THINKING FAST AND SLOW SUMMARY (BY DANIEL KAHNEMAN)
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- Опубликовано: 8 май 2024
- Support the channel by getting Thinking Fast and Slow by Daniel Kahneman here: amzn.to/2MlaWXf
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In this animated video summary, I will present the top 5 takeaways (for investors!) from the psychological biases presented in Daniel Kahneman’s Thinking Fast and Slow.
Part 2 of Thinking Fast and Slow: bit.ly/2SiFPhQ
Top 5 takeaways from Thinking Fast and Slow:
00:00 Intro
00:54 1. Fast and slow thinking - System 1 & 2 introduced
03:03 2. The priming effect
05:59 3. The anchoring effect
08:18 4. The framing effect
11:32 5. Cognitive ease/substitution
TL;DW:
- Humans have two decision making systems, and problems start to occur when system 1 is used in a system 2 situation (or the other way around)
- Avoid being a victim of priming (in the stock market) by establishing a system with predefined criteria for buying and selling stocks. Don’t let your surroundings influence you too much.
- Stocks are NOT cheap just because they have gone down in price - it’s only the anchoring effect that makes us believe so
- How you frame something can make a huge difference on how the message is perceived. A number presented without its proper context may be quite misleading.
- Because of cognitive ease, we tend to substitute some difficult questions for simpler ones. “Invest in company A?” becomes “Do I like company A?”.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Part two: ruclips.net/video/B-__ttBnBzI/видео.html
Have you been a victim to any of the biases? 🧠 I know for sure that I have! Share your experiences with us in the comments below! ⏬
Hej, tack för det här. Tror ni att ni kan ladda upp både delar som en enda video? Då kan det bli lättare för oss att skicka er gratis visningar.
Fuck, you speak do fast here. Haha. I see what you are doing
I find I have to slow myself when buying stock. You can buy stock with a click: it's way to easy. I have to make sure I build in slowing-processes (say write down why I want to buy something) to stop myself from buying on impuls - because I have, in the past.
😊😊😊
😊😊
This is more clear and understandable than the other summary vids I've watched. This deserves a million views.
not for me
Thanks. I just finished the book, but because English isn't my native language. I always watch these kind of videos when I finished reading a difficult book
Keep up the good work
yeah. Nearly same with me.
I saw other review on this book. But this piece is the best I have ever seen. Thanks a lot for your contribution.
Cheers Emdad Rony, I appreciate your kind words! 🙌
I saw the guerilla but only counted 3 passes🤦🏽♂️😩
same here lol
The video was cut short I guess. 3 times I noticed as well.
Me too
Me too
@Seth Hanson i counted 4. watched it over and over. Only 4 passes
Examples are really nice..keep it up..
I am also in love of this book since i read it..👍👍
Quite a good effort by swedish investor. Loved the way the examples were put up.
Thank you for the wonderful summaries!
Great lessons applicable to all aspects of life - not just investing.
First youtube video that actually makes me grab a piece of paper without hesitation. Awesome content!
Awesome to hear Ricardo! Happy that you find this valuable 👍
ruclips.net/video/PryN5yDAJR0/видео.html
This is a hard read for me. I’m working at being able to read the whole book lol. Great video thank you!
Killer as usual! you should come up with a top 10 takeaways from your first 50 books. Put those takeaways in an easily digestible pdf. then sell it for like 5-10$ (USD) so we can focus on the biggest takeaways for our lives. I bet you could have a lot of sales if you are selling it for just a few bucks. Great to see you with 117k subs now my man!
Anyway, keep up the wonderful book reviews!
Thank you Shaggy, both for your suggestion and of course for the support! Regarding the top 10 takeaways idea, I'll consider it 👍
ruclips.net/video/PryN5yDAJR0/видео.html
Thank you for the video it saved a month reading time for me !
LOVE such content!!
