Adam Robinson - Strategy for Investing and for Life

[@PBoyle]

Sign up for Compounded Daily at this link: www.compoundeddaily.com/

[@MrFlugi]

this link worked for me, the description one does not, you may want to check that

[@alexanderbaines-buffery7563]

I just wanted to say that I enjoyed the informative and rye slightly sarcastic monologs, but I love these interviews and feel i'm getting a lot from them. So thank you. :-)

[@Dominik-ui1zn]

One of two mailing lists I absolutely love and read all the time, very recommended!

[@owlegrad]

Love a good collab between great rap artists.

[@martinbones681]

Fo' shizzle!

[@garcia4062]

Muy buena mezcla rítmica!

[@yanikq]

AI is just non biological confabulation

[@Mark_Kiwi]

I'm here for the rap. This is a famous rap channel.

[@garrenosborne9623]

I was just over at DeDunking channel on the "debates" in archaeology & held Dan & Patrick responsible for my dry cleaning bill re coffee spiting moments & citing Patrick's channel as world class Rap channel

[@surturz]

I’m not sure how he does it, but Patrick’s channel consistently has the perfect amount of news about rap music and rapping

[@pascalladal8125]

White pimp hat, Adam knew what he was in for.

[@spike.strat1318]

And beefs, don’t forget about the beefs

[@CT-ue4kg]

It concerns me that this rap channel is slowly having bits of financial news creep in.

[@Tobi_Jones]

the white top hat and multi-finger rings, this guy can rap

[@genkestrel7254]

Knuckle dusters man! Punk's a pro!

[@standinginthegap7118]

😂😂😂

[@711-v3k]

Ya boys dripping hard!

[@Charles-hy2ek]

His book should be 'How to Look Stupid'

[@711-v3k]

@@Charles-hy2ek very good !

[@meb3369]

Omg. The Yo-Yo Ma thing. I did something similar way back in college. Had a calculus final and the prof said, "Don't forget to bubble in your answers on the scantron or you'll get a zero." I finished the 90-minute exam and FORGOT to bubble in my answers. It only occurred to me once I was back in my dorm what I'd done. I rushed to find my professor and miraculously caught him walking on the sidewalk in a different part of our massive campus. Thankfully he was very gracious about it, and he bubbled in the scantron in front me right there on the sidewalk (he had our exams in his bag). Never felt so relieved in my life.

[@oliversissonphone6143]

So the professor was a single point of failure?

[@theRealJohnWayneGacy]

Can we please get a part 2? I identify with you both heavily and found the back and forth fascinating and this loaded with tons of wisdom. I quite enjoyed the length and youve earned the right to post such long videos.

[@erics3417]

I second this, fantastic guest, and actually made me think. Love when things make me re-evaluate my perspectives!

[@licao3]

Patrick Boyle is the definition of calm and professional.

[@EnMenFi]

What Im enjoying most is watching Patrick relax and have fun with his buddy ❤

[@gordongekko2781]

host: "Welcome to Patrick Boyle on Finance." me: "What?! Did he change formats? I thought this was rap news channel."

[@charvakpatel962]

Classic case of KZbin sellout. Saw The Plain Bagel getting views and immediately switched content to finance without any regard of his audience who came here for rap music and rapping.

[@mrNashmann]

adam is amazing man . he is not rude or arrogant and has every reason to be he reminds me of mick jagger cool guy gonna get his book for sure thanks patrick great show man

[@adamrobinson8351]

Most kind brother, most kind!

[@standinginthegap7118]

One thing I love about your show is that you are truly intelligent, well spoken, and very witty. You always have me laughing and have fantastic data points.

[@andrewvare3173]

I relate right away to the "stupid zone ". I have skied my whole life, and know far and away that most injuries occur at the end of the day. So I've cut out the last hour or hour and a half and head to the lodge at 2:30 or 3 pm. I know my judgement at altitude and the physical toll at the.of the day will be definitively subpar, and the smart guy wraps it up before it's a problem

[@prestonhayes4049]

I could watch/listen to you two talk for hours. Please have him back soon

[@adamrobinson8351]

Patrick is always insightful, we had a blast!

[@Pseudopimelodidae]

Poka-yoke (fool-proofing) was the most valuable lesson I learned from lean manufacturing class I took while studying in Japan that used the Toyota Production System as its example. It has made me to mitigate possible errors beforehand if I identify something that could go wrong in a process.

[@roc7880]

"If we need so many training data for our models, than the models are not good enough!" One of the truer truth ever spoken, the AI bubble will burst with a bang, I wish I had more money to short it.

