RR #19 - Shane Parrish - Decision Making, Mental Models & Knowing Your Variables

Now that the YouTube channel has grown we're going to release older RR episodes that had not been uploaded on the channel.

The Rational Reminder Podcast - Episode 19

Our guest today is Shane Parrish. Shane runs the Farnam Street Blog, which has to be one of the most valuable collections of information that exists on the Internet. Farnam Street’s stated intention is mastering the best of what other people have already figured out and the site gets over a million visitors. The content is unbelievable in terms of improving yourself, thinking better, and learning better. Shane interviewed Ray Dalio not long ago and over time he’s spoken with some pretty serious people in his podcast, The Knowledge Project Podcast. This episode is a very peaceful, thoughtful, interesting conversation that we know listeners will love. Shane’s just got so much information in his head that we all can get a ton of value from. So, be sure to keep listening to hear more!

Key Points From This Episode:

2:07 What mental models are and why they’re important; Top list of mental models for making investing decisions.
4:44 The most harmful biases to investors.
7:51 Importance of process when making investment decisions; Why Shane uses decision journals.
12:36 Being willing to look stupid; How intuition and skills go together in investing.
16:19 Public markets versus private markets.
20:41 Avoiding negative outcomes and having positive outcomes.
24:35 Understanding uncertainty and risk.
33:15 Defining happiness for himself.
36:28 Lessons Shane learned about parenting.
43:55 Book that Shane loves to read.

Books From Today’s Episode:

Meditations - https://amzn.to/3iFYJLv

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website - https://rationalreminder.ca/podcast/19
Shane Parrish on Twitter — https://twitter.com/farnamstreet
Farnam Street Blog — https://fs.blog/
The Knowledge Project — https://fs.blog/the-knowledge-project/
Ray Dalio — https://www.linkedin.com/in/raydalio/
Ray Dalio’s Podcast Farnam Street episode — https://fs.blog/ray-dalio/
Mental Models — https://fs.blog/mental-models/
Berkshire Hathaway — http://www.berkshirehathaway.com/
The Daily Journal Corporation — https://www.dailyjournal.com/
Kraft Heinz — http://www.kraftheinzcompany.com/

Listen to the Rational Reminder podcast on your favorite podcast app.
https://pod.link/1426530582/

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Catch up on the latest in wealth management and investing insights from the Passmore-Felix Team at PWL Capital.
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The Rational Reminder is presented as an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The funds and portfolios discussed are examples only and may not be appropriate for your individual circumstances.

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Видео RR #19 - Shane Parrish - Decision Making, Mental Models & Knowing Your Variables канала The Rational Reminder Podcast