7:00 anchoring affect
9:10 framing effect different ways of presenting same information invokes different responses
I'm grateful that I found your video
Excellent channel. Regards from Venezuela
You have the best summaries
I got this book in combo with the mindfulness meditation workbook "30 Days to Overcome Procrastination" by Harper Daniels. Both were beneficial to me in setting up a time management plan and mindful routine.
Thank you🤗❤
Thank you.
In the 1/1000 disease section they are not the same question, question 1 acts on the premise you have already been exposed, question 2 acts on the premise you are being invited to be exposed in the future.
I like this book too !
I have been listening to the auto version of the book and It's has been very thearopy for me .
IAM about eight hour into the listening version but I give this book , five stars .
Thank you for your version of it too .
The writer of this book knows how to reach the difficult feelings an everyday person may be struggling with , and his words explain and give good ways to put things togather about diffacult thoughts and or behaviors in the mind that seems as if it can't be explained for whatever reason .
He , the narrator explains the things one's mind might be struggling with to make sense of , and again the book is good .
I got get back to listening to the other two hours of it .
I just been so busy as a struggling student and trying to make sense of behavior , I in counter often in my everyday life of conversations .
Now days , some people and not all want to know to much about what 9thrr people are thinking and I find that to be not normal .
The book explain varies levels of thinking and how to know what happening with certain kinds of mind thoughts that bring on questions of why .
The book goes in-depth of the how to , what is aquiring with simple things as mathematic figures , and counting is something that had to be accurate because those are things that let us as people , not let others interrupt for prevention to a health mind .
It's all about getting the mind thinking healthier thoughts and once you listen to how ,
the book is designed .
It does exactly that , listening or reading to the book makes you feel so much better and focused , the how to be stronger in the mind .
plus , the writer is very smart for being write such
a good book like this ; it's wonderful .
how ,
he explains certain things in the book and it's amazing ways on to focus better to think clear enough to do basic mathematics , is great feeling , the writers purpose is honored by me because it lets you know of your own mind control , and never anyone else .
I can't say enough about the book because it's a great five star book .
The book let's you know your mind is your own mind and it feels good to know that someone wrote something for those ,
who might not need to be reminded of it but it does feel amazing that a person knows some people struggling knowing certain things about the mind and getting hold of ones on thoughts is always with healthier thinking that could be fast or slow thought patterns too, but the writer supports people in a great displined mind set to think without doubt , for oneself .
He is a great author and I grateful and thanful that he wrote the book because it's given me great techinics for thinking better with more clarity with my own mind , being able to know it is important to be able to do basic math with struggling with other thoughts
A learning book and it is very theapretic for me , and
It is a five star book...
And thanks to the person who provide good content on this channel .
You have good topics for the listening audience too .
Thanks for your good videos .
great work!
This channel is great
that stock chart that went from 30 to 10 foreshadowed $AAL pretty damn well
4:52 Awe inspiring!
Another nice and useful video. Where can we download a PDF of the whole whiteboard?
The thing with the vaccine is somewhat odd. On the first case, the actual probability of getting the disease is 1/1000. But for the second one, the probability is zero if you not choose to participate, which makes the cost higher to crank up the probaility from zero to 1/1000 in that case.
Exactly what I was thinking of. The two questions can not be equalized and compared as shown in the video.
Agree!!! This is what I think too!!!
Lol I immediately saw inventor and fat because before that, I intuitively knew you were testing the priming effect. I've seen too many psychology videos o.o
Awesome video!
I can't confirm that the choice on slide 4 is equally distributed, as you would pay little money for no downside at all. Or receive a little more money with a possibly devastating down side by.
Thats what I was thinking. Option 2 has the a choice to be 100% free from risk. Where are option 1 lacks the choice to be free from risk. In option 1 you have the risk of death thrust upon you
I'm new to stock/etf trading. I never learned to be scared and sell when I see a drop, even if the drop is 20% or more in 24 hours. Thanks crypto for taking that fear away from me. I see crashes as stocks on sale.
