Risky Business with Nate Silver and Maria Konnikova Taking Risks in Business, Poker, and Life (with Bill Perkins)
28 snips
Aug 8, 2024 
Bill Perkins, a legendary energy trader with a unique approach to risk, dives into the art of risk-taking in business, poker, and life. He shares insights on the emotional stakes of decision-making and the importance of balancing calculations with personal values. The conversation touches on the Kelly criterion for managing bets, the psychological barriers to embracing failure, and the thrill of art collecting at auctions. Perkins emphasizes how unrepeatable crises shape our choices and enrich our experiences.
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Cookie Jar Risk
- Bill Perkins discusses early childhood experiences with risk and reward.
- He uses the example of taking a cookie from a jar and getting caught.
Early Risk Aversion
- Early life experiences shape risk aversion, even if initially intended for good.
- Perkins notes that societal messaging often equates failure with negativity.
Paternal Influence
- Perkins' father's risk-taking attitude, influenced by racial discrimination, inspired him.
- This upbringing allowed Perkins to align his emotions with expected value.