[@JohnSmith-rr8hp]

the only AI bubble is the refusal of ppl who have missed out to acknowledge it. For the big tech companies, it's a life and death situation for their relevancy, the struggle to not become myspace. Even if the big tech overspent on it in the short term, without anything to show for it. But if it in turns guarantee their continuous survival, it is worth it, and they have boatload of cash to spend. But hey, I could very well be wrong, and short it all you want, that's why we have a market :)

[@Zach.3246]

AI is not going away; you’re naive to think that.

[@FullLengthInterstates]

what is the alternative? continuing the status quo? advancements in wealth are all about diminishing returns. ML models are already good enough for some tasks. That continues the trend of technology gradually reducing the human labor needed per unit of productivity.

[@zigc145]

Amazing conversation and great guest. When I saw that the video is 90minutes long at the beginning I had my doubts about going through it really, but with insightful conversations like this, time just passes like nothing. Great content😄

[@adamrobinson8351]

Thank you!!

[@FireMageLayn]

This is actually how phishing emails work. They tell you something to try to make you panic and get you to fixate on the thing, instead of thinkibg about wait a second does this make sense.

[@realruppert351]

A well know variation is to create a false sense of emergency in order to make you rush. Overused sale technique : " i ve got only one left in stock ", " only today", "the promotion ends in x hours", " only on black friday"

[@CtOlaf]

It is how most of magic tricks work. It’s called misdirection and even if you know it, it gets you pretty often.

[@apollo105]

This is how i feel about ai. It isnt realistic to automate everything and expect better results than humans

[@fotografkennethlund]

I'm absolutely blown away by Adams looks and charisma. A human version of Tigger (from Winnie the Pooh), the cat from Alice in Wonderland but also with a hint of super villain ! This is ment in absolutely respect and awe - what an amazing character !!!! ❤ When I get to be zooooopa rich and can cherry pick people I want to meet for lunch, Adam would definitely be top 5.

[@adamrobinson8351]

Guffaw!! Huge smile!

[@robertgrass3704]

Enjoyed this episode. You might be aware that error analysis is also systematically performed in pharmaceutical manufacturing. It involves ‚deviation management‘, ‚root cause analysis‘, and ‚Corrective and preventive actions‘. Manufacturing companies have whole teams working on this (by regulatory needs). Your locked-out story is a perfect example of this working. So it is not checklists we should implement in many aspects of life, but systematic error analysis

[@FullLengthInterstates]

Error analysis is a bit difficult when you don't have accurate record of events. Whenever I'm in a close call when driving, I make a point to review the dashcam footage as soon as I get to my destination. I've listened to all of the NTSB's youtube board meetings and I wish body cams were normalized on civilians. Whether the solution to each incident is checklists or not comes down to the specific situation. An excellent application for checklists is as a reminder for how to operate a machine you are trained on but rarely use.

[@adamrobinson8351]

Thank you, I wasn't aware of this rigor in the pharmaceutical industry, it is a shame that hospitals -- the epitome of institutionalized stupidity, hospital ERROR being the 3rd leading cause of death in the United States, roughly 1000 people die EVERY DAY owing to ERROR, not we-couldn't-save-the-patient episodes, but hospital error

[@FullLengthInterstates]

@@adamrobinson8351 Hospital error is caused by crazy long shifts, caused by understaffing because the AMA has an incentive to set standards excessively high to preserve the income of its members. Its why American drs make like $400k while other developed nations drs make $100k. There really isn't much you can do when the incentives are structured to create these errors. And the way the regulatory environment works, we are terrified of single mass-casualty events (eg plane or train crash) but we don't really take action when people are harmed one at a time (car crash, hospital error), even if cumulatively these small harms create the biggest danger.

[@JudoStev]

I listened to this on Spotify but came here to leave a comment. At the end you told Adam that an hour and forty five minutes was enough for your listeners and I couldn't believe that so much time had passed. I wanted to just keep listening, this was fantastic.

[@adamrobinson8351]

Thanks Stev!

[@ahmedelshafey7602]

Well, I am a doctor, and believe it or not, once I ran into a problem, and I had a bad report that managers are not convinced that I will not repeat that mistake again! I was furious, I did not know what is the problem now, I did everything recommended to mend this issue. and I didn't get out of it untill I analysed the problem in that good old scientific way, with a pen and a paper: is there a problem? what is it? what was my stance, was I wrong, how did I try to solve it>>>>AHA I was just defending myself, filled in some paperwork, took some meaningless courses>>>>now the last step was the ACTUAL problem! Very very very inspiring. Thank you very much to both of you esp. for Mr. Robinson For the keys issue :) I the blacksmith got rich thanks to me :)))

[@adamrobinson8351]

Bravo! Your detective work reminds me of the famous John Snow's determining the cause of the London cholera outbreak back in the mid-19th Century.

