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Please enjoy my monologue Irrationality with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.
In this episode of Trend Following Radio:
- Law of demand
- Behavioral economics
- Experimental economics
- How do you make bubbles go away
- Using algorithms over emotions
- Noise reduction
- Statistical thinking
- Understanding the difference between risk and uncertainty
- Probability theory
- Risk Communication
- Unconscious things that make us fearful
At the beginning of the 20th century, the science fiction author Herbert H. Wells made the following prediction, ‘If we want efficient citizens in a modern technological society we need to teach them three things: Reading, writing and statistical thinking.’ That is, a good way to deal with risk and certainty. Now, today almost 100 years later we have taught in the investment world almost everyone to read and write, more or less, but not to think with risk and uncertainty. – Gerd Gigerenzer
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