4:03 1st thing i thought of was inventor and fat, plus the actual choices never even popped up in my mind
Thanks 😊
Example #4. assumes the subject wants to generally avoid death in the first place, not everyone is
Love the vids! Can’t believe stupid videos gets a lot of eye traffic but videos like this are seen only by handful of peaople.
Great job
Cheers man! 🙌
Nice! :) 10/10
Heey, that's awesome to hear man, thank you! 😁
Thank's for sharing these lovely summaries. Please try to talk at a much slower pace.
watch in 0.75x
This book is a bit of a time consuming read. This video saves a lot of time by summarzing the main takeaways :)
I disagree with example #4. I do not feel that they are equal. In one we are randomly exposed to an illness and the other we volunteer to possibly get the disease. Huge difference.
More like the difference between having been already exposed and doing something about it vs agreeing to be exposed in the future. It's the difference between being in a covid hit area and paying for a vaccine, or being paid to volunteer to go to a covid hit area (with no option of vaccine), - the chances of catching it+death in both areas being the same. The amount you get paid to risk death and the amount you pay to avoid death both theoretically put a value to your life. But I agree that emotionally they seem different, which is the point of the video/book I presume.
I LOVE YOUR VIDEOS...I HAVE A BIAS BECAUSE YOU ARE INTELLIGENT LOL...
Haha thank you man. Best bias I've heard about so far! 😀
based on the questions asked so far, I answered the opposite of the examples provided and is making this irrelevant to me. Is my intuition or Mindset 1 and 2 switched, Cause I think i understand the underlying explanation. it just doesnt apply to me. Example
the coffin questions i said yes right away cause funerals are at an all time high atm due to covid-19 do i like funerals absolutely not, but im sure in times like now its sure to boom due to high demand. and will peak when competition arrises
In #4, the utility of extra money from volunteering is not the same as the utility of current money in the first question. It's not equivalent.
THX
I got all these excercises different than expected from "most people" and I'm confused now 😅
7:00 But what if I were correct?
Yes, I do look at maps way too often.
8:37 now there's an ACTUAL problem right there!
ruclips.net/video/PryN5yDAJR0/видео.html
I saw the gorilla, but wasn't able to keep track of how many times the girls in the white shirts passed the ball
I counted with the video on slow motion. Even counting those the girls in black and the girls and white it’s still didn’t add up to 16 passes
For me l had no problem seeing the Gorilla but l only managed to see 4 passes for the white shirts
Same here
@@sauravfx i don't think that wasn't the whole video that as only a part of it
@@mr1slay943 yeah, realised it later
My issue with 4 The Framing Effect is that in the first example you’re exposed to a disease and have no choice in the matter. In the second example you have a choice as to whether you’ll be exposed to the disease.
Some reason eith the priming affect I said investor (and immediatly after thought inventor) and for the second one I thought fat, and the fet but knew that it didnt work
10:10
Wow
I saw the Gorilla and counted 3 times ball passed by white
I filled in the blanks investor and fat
Don't know what does that mean but anyways it's quite good video to understand psychology.
same hahahahaha
At number 5 i choose yes, but because i think from financial side already
I like the GE stock chart.
ruclips.net/video/PryN5yDAJR0/видео.html
I've just completed a course on the Neuroscience of decisions and learned system 1 and 2 but hadn't considered applying the learning to my trading. Doh!
Pretty certain this will minimise the losses by cutting out the system 1 impulsive, trades
for the second try after seeing you stated the correct answer was 16 i didn't see the gorilla, i was too concentrated to count the passing counts which remained 4.
Sorry, the clip was removed because of copyright reasons!
Or, rather, it was trimmed
love from China❤️
Wonderful, cheers! 😁 Wish they will remove the ban in the future!
The Swedish Investor pls I want to be friend with you pls ?
4:52 I forgot to turn volume down
very interesting video! I counted 4 and saw the gorilla and the belly was kinda disturbing XD Just kidding, awesome work, thank you.