[@ahmedelshafey7602]

@@adamrobinson8351 Hello Mr. Robinson, I'm so honoured you replied to me :)

[@roberthelps8715]

Thanks Patrick. I thoroughly enjoyed listening to Adams insightful perspectives.

[@adamrobinson8351]

Thank you Robert!

[@erics3417]

What an amazing guest! This channel is like an investment that just keeps doubling. You on fire Boyle!

[@logandixson2617]

You know shits gonna be good once Adam had to refer to Hegel to get a point off whilst explaining something about learning the wrong lesson from history and yoyo ma forgetting his instrument

[@djinn666]

It's literally impossible to lock myself out because I just lock my door from the outside with the key. If the key's not with me, I can't lock the door. My HOA office also has a copy just in case I lost the key outside. Regarding the Tenerife disaster, it's not true that the crash happened while the (KLM) pilot was running through the checklist. The takeoff checklist was completed. The pilot was trying to take off without having obtained the requisite clearance from ATC. They likely thought they obtained it, but neither the ATC nor they used standard phraseology to communicate the clearance. While I wouldn't say checklists are the answer to human error, procedures definitely are. You might think a soldier is constantly practicing chaos, but there are well-defined procedures that they've practiced dozens of times for most of what they do. And of course everything that led up to that soldier being in that place with the right equipment, i.e. intelligence, logistics, tactical planning etc. all have their own procedures.

[@hydrelisk]

I believe a lot of comments will be about not forgetting key (or shutting gas etc.) 😂 To improve effectivity of checking things, the japanese way of " physically point 👉 and check ✔️" is good. You see train station staff doing that a lot.

[@JonesDow111]

It's amazing how you try to be as kind as possible when you are correcting mr. Robinson about the Hawthorne effect. Causality over correlation people. Very insightful conversation though, thank you both

[@jameswebster3752]

I thought Patrick and Adam were going to show us break dancing 💃 like at the Olympics!! Thanks Patrick From 🇨🇦

[@GarthMidgley]

I loved this podcast format. Great stuff Patrick! Giving yourselves the freedom and time to pursue interesting segues that came to mind (like parenting even) was great. Some really good life lessons in just this compact 1.5 hours. Thanks!

[@search4wisdom]

Such a great conversation. I was not very familiar with either of you, but this video made me a fan of both of you. There was real wisdom and practical knowledge conveyed. Thank you both. I can’t wait for the book.

[@adamrobinson8351]

Many thanks!

[@tomfreemanorourke1519]

Being now in my 70's of lifelong learning, experience, observation, creativity, understanding, re-examination 24/7 365. Never take anything for granted....

