The Rational Reminder Podcast

Decision Making: Mental Models, Knowing Your Variables, and Achieving Positive Outcomes With Shane Parrish (EP.19)


Listen Later

Welcome back to another episode of the Rational Reminder Podcast. 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:

  • What mental models are and why they're important. [0:02:07.0]
  • Top list of mental models for making investing decisions. [0:03:39.0]
  • The most harmful biases to investors. [0:04:44.0]
  • Importance of process when making investment decisions. [0:07:51.0]
  • Why Shane uses decision journals. [0:09:11.0]
  • Being willing to look stupid. [0:12:36.0]
  • How intuition and skills go together in investing. [0:14:16.0]
  • Public markets versus private markets. [0:16:19.0]
  • Avoiding negative outcomes and having positive outcomes. [0:20:41.0]
  • Understanding uncertainty and risk. [0:24:35.0]
  • Defining happiness for himself. [0:33:15.0]
  • Lessons Shane learned about parenting. [0:36:28.0]
  • Book that Shane loves to read. [0:43:55.0]
  • . [0:25:50.0]
  • And much more!

For more information or to contact Cameron and Ben, visit pwlcapital.com

...more
View all episodesView all episodes
Download on the App Store

The Rational Reminder PodcastBy Benjamin Felix, Cameron Passmore, and Dan Bortolotti

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

436 ratings


More shows like The Rational Reminder Podcast

View all
Investing Insights by Morningstar

Investing Insights

518 Listeners

Masters in Business by Bloomberg

Masters in Business

2,175 Listeners

Build Wealth Canada Podcast by Kornel Szrejber: Investor

Build Wealth Canada Podcast

14 Listeners

The Meb Faber Show - Better Investing by The Idea Farm

The Meb Faber Show - Better Investing

943 Listeners

Animal Spirits Podcast by The Compound

Animal Spirits Podcast

2,020 Listeners

Bogleheads On Investing Podcast by bogleheads

Bogleheads On Investing Podcast

616 Listeners

The Long View by Morningstar

The Long View

934 Listeners

Sound Investing by Paul Merriman

Sound Investing

348 Listeners

Excess Returns by Excess Returns

Excess Returns

84 Listeners

The Memo by Howard Marks by Oaktree Capital Management

The Memo by Howard Marks

435 Listeners

The Canadian Investor by Braden Dennis & Simon Belanger

The Canadian Investor

82 Listeners

Ask The Compound by The Compound

Ask The Compound

339 Listeners

The Morgan Housel Podcast by Morgan Housel

The Morgan Housel Podcast

989 Listeners

The Loonie Hour by Steve Saretsky

The Loonie Hour

10 Listeners

The Wealthy Barber Podcast by The Wealthy Barber Inc.

The Wealthy Barber Podcast

63 Listeners