is a “loss” makes people on loans or on debt more prone to burnout, stress and lack of focus!

They are in unhappy situation that might have been avoided if they decided at some point earlier to not do it, however as they explained

Losing a Ton of money at once < Harmful on us than losing small amounts incrementally

Which for me resembles “Debt” !!!

Does that make sense for anyone here on debt or been in debt or I’m biased!??

[ngb]

For those who want to implement stock investing strategies from these videos:

Have a small number of stocks in portfolio
Have more index linked ETFs than stocks
Invest regularly with constant amount each month and number of units variable (most people do constant units)

[shivachan]

Thank you for such an amazing video and notes

[BBones-wy]

Many small losses mean many bad decisions. Like a TWR, it does make sense that it makes one feel worse than one big loss. It is logic, not bias