Dr. Daniel Crosby - Follow Your Gift
This year on Standard Deviations, we are going to try something a little different. We will be running the episodes weekly now, there will be no guests, each episode will disappear a week after it publishes and we are really going to focus on meaning this season. In this episode, Dr. Daniel Crosby looks at why it ogten pays more to follow our natural talent, or gift, rather than our passion. Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making. Daniel was named one of the “12 Thinkers to Watch” by Monster.com, a “Financial Blogger You Should Be Reading” by AARP and a member of InvestmentNews prestigious "40 Under 40". When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.
Tune in to hear:
What novel approach did Hungarian Mathematician Abraham Wald utilize to better understand which parts of American planes needed improved armor during WWII?
What is “survivorship bias” and how did Abraham Wald avoid this?
Why does professor Scott Galloway suggest that we should follow our talent, or gift, rather than our passion?
What are the key differences between a fixed mindset and a growth mindset and what do life’s outcomes for each mindset look like, on average?
Why is effort more predictive of success in romantic relationships than passion?
Why do we tend to lose intrinsic motivation, or passion, for tasks for which there is an extrinsic reward like a paycheck?
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