Knowledge is power: it’s time to learn the story behind the numbers
Jan 15, 2024
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Michael Lewis, well-known finance author and journalist, and Amit Bendov, CEO and Co-Founder of Gong.io, discuss the power of storytelling, the importance of data literacy, and the potential impact of AI. They challenge preconceived notions with data and emphasize the role of humans in interpreting information. The speakers also explore the benefits of cross-training in writing and reflect on shifting perspectives towards AI.
Storytelling paired with data can be a powerful way to change minds and challenge conventional wisdom.
Resistance to statistical understanding is deeply rooted in our cognitive processes and biases, making it challenging to change people's mindset and overcome their resistance to data-driven insights.
Deep dives
The power of storytelling over data
In the podcast episode, Michael Lewis discusses how our minds are governed by narratives and stories, rather than data and statistics. He explains that our narratives are often infected by biases, which makes it difficult to change our preconceived beliefs. When faced with facts that contradict our narratives, we tend to be hostile or dismissive. Lewis emphasizes the importance of storytelling, which combines facts, personal experiences, and biases to engage and persuade people more effectively. He gives examples like the success of the movie Moneyball, which challenged traditional baseball strategies using data and analysis. Lewis suggests that storytelling paired with data can be a powerful way to change minds and challenge conventional wisdom.
The challenges of applying data and statistical thinking
Lewis acknowledges that human beings are not naturally inclined to think in terms of data and statistics. He cites the work of behavioral psychologists Kahneman and Tversky, who found that people tend to default to storytelling rather than statistical thinking, even when presented with statistically correct answers. This resistance to statistical understanding is deeply rooted in our cognitive processes and biases. Lewis explains that it's not until recent times, with the accumulation and analysis of more data, that statistical thinking has become more prevalent in various fields. However, he also highlights the challenges of changing people's mindset and overcoming their resistance to data-driven insights.
The impact of AI on storytelling and expertise
The conversation between Lewis and the host also touches on the impact of artificial intelligence (AI) on storytelling and expertise. They discuss how AI can summarize existing material and perform mundane tasks that don't require human creativity. While AI may replace certain jobs, Lewis believes that the essence of his work, which involves observing human interactions, conducting research, and presenting unique perspectives, is not easily replicable by AI. He notes that AI-generated content lacks the depth, intuition, and originality that comes from human experience and storytelling. Lewis also expresses optimism about the potential of AI to assist in research and serve as a research assistant rather than a threat to expertise.
Improvement, process, and creativity
Lewis shares insights into his personal approach to improvement and creative process. He describes his work ethic as lazy and unreliable unless facing a strict deadline. He emphasizes the importance of avoiding repetition and constantly challenging oneself to hit new notes and explore new avenues in writing. Lewis highlights the benefits of cross-training by engaging in different forms of writing, such as scripts and podcasts, which enhance his storytelling abilities and provide fresh perspectives. He also mentions the significance of the physical aspect, reading his work aloud to identify and refine areas for improvement. Overall, Lewis's approach focuses on continuous learning and experimenting to enhance his craft.
Interested in finding that sweet spot where data literacy and narrative fluency meet?
It's not always a sign of strength to use facts to support a new way of doing things—understanding the story they tell has importance, too.
Get ready to feel empowered by the natural human draw to stories and the truth about how data can contradict people's beliefs.
Therefore, using facts to promote a new approach isn't always the best option.
We had the honor of sitting down with @Michael Lewis, the well-known financial journalist and publisher of many New York Times bestselling books, and @Amit Bendov, CEO and Co-Founder of @Gong.io., who both know that stories help us make sense of the world. They also know that when algorithms and AI join the ring, we will still depend on humans interpreting what data can't.
Listen to this episode for tips on thriving with a healthy balance of data literacy and story fluency.