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Douglas Caldwell, Greg Blake, Michal Lacko, Dougald Middleton, David O'Connor, Douglas Caldwell, Carsten Baukrowitz, Robert Wave, Jason Young, Ness Jung, Ben Brown, yourcheapdate, Dorothy Watson, Michael A Mayo, Chris Deister, Fredrick Saupe, Winston Wolfe, Adrian, Aaron Rose, Greg Thatcher, Chris Nicholls, Stephen, Joshua Rosenthal, Corgi, Adi, maRiano polidoRi, Joe Del Vicario, Marcio Andreazzi, Stefan Alexander, Stefan Penner, Scott Guthery, Luis Carmona, Keith Elkin, Claire Walsh, Marek Novák, Richard Stagg, Stephen Mortimer, Heinrich, Edgar De Sola, Sprite_tm, Wade Hobbs, Julie, Gregory Mahoney, Tom, Andre Michel, MrLuigi1138, Stephen Walker, Daniel Soderberg, John Tran, Noel Kurth, Alex Do, Simon Crosby, Gary Yrag, Dominique Buri, Sebastian, Charles, C.J. Christie, Daniel, David Schirrmacher, Ultramagic, Tim Jamison, Sam Freed,Mike Farmwald, DaFlesh, Michael Wilson, Peter Weiden, Adam Stickney, Agatha DeStories, Suzy Maclay, scott johnson, Brian K Lee, Jonathan Metter, freebird, Alexander E F, Forrest Mobley, Matthew Colter, lee beville, Fernanda Alario, William j Murphy, Atanas Atanasov, Maximiliano Rios, WhiskeyTuesday, Callum McLean, Christopher Lesner, Ivo Stoicov, William Ching, Georgios Kontogiannis, Todd Gross, D F CICU, JAG, Pjotr Bekkering, Jason Harner, Nesh Hassan, Brainless, Ziad Azam, Ed, Artiom Casapu, Eric Holloman, ML, Meee, Carlos Arellano, Paul McCourt, Simon Bone, Alan Medina, Vik, Fly Girl, james brummel, Jessie Chiu, M G, Olivier Goemans, Martin Dráb, eliott, Bill Walsh, Stephen Fotos, Brian McCullough, Sarah, Jonathan Horn, steel, Izidor Vetrih, Brian W Bush, James Hoctor, Eduardo, Jay T, Claude Chevroulet, Davíð Örn Jóhannesson, storm, Janusz Wieczorek, D Vidot, Christopher Boersma, Stephan Prinz, Norman A. Letterman, georgejr, Keanu Thierolf, Jeffrey, Matthew Berry, pawel irisik, Chris Davey, Michael Jones, Ekaterina Lukyanets, Scott Gardner, Viktor Nilsson, Martin Esser, Paul Hilscher, Eric, Larry, Nam Nguyen, Lukas Braszus, hyeora,Swain Gant, Kirk Naylor-Vane, Earnest Williams, Subliminal Transformation, Kurt Mueller, KoolJBlack, MrDietsam, Shaun Alexander, Angelo Rauseo, Bo Grünberger, Henk S, Okke, Michael Chow, TheGabornator, Andrew Backer, Olivia Ney, Zachary Tu, Andrew Price, Alexandre Mah, Jean-Philippe Lemoussu, Gautham Chandra, Heather Meeker, Daniel Taylor, Nishil, Nigel Knight, gavin, Arjun K.S, Louis Görtz, Jordan Millar, Molly Carr,Joshua, Shaun Deanesh, Eric Bowden, Felix Goroncy, helter_seltzer, Zhngy, lazypikachu23, Compuart, Tom Eccles, AT, Adgn, STEPHEN INGRA, Clement Schoepfer, M, A M, Dave Jones, Julien Leveille, Piotr Kłos, Chan Mun Kay, Kirandeep Kaur, Jacob Warbrick, David Kavanagh, Kalimero, Omer Secer, Yura Vladimirovich, Alexander List, korede oguntuga, Thomas Foster, Zoe Nolan, Mihai, Bolutife Ogunsuyi, Old Ulysses, Mann, Rolf-Are Åbotsvik, Erik Johansson, Nay Lin Tun, Genji, Tom Sinnott, Sean Wheeler, Tom, Артем Мельников, Matthew Loos, Jaroslav Tupý, The Collier Report, Sola F, Rick Thor, Denis R, jugakalpa das, vicco55, vasan krish, DataLog, Johanes Sugiharto, Mark Pascarella, Gregory Gleason, Browning Mank, lulu minator, Mario Stemmann, Christopher Leigh, Michael Bascom, heathen99, Taivo Hiielaid, TheLunarBear, Scott Guthery, Irmantas Joksas, Leopoldo Silva, Henri Morse, Tiger, Angie at Work, francois meunier, Greg Thatcher, justine waje, Chris Deister, Peng Kuan Soh, Justin Subtle, John Spenceley, Gary Manotoc, Mauricio Villalobos B, Max Kaye, Serene Cynic, Yan Babitski, faraz arabi, Marcos Cuellar, Jay Hart, Petteri Korhonen, Safira Wibawa, Matthew Twomey, Adi Shafir, Dablo Escobud, Vivian Pang, Ian Sinclair, doug ritchie, Rod Whelan, Bob Wang, George O, Zephyral, Stefano Angioletti, Sam Searle, Travis Glanzer, Hazman Elias, Alex Sss, saylesma, Jennifer Settle, Anh Minh, Dan Sellers, David H Heinrich, Chris Chia, David Hay, Sandro, Leona, Yan Dubin, Genji, Brian Shaw, neil mclure, Jeff Page, Stephen Heiner, Peter, Tadas Šubonis, Adam, Antonio, Patrick Alexander, Greg L, Paul Roland Carlos Garcia Cabral, NotThatDan, Diarmuid Kelly, Juanita Lantini, Martin, Julius Schulte, Yixuan Zheng, Greater Fool, Katja K, neosama, Shivani N, HoneyBadger, Hamish Ivey-Law, Ed, Richárd Nagyfi, griffll8, Oliver Sun, Soumnek, Justyna Kolniak, Vasil Papadhimitri, Devin Lunney, Jan Kowalski, Roberta Tsang, Shuo Wang, Joe Mosbacher, Mitchell Blackmore, Cameron Kilgore, Robert B. Cowan, Nora, Rio.r, Rod, George Pennington, Sergiu Coroi, Nate Perry, Eric Lee, Martin Kristiansen, Gamewarrior010, Joe Lamantia, DLC, Allan Lindqvist, Kamil Kraszewski, Jaran Dorelat, Po, riseofgamer, Zachary Townes, Dean Tingey, Safira, Frederick, Binary Split, Todd Howard’s Daddy, David A Donovan, michael r and Yoshinao Kumaga.

