Decision Nerds

The other F word

February 20, 2024 Paul Richards & Joe Wiggins
Decision Nerds
The other F word
Show Notes Chapter Markers

Thinking and talking about failure can be tough, especially when it’s us who’s failing.  But it’s important for us as individuals and investment teams to find a way to do this in an effective manner that allows us to both learn and evolve. In this episode of Decisions Nerds… 

- Joe pits his inner Brian Blessed against an AI auto-editor 

- We examine Joe’s framework for thinking about errors around investment beliefs, processes and outcomes.

- We then think about this in the context of broader research that thinks about different typologies of errors; basic, complex and intelligent. 

- We then discuss the practical steps that can make life easier. 

Cultural Joe vs the autoeditor
Why talking about failure is important
Joe's framework
Belief errors
Changing beliefs - practical examples
Process errors
What stops us talking about behavioural problems
Blaming others - a real life example feauting Joe's Teams' notications
Outcome mistakes
The pain of being an active investor
Loss aversion and setting expectations
Basic, complex and intelligent failures
Complex failure in investment management
Why we find it hard to talk about failure; confusion, aversion and fear
Building Psychological Safety starting from zero
If you could only do one thing....