I find podcasts to be an increasingly enjoyable and easy way to find information and inspiration these days. Back in the old times, I had to try really hard to find the opportunity to listen to (or meet) any inspirational person. Now, all I need is to find the people I would like to listen to and it’s very likely they were invited to some podcast. Furthermore, it’s a great way to discover new inspiring people and experts in whichever field I’m currently interested in.

I have listened to many podcasts this year about investing and self-development. Very often those two subjects are inseparable. I am not talking here about podcasts/blogs where you get simple tips on what to buy or sell and explanation of past price movements. What I am looking for is to hear and understand great investors and thinkers. There is no other way to learn their investing processes without understanding their mental models and how they got to the place where they are now. I also like to listen to people who are from outside of the investment world so that I can broaden my perspectives and get inspiration.

This year I have been particularly interested in problems around decision-making. It’s the most important challenge for investors but applies to any other industry as well. Making a decision is a skill we could all benefit more in everyday life. As a result, the list of episodes below is a bit skewed in that direction.

So here are the top ten episodes that I have listened to this year:

  • Knowledge project podcast. Howard Marks: Luck, Risk and Avoiding Losers.
    Link on spotify
    Howard Marks is my absolute guru in terms of investment philosophy. His book – “The most important thing” – is the best book I’ve read about investing. Therefore every chance to listen to him is of great value, especially with such a smart host as Shane Parrish. There is a lot about risk assessment, how to be different from the crowd and market psychology.

 

  • Knowledge project podcast. Daniel Kahneman: Putting Your Intuition on Ice
    Link on spotify
    Daniel Kahneman is another of my gurus this time from psychology. He is, in fact, Noble prize winner in Economic Sciences from 2002. In this episode, he talks a lot about biases in our behaviours. Why is empathy so important and what hurts our clear thinking (eg. prejudices, beliefs, emotions). It was also interesting to hear when intuition works and when it should be replaced with algorithms.

 

  • Knowledge project podcast. Winning at the Great Game with Adam Robinson
    Link on Spotify
    The last podcast from this source but again so valuable and with so many different topics that it had to be broken into two episodes. I found particularly useful his methods of cutting through the noise of information and what signals he looks out for in the markets. Why its dangerous when many people explain price performance as “it doesnt make sense”. Adam and Shane also discuss what it takes to be happy in life.

 

  • The Joe Rogan Experience. Episode with Naval Ravikant
    Link
    Naval is a Twitter guru, very successful private investor, founder of Angel List and self-made philosopher. This episode is so packed with all sorts of wisdom that it’s even difficult to summarize it. They talk about happiness, becoming wealthy, why it’s so important in business to rest and have a clear mind, future of knowledge work.

 

  • The long and the short of it podcast. Episode: Authenticity vs integrity.
    Link on Spotify
    The whole podcast is probably one of my best discoveries this year. It’s not about investing at all but so much about human traits and behaviours that I think it’s useful in every business. Each week we get a piece of concise, thought-provoking and full of positive energy discussion between two excellent coaches. I particularly enjoyed their noodling around the difference between authenticity and integrity. This is a good episode to start and check out the whole series.

 

  • Standard deviations podcast. Episode with Morgan Housel
    Link on Spotify
    Morgan Housel is my another discovery this year although he has been writing about investments for many years. I am still finding new valuable pieces he wrote over years but in this podcast episode, he discusses how important it is to distinguish luck from skills, behavioural biases in investing and why its so important to study history and other subjects to be good at investing.

 

  • Catching the next wave podcast. Episode with Michelle Florendo.
    Link on Spotify
    That podcast is run by my close friends so I might not be 100% objective. Yet, I am honestly recommending their last season about rationality. It is really engaging and thought-provoking. I especially enjoyed the episode with Michelle Florendo who is decision engineer. If you are interested in hearing more about decision making as a skill and how to improve it that’s a good place to start.

 

  • The Tim Ferris Show. Episode with Ramit Sethi
    Link on Spotify
    Great episode if you want to think about your own personal finance and how to manage it. I was interested to find out how you can reduce spending and increase your satisfaction at the same time. There is also more on how to spend smarter, deciding on individual investment policy and setting long term saving goals.

 

  • Invest like the best podcast. Episode with Michael Mauboussin.
    Link on Spotify
    I am a big fan of Michael’s research that he publishes in different places. In this episode, he discusses a few of them with a focus on the “Who is on the other side”. He looks there into what are the four sources of alpha in investing. Not surprisingly, his conclusions are that behavioural inefficiencies are the most common but also the most difficult to exploit.

 

  • Invest like the best podcast. Episode with Annie Duke.
    Link on Spotify
    I am a big fan of Annie’s book “Thinking in bets” so I grab any chance to hear more about her ideas. The biggest takeaway from the book and this episode is that we cant improve our decision-making skills as long as we confuse the quality of decisions with the outcome that is influenced by randomness. She also goes deeper into discussing components of every decision and how groups and beliefs affect them.