[@Bill-Rink]

Thank you Patrons for helping to bring us this amazing content.

[@GustavoLopez-fe3ur]

Thank you, Patrick. Great Guest. Great Interview. Kind Regards.

[@mattanderson6672]

Maaaan!!! What a brilliant discussion!!! Gonne try and read some of Adams books!! Thank you both so much

[@adamrobinson8351]

Thanks Matt!

[@DavidKutzler]

53:16 "What would you need to see to tell you that you were wrong." Words to live by.

[@Tochinoki]

Very interesting premise. After all, it doesn't matter how much money you make, it's how much you lose that matters.

[@udirt]

As someone who was working for years to study more about safety and human factors and then happened to be very exhausted, put a coffee cup and a macbook in the same bag and managed to undo the drink's lid when putting the thing down not looking at it at all I can say: Looking forward to that book ;-)

[@oliversissonphone6143]

When Buffet says "don't lose your capital" - it's not just a stupid line. He means you should invest conservatively and consider the downside risk. A boring reliable company might have a higher expected value than a company that could do really well, or could go to zero.

[@stevo728822]

I believe the early error examples are due to our reliance upon external cues in stressful situations. In the case of the violin being left behind, the violinist is walking off stage without the violin because he has witnessed the audience leaving without carrying a violin. In the case of locking yourself out, you have been opening and closing doors inside your home without a key, and this behaviour tricks you into closing the front door without the key. There was a TV show with magician Darren Brown, where he asked his guest to think of an animal. He correctly guessed it was a giraffe. He then showed recorded footage of the guest travelling to the TV studio. On the that trip, the guest had been presented six images of a giraffe. The Black Monday market crash of 1987 took place on the Monday, 48 hours after the Great Storm of 1987.

[@FullLengthInterstates]

This kind of psychoanalysis is interesting but doesn't present a meaningful solution. I can think of 20 different ways to Transfer, Eliminate or Mitigate violin risk and lock out risk - but most people would rather Accept the risk. And as long as your have your uber history/ the number of your local locksmith, it probably isn't a big deal to just pay a few hundred bucks during an oopsie.

[@adamrobinson8351]

The musicians all lost their instruments while in transit, there were no external cues

[@Jan-m5c2r]

Embed your lesson into a rule (here regarding getting yourself locked out): My front door (1) has an extra key lock which can also be locked from the inside. I lock it and hang the key on the knob of my other door (2). If I leave my flat via door 1, I'll have to open the key lock with the key hanging from door 2 (the key is now in my hand upon leaving). If I leave my flat via door 2, I cant help seeing the key and naturally I bring it with me 🙂

[@ThatonedudeCR12956]

I physically check my pockets and pull my keys out before I leave and before allowing the door to close. Only been locked out one time in like 15 years of doing that.

[@fgoogleinthea7475]

Just replace the lock with one that you have to lock? It's not rocket science.

[@daszieher]

Lovely interview! I really love the subject of systemic error avoidance. When you handle your friends' and family's money, it's not so much about spectacular returns, but about not burning their money. 29:19 I like the example of the keys, because it has also troubled me in my past. Better than forcing yourself to actually feel the keys in the pocket or looking at them is actually using the key to lock the door from the outside. Having several sets of keys, I once almost pulled the door closed because I did not see that the keys I was holding, was not the set to my apartment (they were for my house). Conclusion, the check needs to block you from advancing, if not performed correctly. A simple sign will not always work. Let's not forget, one of the greatest fighter pilots of all time killed himself by not removing the control lock prior to take off...

[@dailyfinance101]

The Japanese factory safety system Adam is talking about is "Lock out / tag out" we have adopted the same system in our factories here in the west.

[@LilW1nky]

One of the best interviews I’ve seen in a while. Thanks!

[@hrishikesh-s]

This is an awesome interview! Thanks Patrick!

[@dr.erelevant9204]

There are countless books and peer reviewed articles written on human error and decision making, along with the myriad factors that influence those processes. I am curious to read this book, but I’m not entirely sure that it will add anything to the existing literature. I’ve studied human error for a long time and nothing he said is really novel or even a different perspective. He’s just adding different names on top of the already existing taxonomy. I’m not really sure that’s a benefit. But I will await final judgment until the book comes out.

