We’ve curated a list of 5 of the top trading podcasts, featuring some of the industry’s brightest and best minds. Listen to one of America’s best-known professional female poker players discuss her background in academic psychology, and hear from Howard Marks, chairman and co-founder of Oaktree Capital Management.
You’ve got to know when to hold ’em
Annie Duke, one of America’s best-known professional female poker players, outlasted 64 competitors in the 2010 National Poker Championships, bagging herself $500,000 and becoming the first female winner of the tournament. Duke is raked in almost $4.3m over the course her career, and with a background in academic psychology, her insights into risk, probability, the nature of luck and decision making have piqued the interest of Wall Street. In recent podcasts she has chatted to CMC Market’s Michael McCarthy on what drew her to the the male-dominated game of professional poker, and discussed with Barry Ritholz of Bloomberg how to use probability in day-to-day life, and why outcome and process are less connected than you think.
“As human beings we create an incredibly tight link between the quality of the outcome and the quality of the decision. [But you] can have a good outcome from a very bad decision process [and] a bad outcome from a very good decision process.”
Invest like the Best
Bethany McLean, Vanity Fair’s contributing editor, has tracked the ups and downs of many a Wall Street catastrophe since joining Fortune in the 1990s, covering the likes of Valeant, Wells Fargo and Fannie Mae and Freddie Mac. As the woman who broke the Enron scandal in 2001 and the author of The Smartest Guys in the Room, she shares her thoughts on the difference between a visionary and a fraud (spoiler alert – less than you think), as well as what’s happening in the US energy and mortgages markets today.
“It’s never as simple as people doing bad things because they want to extract money. There is always a mixture of self-delusion, rationalisation, greed, but greed in the service of ego and not money per see, and also idealism… When people convince others to believe they usually believe themselves.”
The Tim Ferriss Show
Howard Marks, chairman and co-founder of Oaktree Capital Management, which has more $120bn in assets, was one of the few actors on Wall Street who prepared for and capitalised on the 2008 financial crisis. Warren Buffett is a fan of his memos, from which Buffett “always learn(s) something”. He discusses how to master markets cycles, the three stages of a bull market, and bitcoin, with Tim Ferriss for a master class in clearer thinking.
“You can prepare, you can’t predict. We knew the market was dangerous because of the behaviour of others. We didn’t know [mortgaged-backed securities] at the time, it was a tiny corner of the market, but we were prepared because we knew, simply, that we were on dangerous ground.”
The secret life of a CEO
Ray Dalio, founder of the biggest hedge fund in the world, Bridgewater Associates, knows a thing or two about success. In fact he has written a book – Principles – designed to help people achieve just that. He speaks with Dubner about his recipe for success, why it so often involves failure and why he prefers to work in a meritocracy.
“If you’re not being clear and truthful about what you’re thinking, then in my opinion what you’re doing is being very inefficient, because everybody doesn’t know what everybody else is really thinking, and you’re probably reducing your probabilities."