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Money Basics: Avoid Inaccurate Definitions and Narratives
Manage episode 327634751 series 3017462
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Money Basics: Avoid Inaccurate Definitions and Narratives
Even Experts Make Big Money Mistakes | How To Avoid
Poker isn't Roulette, there is heavy-duty estimation involved. For poker pros, it's second nature. It was odd, to say the least, that a poker professional discarded (mucked) the logic he has used well over a million times, studied for years, and discussed ad nauseum.
Reason I understood what Bill P could do? Because I use the same thought process in personal finance situations, 100% of the time. Estimation, costs, variance of outcomes, financial impact, when there is uncertainty involved. There is a framework, securities markets (I am a fixed income derivatives trader , originally) have existed to frame the cost, around the world.
Landon T probably didn't realize that Bill P already understood, or maybe they did, and disregarded their thoughts in the interest of creating a spectacle (that worked). But, he and his team ultimately decided to resign. Correctly, is the only real, rational decision. In personal finance, people make the same errors that the poker pro made, all the time. They have used their years of common sense to survive, and yet when the mystery of money is the topic, the rules they have learned? Poof, discarded, inexplicably. Then again, the poker pro redeemed himself, after regaining his bearings, he adjusted to a new set of facts. So can you.
Link to Landon Tice's comments on Solve 4 Why's Only Friends Podcast Ep 3: https://youtu.be/rPUnjn3j3Jw
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