[@FullLengthInterstates]

I'm at 23 minutes and a lot of this is just stuff I learned getting my Aviation degree. But many people associate systems with work and are too cool to to take an analytical approach in other aspects of their lives, so any book that helps change the broader culture is a plus.

[@blondscientist]

@@dr.erelevant9204 i will agree the concepts and procedures are familiar to engineering types. The book will bring new info to the audience whose jobs and characters don't lend themselves to such ways of thinking. Saying this as a virologist who works in high containment labs, where safety and human error are an everyday consideration.

[@wendybradford3733]

Off topic, if Adam was wearing a green hat and shirt , he would be the perfect " Riddler".

[@Jan-m5c2r]

Regarding experimenting (making changes in comic routines) Groucho Marx once said that changing ONE WORD in a routine can determine whether a joke falls flat or not.

[@__rikaisuru]

30 minutes in and I can't believe the treasure trove of new information and insights abound in this conversation. Just shows the wisdom gained through experience and age.

[@adamrobinson8351]

Thank you! Experience -- and reflecting on the experience!

[@everythingphp739]

Saw your article in Compounded Daily... going to watch. thx... Adam seems interesting

[@kylebowles9820]

One thing that we should really do is periodically re-evaluate our strategies/policies/rules in order to not get stuck in local minima and end up limiting ourselves. Especially the oldest policies we crafted when we were more naive. It can be difficult to even identify them once they are very engrained

[@adamrobinson8351]

Not just local minima, brother, endlessly changing circumstances!

[@116dwi]

Excelllent Podcast. Patrick, please post a link when Adam's book is available.

[@internationalme2897]

You make my life better Patrick. Thank you.

[@ph33316]

Thanks! Will buy the book on release.

[@SuperAnatolli]

One of the most important videos on youtube this year. Very informative.

[@adamrobinson8351]

Many thanks!

[@Ali-e5h1b]

1:20:00 - when you're really angry, count to ten. When you're angry, count to 100. If you can decipher a minor inconvenience from an impending hindrance... Your "anger" or physiologically stimulating / exciting response, is a resource programmed (nurtured attitudes) by you. Even the origin of your thoughts can be adjusted by the conscious mind (alcohol, aromas, comfort or discomfort).

[@tonimontana5153]

Thanks Patrick for this very interesting interview!

[@maderastuff]

Just a couple OGs, keeping it 100. spreading truth in the streets, Never catch em fronting. Commodity GGGssss, Market on they mind. Bringing us the juice, So we elevate our minds. Word up. Yall better buy this MFing book when it drops frfr or yall really stupid. Keep banging Adam & Patrick 🎉 They heard about the ops, Coming to us with the intel. Clancy

[@countcampula]

AI would need a lot of RAM in order to consistently check for inconsistencies. Gbt has a very limited memory you can edit to keep it consistent, because so many people use it. Privately owned AI, such as used by the federal government or institutions that can afford it, use AI to sort through datapools and it has phenomenal consistency. Like Watson from 2 decades ago

[@alleneverhart4141]

Here's my system for not locking myself out of my apartment: I set my bottom lock to not latch on closing the door and I always key out the top lock when I leave the apartment. That way if I'm in the double stupid zone where I forget my keys and forget to lock the door, I failsafe - I simply turn the knob to get back in the door.

[@fgoogleinthea7475]

Replace the lock with a keypad or one you have to lock?

[@maclinux19]

to me this was pure valuable education. Thanks for sharing it!

[@adamrobinson8351]

Blame that on Professor Boyle!

[@maclinux19]

@@adamrobinson8351 you are both to blame for stealing my focus for over an hour

[@MoravecMarek]

Well, one hour and 45 minutes was definitely not enough for me. I could take another hour or two :). Thanks for the interview; it was really inspirational!

[@adamrobinson8351]

Many thanks!!

[@EnMenFi]

Thank you Patrick! Very thoughtful

[@steveschnetzler5471]

Yes, I also have to hold my keys before I go out the door, but I have to make sure it is the right key bundle, not the wrong one without the house keys.

[@doctorsnyder4530]

I have loved every one of your book videos and I hope that you are able to continue doing these. Your guest selection is very good and the discussion feels organic, but also guided. Thank you.

[@russellmitchell8177]

Great talk. My pet method for driving a bit safer: Aggressive drivers leave me distracted for far too long well after an incident like cutting off others or running red lights. I start seeing myself dropping the ball and getting behind the car, losing peripheral awareness. Gotta shake it off and focus.

[@Fiercesoulking]

One of the best interview I ever watched thx

[@adamrobinson8351]

Too, too kind!

[@dengueberries]

This was a fantastic episode!!!

