The Value of Storytelling in Communication

Today's show is centred on the expected cost of pessimism and how investor expectations of loss negatively affect financial decisions. After concisely exploring the data and literature on the subject, we get into a few solutions to this dynamic and talk about how to find a way around natural human tendencies and myopic loss aversion. We then get into our first Mark's Minutes segment, with our colleague Mark McGrath briefly explaining some interesting ideas about risk and tax-free savings accounts. For today's episode retrospective, we go over Episode 45 and the conversation we had with Moira Somers about effective communication and advice methods. Matthew Dicks, the author of Storyworthy then joins us to offer some insight into the utility of stories in the different areas of life, including financial advice, and more relaxed social settings. Matthew does a great job of describing and demonstrating how stories connect people, and allow ideas to flow in a natural and impactful way, so make sure to tune in.

 

Key Points From This Episode:

 

• Introducing the inverse relationship between subjective return expectations and expected returns. (0:02:55).  
• Potential solutions to this issue; checking investments less frequently, ignoring financial media, healthy advisor relationships, and more.  (0:15:39)
• Mark's Minutes: Mark McGrath shares some background on the TFSA and its positive and negative sides. (0:22:59)
• A quick recap of our episode with Moira Somers and its lessons on effective financial advice. (0:30:36)
• An introduction to Matthew Dicks and some thoughts on storytelling. (0:32:05)
• Matthew talks about the power of storytelling to shape the world. (0:36:35)
• Strategies for finding, crafting, and telling great stories. (0:41:45)
• Matthew weighs in using storytelling in the world of investing and financial advice. (0:48:23)
• Finding the value in your own personal data and experience. (0:52:04)
• Today's after-show: upcoming events and news from home. (0:54:40)

 

Participate in our Community Discussion about this Episode:

https://community.rationalreminder.ca/t/episode-237-the-expected-cost-of-pessimism-plus-matthew-dicks-on-the-value-of-storytelling-discussion-thread/24887

Join Our Live Event:

What Are my Options with my Options? - https://us06web.zoom.us/webinar/register/3916910040743/WN_PsbTZ8CqR_SvFNdpy5oIKA

 

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ 

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Matthew Dicks — https://matthewdicks.com/

Storyworthy — https://matthewdicks.com/storyworthy/

Storyworthy: Engage, Teach, Persuade, and Change Your Life Through the Power of Storytelling — https://www.amazon.com/Storyworthy-Engage-Persuade-through-Storytelling/dp/1608685489

Homework for Life TED — https://matthewdicks.com/homework-for-life/ 

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp?originalSubdomain=ca