Historian Mary Stockwell discusses American Revolutionary War strategies of retreat and regrouping. Behavioral scientist Alex Imas explains risk-taking after realizing losses. The podcast explores the impact of loss realization on decision-making and the benefits of taking breaks to reset risk preferences.

Behavioral economics expert Alex Imas, from the University of Chicago, discusses a study revealing how professional investors struggle with cognitive biases in buying and selling decisions. Despite success in buying, they perform worse than chance in selling. Emphasizes the importance of balancing attention in both decisions and avoiding heuristics for optimal returns.