Sorry to be the spoilsport in all of this but... I saw the gorilla and wasn't quite sure why it was in the picture. However, you asked "how many times the girls in white shirts passed the ball".
If that was the question, is there any motive why I should be pointing my finger at the gorilla, the red curtains or the wooden stage floor for that matter? Why is the noise important?
Good
I think in fact gorilla was apparently visible. But i saw similar video in the past in which i missed the gorilla
I was watching this at night. Don't ever dare again to put an horror film reference ffs 😂
Coffins in general will be always needed,and facing the future war coming, might be even better, especially if they have militar contacts I do probably invest. This stuff will definitely not be overheating by beginners investors so they won't be falling that much when bubble wrap, and if the company is here for 5-10 years it is not that bad.
Why does no one talks about "How many times the girls wearing white shirts have passed the ball" is equivalent to 16, I just counted 4😶
Commenting for better reach
i chose inventor nd fit
not mil subs yet? noo!! please put shorts in the channel so you can get more subscribers
I read the book but im too dumb to understand it completely , thats why im here
I don't get the priming effect. I chose the second option "inventor" and "fat"
Im not in 100% agreement with #4 The Framing Effect example. Consider someone who looks at the question from the point of view of inheritance or net worth. 1 Diminishes the persons net worth to avoid the 1/1000 death so if the price isnt paid and they are the 1/1000 their net worth is unchanged. In 2 the price asked to participate is added to the persons wealth/inheritance, so if they are the 1/1000 the outcome for their family is different. Yes the odds are the same but the inheritance consequences are different.
This is seen in people participating in risky behaviours who have large life insurance policies. They consider that their current worth to their family is so low that the insurance money is better than them being alive. Someone in that mindset would not diminish their already low value even further (1) but would ask as much as possible to take on that added risk (2).
Danny 4 President 🤓
Did you had idea of Corona prior to December 2019. Not a hindside bias. Just on a lighter side.
I immediately said YES to investing in coffin-making company.
On the 5th take away, I answered yes. why?, because think about it: death is a constant event happens everyday. think of the number of people that will buy a coffin for their lost one.
kind of missed up but true.
❤
I got “ investor” and “fat”; should I be worried?
I’m still just confused about how the number was SIXTEEN in the fist video!!!!! I counted like 4 or 5. Lol wtf. Did they skip ahead in the vid???
I did not answer any of your questions as predicted. Please recognise that people are primed to different extents, some more than others.
I said yes to coffins because the demand of coffins will constantly grow .So I am mad man :(
Thanks for the dedication! Thanks for improving the Genral IQ of humanity …lol.. for sizzle tho
There are numbers to consider. But I believe that people still want to be buried in coffins for whatever reasons.
saw the gorilla but couldn't count the passes. i came up with investor and fat. i said 'yes' on the coffins, but not because i LIKE them??? coffins are generally a necessity unless cremation is going up, so a coffin and/or funeral based investment seems like a pretty stable investment to me.
I can’t be the only one who didn’t care to count the balls.. I was just confused and laughing why a gorilla walked in
would you talk slowly so that we get what you are saying? We are here to learn, doesn't matter what is the length of the video.
Change the playback speed
what if we came up with inventor and fat ???
👌👌
I guessed Inventor and Fat. Is something wrong with me ?
I nailed the sweeden thing xd
Reach me⬆️⬆️📩
inventor and fit xD
I saw the gorilla and counted 9 times am i bugging out coz i rewatched it 10 times and counted 9 10 fooking times wtf is happening
4:52 is all you need to listen to.
Daniel Conman?
You 👆👆👆 are the best, you saved me from financial breakdown, I will share you to everyone I know because you are the only legit trade 💯
I count 4 times with noticing the gorilla
The girls in white are passed the ball 4 times. Why did it say 16?
Is it weird that I say inventor and fat? 3:53
Mine too; inventor and fat