February 20, 2026

TIP793: Thinking Fast & Slow by Daniel Kahneman w/ Clay Finck

1 hour

Clay explores Daniel Kahneman’s book Thinking, Fast and Slow, unpacking the cognitive biases that quietly shape our investment decisions. While markets often appear to be driven by data and logic, our decisions are frequently influenced by intuition, emotions, and mental shortcuts we don’t even realize we’re using.

IN THIS EPISODE YOU’LL LEARN:

00:00:00 - Intro

00:04:15 - Why temperament matters more than IQ in investing

00:11:10 - The difference between System 1 and System 2 thinking

00:16:01 - How cognitive substitution leads investors to answer the wrong questions and unknowingly ignore the more important questions

00:38:08 - How loss aversion shapes investor behavior during drawdowns and market volatility

00:54:01 - Clay’s updated views on Constellation Software

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Daniel Kahneman’s book: Thinking Fast & Slow.

Sequoia Fund’s 2025 year-end letter.

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