Behavior Gap Radio

In this episode of Behavior Gap Radio, Carl tackles the hype and fear swirling around the “Magnificent Seven” stocks and the temptation to either go all-in or get out entirely. He explains why a disciplined investor doesn’t chase hot names—or panic when a single stock grows to 7.5 percent of the S&P 500. Instead, they rebalance based on allocation, not predictions. If something grows beyond its intended weight, you trim it—not because you’re smart enough to call the top, but because it’s out of balance relative to your goals and values. A clear, grounded take on investing like an adult. Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this discussion, the focus turns to investor behavior and the notorious behavior gap. Carl highlights Peter Lynch's impressive 29% average return with the Magellan Fund versus the mere 7% earned by average investors. A Fidelity study reveals many investors lost money due to poor timing. The conversation stresses how big gains entice investors to buy high, leading to underperformance. It underscores the tendency to sell after losses and the necessity of having guardrails to maintain effective investment strategies.

In this episode of Behavior Gap Radio, Carl returns to his roots and digs into the heart of investing: having a clear, defensible process. Whether you’re an advisor, a planner, or simply someone who invests, he challenges you to ask one simple question: Why are you invested the way you’re invested? Carl explains why relying on headlines, hype, or a single podcast won’t cut it—and why writing down your investment process, as if you had to defend it in a room full of smart people, might be the most important exercise you do before the next real test arrives.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this short episode of Behavior Gap Radio, Carl reflects on how easy it is to drift into tracking the wrong metrics—the ones the world cares about, not the ones that actually matter to you. When your attention slips to measures that don’t align with your values, things get messy. The antidote is simple but essential: get clear on what matters, then measure only that.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this Field Note episode of Behavior Gap Radio, Carl shares a real-time lesson from the chaos of airline travel during his book tour. When you’re navigating a complex adaptive system—whether it’s airports, markets, or major life decisions—the key variable is information. Carl walks through how to gather what you can, when to stop analyzing, and how to take small “micro-actions” designed to generate the highest-quality information for your next move. A short, practical reminder for anyone facing uncertainty.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this episode of Behavior Gap Radio, Carl explores what he calls the discipline of more—or what he sometimes calls the bigger yes. Instead of fighting bad habits through willpower, he suggests crowding them out by filling life with things you love. From moving woodchips under a headlamp to swapping screen time for saunas and books, Carl shares how choosing a “bigger yes” creates space for what matters—and quietly leaves no room for what doesn’t.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this episode of Behavior Gap Radio, Carl shares a favorite quote from explorer Rick Ridgeway: “The best journeys answer questions we never thought to ask.” He reflects on what that really means—that the purpose of a journey isn’t to chase answers, but to discover better questions along the way. Whether it’s a mountain adventure, a creative pursuit, or the quiet work of introspection, Carl asks: How can we systematically put ourselves at risk for good things to happen?Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this episode of Behavior Gap Radio, Carl introduces a phrase he’s been searching for: ecological naïveté—the idea that our instincts were perfectly suited for a world that no longer exists. Using examples from nature and investing, he explains why our ancient wiring makes us want to run from market drops and chase safety, even when we know better. The takeaway? You’re not a bad investor—you’re just human. The work isn’t to fight those instincts, but to notice them with compassion and patience.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this Field Note episode of Behavior Gap Radio, Carl shares a simple but powerful practice: extreme assumption questioning. From $5 million sailboats to retirement goals and client meetings, he shows how many of our “facts” are really just unexamined beliefs. By treating assumptions like a game—asking, “What if this isn’t true?”—we create the space for new, creative possibilities to emerge.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/ 

In this episode of Behavior Gap Radio, Carl explores what he calls “big stupid human tricks”—the kinds of goals that force us to grow into new people. But instead of running a marathon or climbing a mountain, he wonders if the hardest challenge might actually be internal. What if the real adventure is a silent retreat, putting your phone away, or sitting quietly with yourself? Carl reflects on how the scariest terrain to navigate isn’t out there—it’s in your own heart.Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/