The Battle of Midway. Saltine crackers. Carnival games. What do these seemingly unrelated things have in common? Well, they’re connected by a common psychological trap—one that affects the way we all make decisions. In this first episode of Choiceology with Dan Heath, we reveal this bias and explain how it affects decisions, big and small. Jonathan Parshall tells the dramatic story of how it influenced the course of history during a World War II battle. A ridiculous cracker-eating contest demonstrates the pitfalls of this bias in real time. And Professor Don A. Moore explains the history and psychology behind the bias and offers advice on how to minimize its effects. Learn more about how this bias may be affecting your investing outcomes in this article. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a ⭐️⭐️⭐️⭐️⭐️ rating or review on Apple Podcasts. (0218-8W73)

American historian Jonathan Parshall joins the conversation to shed light on Iwo Jima's critical role in World War II. He unpacks the brutal realities faced by U.S. Marines, the cunning Japanese defense strategies, and the intense combat conditions. The iconic flag-raising moment on Mount Suribachi is explored, revealing its deeper historical complexities. Parshall also reflects on the haunting legacy of the battle, showcasing contrasting perceptions of victory and loss, and the psychological toll on soldiers, both American and Japanese.