[@fahadaslamtanoli]

this was fantastic especially to trading if someone have the system some of problems still comes up first rules ,as he explained we can breach rule because of being impatient with satisfying inner conciousness it will work . and secondly is same related to being impatient we forget the rules as he said because we have no checklist so rules of games are we should do practise and folowing them so that all the rules should come layer after layer

[@amgofficial7791]

👏🏾 another awesome post... this guest was phenomenal bc it'll take me weeks to breakdown, explore and rightly apply some of the gems here👍🏾 wow 😊

[@adamrobinson8351]

Thank you!!

[@Dasologos]

Amazing. Thanks for uncovering the good stuff

[@michaelkeene3686]

What a great conversation! thank you!

[@tomislavhorvatseo]

What a fantastic interview Patrick. Thanks

[@spgushue]

1:34:26 what an absolutely fascinating discussion. Loved the part about systemizing and the keys in jackets. Normally I am here for the rap discussions, but glad that they stayed out of hot topics in hip hop this week.

[@justgeneric2876]

The point about reveiws is right. I had one of those recently where I bought direct from Dell, they asked for a reveiw. I gave one and then admin refused to publish it after review, so no real reviews

[@murdock94]

Please do a follow up when he releases the book. I very much want to read it.

[@mcs131313]

Yeah on the economist - they’re not useless. They’re used incorrectly. The first thing any economist will tell you - more so than a trader - is that nobody knows which direction things will go. That’s like very fundamental to a lot of economics literature. What they can tell you is if A goes in X direction, B will move in Y direction faster or the other direction less fast. E.g. an economist is less likely to say “inflation is going to be 2.5% over this next 12 months” - but may have a good model to say - “given current rates and gov spending, it’s likely to be 2-3%… all else equal more gov spend, lower rates, increased tariffs and trade barriers etc. will increase expected range…”. Or they won’t say “you should set taxes at this level”. They’ll say “if you levee this tax, it will make these people richer. It will make these people poorer. It will drive companies and employees to change behavior in this way longer term…

[@adamrobinson8351]

With respect, the only reason an economist is consulted is because a corporation or investment fund wants to assess the future, which is to say, they are looking for a prediction about this or that. If economists don't know what direction things will go in, as you concede, under this scenario or that, what value do they provide the CEO or hedge fund manager?

[@mcs131313]

@@adamrobinson8351 So you know what would happen and how you should react if various other things are happening. And I’m not saying they have no idea about the future. But specifically if stocks will go up or down next week is fairly unknowable. And if it was knowable, buyer/seller pressure would push the price that way immediately now, and it would again be unclear.

[@mcs131313]

@@adamrobinson8351 with respect - have you ever been or worked with an economist within a corporation?

[@adamrobinson8351]

@@mcs131313 No, but I have seen the analysis of those economists, brother, as well as pieces in countless reports. There have been brilliant economists -- Friedman, von Mises, even Keynes (a little-known brilliant investor, by the way), and I've gained many insights about the world and human behavior from economic thinking (Freakanomics, Naked Economics, The Armchair Economist, The Undercover Economist, Donut Economics -- BRILLIANT books), it's just that for making investment decisions -- as opposed to policy decisions -- the utility of such insights doesn't apply.

[@apothekede]

Thanks Patrick & Adam - very interesting indeed.

[@adamrobinson8351]

Thank you, Patrick always explores the most interesting questions!

[@luanvoable]

I can't wait to see his book on Amazon

[@kingbonezai4925]

At some point Patrick needs to have an April 1 video where he raps about the stock market

[@trapperwyman8192]

This is the most animated I have seen Patrick you can tell he is excited to be with a good friend.

[@manualdidact]

From long experience -- the better reaponse to locking one's keys in the house is to recognize that you need a modern residential lockset, which makes this essentially impossible. The mechanism that latches the door should be separate from the one that locks it (the deadbolt), and neither mechanism should be capable of performing the other's job. The result is that the door can only be locked from the outside using the key. The past several houses I've lived in have had a lockset like this (it's actually difficult to find anything different at a home center these days), until my most recent move into a very old rent house where I don't have the option to change it. My solution for now is to force myself to never lock the door from the inside unless I'm staying inside, and always use the key to lock it feom the outside, as if I had proper modern hardware.

[@FullLengthInterstates]

I think whether I would prefer my door to automatically lock itself would depend on property crime rates. Getting locked out vs having your stuff stolen. Home invaders breaking in via glass windows, vs installing bars and impact resistant glass and being impossible to rescue during an emergency.

[@bluedeskfan2754]

Interesting chat. Was hoping for more practical tips. The main take-away seems to be put a big sign on your door to remind you not to forget your keys.

[@murky024]

Really enjoyed this interview and conversation. I could have easily listened to an extra hour or two more.

[@adamrobinson8351]

Patrick is the BEST -- who else combines his wit, brilliance, and modesty!

[@maxt1617]

At 50:36 he mentions a great point about the dangers of taking on more and more information prior to a (investment) decision, as the additional information often does little more than to increase confidence, and very likely in a wrong direction. A KZbinr called Focussed Compounding (value investors) had their latest video titled "The first 12 hrs of analysing a stock" and yet I'm finished with analysis in 4-6 hrs; the really big factors have most likely been captured and the brevity of 4hrs gives you freedom to be rational; to drop if too risky (e.g. "I actually don't think I can understand this situation") or to invest with caution.

[@Ali-e5h1b]

28:00 - that's the hardest part of daily maintenance of aircraft. I worked on military jets. People would get busted not using the checklist. They'd "memorize" the steps from the checklist and eventually start ignoring them. It's rare to actually find something wrong in all of those checks. It's brain meltingly difficult and underpaid.

[@adamrobinson8351]

Thank you for that context! Perhaps Boeing should have taken note!

[@michaelodonnell1991]

Never walk through a door unless you have the key for that door in your hand. E.g. Exiting the house, exiting the car etc. Added a ‘religious’/‘superstition’ that it’s profoundly bad luck not to have that key in the hand helps to embed the mental rule. On a single-line rail track system, there’d be a single control-key that only one train driver can hold at a time. Binary decision: No key, then it’s with the other guy. “ Fail-safe” … means things are safe if there’s a failure in the process. The Tenerife disaster resulted from pilot over-confidence having misheard a tower-instruction to take off into fog.

[@peteredwards8737]

After you park your car, keep your car keys in your hand. After stepping out, stare at them for a second before you lock your car doors.

[@MihaiBarascu]

L

[@KarlFreeman-fe1nd]

I have to do a version of this with my kids. I was left home alone and in cars all the time but it's a big no bueno now.

[@FullLengthInterstates]

Active behavior can easily be forgotten even after years of practice. My fob is always in my keys and cards pouch. My pouch is always attached to my belt. I always wear the belt when I expect to be in public. This is an almost fully passive system and I have not been locked out of any vehicle or building since 2016.

[@Dominik-ui1zn]

49:30 There is an Economics channel I frequently watch: Economics Explained. They always say: “No one can predict the future, least of all economists.” One of the main reasons I watch them, also they make a yearly summary of their mistakes in past videos and try to correct them and often revisit topics in the future to get a new look on it.

[@HexenzirkelZuluhed]

I don't do twitter. If you could inform your audience when the book is released, I'd appreciate it. Will there be an audiobook version, do you know?

[@allenhershberger5562]

Good afternoon! love your info packed videos ❤

[@Jan-m5c2r]

The art of simplifying was practiced by e.g. Leo Fender in order to mass produce his electric guitars. The bolt-on guitar neck was a much faster proces than Gibson's glued-in neck and using the same pickup in all three positions on the Statocaster also makes processes and manufacturing more simple.

[@DanRosskopf]

underrated imo

[@favjr]

That was interesting, but yes the hat was distracting. It made me wonder if he was suffering from some condition and felt bad for him. The real issue here is that the guest obviously has superior skills to most people, so there is almost a "possibility effect" problem in that in taking his advice most of us would just fail because we don't have the skills he has. And what is easy or "obvious" to him is simply not to the rest of us.

[@vsolyomi]

Maybe a guest episode with Rory Sutherland? I think you'd enjoy the discussion and we'd enjoy the spectacle!

[@ionas99]

Hello Patrick great video, would love listening to you again

[@GregRobsonUK]

You just know that Patrick would be a fantastic dinner party guest.🙂

[@edwardclark8510]

yes! keys are my down fall. its a shitty feeling to be in the cold because you left your keys somewhere .So now when i go through my front door of my apt i have a nail 6 inches from the door that i trained myself to immediately put my keys on. also, i have 2x master lock key boxes around the area with more keys to my apt and work. Damn i feel secure. ter

[@erikincph]

His conversation he had with ChatGPT reminds of my conversations with my girlfriend where I am ChatGPT 😅

[@MACOO7.]

Totally engrossed .. extraordinary individuals..

[@adamrobinson8351]

Many thanks!

[@JimBridgerHarney]

I think the lesson the second virtuoso learned is that you can get a lot of good press by leaving your instrument in the back of a cab, and the odds of losing the instrument are very low.

[@adamrobinson8351]

It's an awfully risky way to get press Jim!

[@JimBridgerHarney]

Not if it was a fake. Then it’s normal publicity money.