Standard Deviations with Dr. Daniel Crosby

Tune in to hear:- Many are very focused on the behavioral coaching elements of behavioral finance, but overlook the upside of integrating the findings of behavioral finance into actual asset management. How can we be better about balancing the two?- Toews’ portfolios attempt to anticipate declines. How specifically does he go about that and what specific signals is he looking for?- How can we think about tactical signals in a world that moves so quickly, like we saw with the corona crisis?- What does it look like, specifically, to create an action plan for an unfavorable market?- Does Phillip ever worry that he’s unnecessarily planting seeds of fear and doubt where there are none?- How are we not thinking about bonds correctly these days?- Why are pre-commitments so vital, why do they work and what is the science behind them?- How can one strike a balance between being attune to the reality of the wealth destroying effects of market bubbles while not being so sensitized to them that you see them everywhere?www. biicoaching.comCompliance Code: 2441-OAS-9/10/2021

Tune in to hear:- What event prompted Dr. Howard to move from using a  market efficiency / rational markets framework to a framework of behavioral finance?- How can we discover market inefficiencies that are exploitable if the price is almost always wrong and not reflecting true value?- If the behavioral dislocations of market prices are so vast, and the price is always wrong, why is the industry so bad at generating persistent returns?- It appears that the “best ideas” of active managers do out perform the benchmark, but career risk and other incentives cause them to over-diversify. Why are these “best ideas” so powerful?- When choosing a fund manager - people often approach it by asking an “easy question” such as: how much money do you manage or how long have you been doing this? Why might these not be an optimal measure of their investment proficiency?- If Dr. Howard were to design a behaviorally-informed manager due diligence process, what would it look like?- How does Dr. Howard find, select and coach his clients to ensure that they are willing to take on his rather unconventional investment approach?- Lots of different specialists throw the word behavioral around, but what they are analyzing is often very different.What are the constituent parts of what Dr. Howard would call a behavioral signal?https://www.athenainvest.comCompliance Code: 2430-OAS-9/8/2021

Tune in to hear:- What was the process of launching Dr. Biyani’s business Udemy like?- As an entrepreneur, how do you know when you’re a visionary that may be early to an idea vs. when the market is simply telling you your idea isn’t worthwhile?- What advantages does virtual learning have over traditional learning and where might it fall short?- Does Dr. Biyani think that a lot of the all-star talent in a particular field get pulled into online teaching, leaving universities weakened or less relevant?- How might platforms like Udemy democratize education and bring down the rising costs of education?- What are some of the benefits of having a cohort in a remote learning setting?- Dr. Biyani had a previous entrepreneurial venture with 1,000 employees that ended up having to shut its doors. What lessons did he take away from this experience that might be instructive to inspiring entrepreneurs?- How much does appropriate timing and the luck associated with that have to do with having a successful entrepreneurial venture?www.maven.comCompliance Code: 2426-OAS-9/8/2021

Tune in to hear:- What gap did Dr. Chase see in the market? How has investment talent been traditionally vetted and how does this compare to how it optimally should be?- What specific personality assessments do they use and how do they settle on these?- How do Drs. Chase and Pogge utilize Rorschachs to vet different personality styles?- Taking results from a test like The Big 5 at face value might not tell you enough about someone’s personality. How can we further break these down into their constituent parts?- When looking for asset managers - what are some personality attributes that might qualify as a red flag?- How do you adjust for potential lies and deceit occurring in personality testing?- How might the personalities of a closing pitcher and a hedge fund manager look similar or dissimilar?- How do you strike a balance between finding a good fit for your team’s culture and not making “cookie cutter” hires?- How might a more scientific vetting process open the door to more diversity and inclusion in the industry?https://alpha-performance-psychometrics.comCompliance Code: 2404-OAS-8/31/2021

Tune in to hear:- Why do conversations about finances often take on such a moralistic tenor?- Is the moralizing of money a uniquely American problem or does this happen all over the world?- How can we accrue the benefits of being well off without falling prey to the lack of passion that can accompany this at times?- The possession-self link states that we don’t necessarily differentiate between the things we are and who we are. How does this play out practically?- Those with a clear mental picture of their future have positive money experiences and those with a vague mental picture of their future have more negative money experiences. Is this a chicken and egg sort of phenomena?- How can one start to cultivate an internal locus of control?- Sarah created her own form of budget called the ‘Loaded’ budget - what is the psychological upside to using this budget?https://twitter.com/finance_therapyCompliance Code: 2380-OAS-8/25/2021

Tune in to hear:- In a study that Eben helped conduct, clients were three times as likely to say they are very knowledgable about markets than their advisors were likely to say about them. Men had a similarly outsized response and were three times more likely than women to say they were knowledgable. Are clients overestimating their ability to understand markets or are their advisors not giving them enough credit?- What can the financial services community do to minimize the delta between who people are and how we see them?- What is Eben’s take away from men, in general, being more confident in their financial aptitude than women? Are they merely being overconfident?- Should advisors really work to temper their clients’ expectations of forward returns?- How can advisors give plans that actually stick and resonate with their clients?- Is it a financial advisor’s job to be a watch person for financial bubbles?https://toewscorp.comCompliance Code: 2276-OAS-8/12/2021https://biicoaching.com

Tune in to hear:- What is “flow” in a behavioral science context?- How do you begin to measure and study something like flow, which seems very ephemeral and hard to pin down?- Is it possible to reach a flow state performing a task/job you dislike?- How to we push past the stumbling block phase, with a challenging skill like drawing or skateboarding, and eventually work to a level of expertise or ease where flow states become possible?- We have a good sense of what flow looks like in athletics and fine arts, but how does it play out in financial professionals and what benefits does it accrue for them?- Is it within the scope of a financial advisor’s job to help their clients find flow?- If someone has never achieved a flow state, how might they begin to seek that experience out?- Has Jordan come across any surprising findings in his studies of motivation?linkedin.com/in/jordanhutchisonCompliance Code: 2239-OAS-8/9/2021

Tune in to hear:- What does Charlotte’s day to day role as a Chief Behavioral Officer look like?- Has the science of motivating employees shifted a great deal since The Great Depression or do other cultural or economic factors play into people’s loyalty to a particular company?- How accurately can people assess what motivates them to work?- What wrong assumptions do people routinely make about what motivates human behavior?- What is a simple randomized control trial (RCT) that a business could run without hiring 3rd party expertise?- What is Charlotte’s favorite RCT that she has overseen in her career?- Are their parts of human behavior that defy scientific examination?- What are some of the lessons we can learn from the “replication crisis?”www.peoplescience.comhttps://twitter.com/CharlotteBlankCompliance Code: 2237-OAS-8/9/2021

Tune in to hear:- Reese Harper has an advisory business, Dentist Advisors, that is exclusively for dentists. How did he take the first step to say no to everything else and how did choosing such a specific niche serve him well?- How did he land on dentists, in particular, as his niche?- Why do dentists, on average, retire 6 years later than their fellow Americans when they make 4x as much as the average American?- Dentists and Financial Advisors have the highest rates of suicide of any profession. What role does an advisor have in protecting and safeguarding the holistic wellness of their clients?- What is the most common contentious points for couples’ financial discussions?- What is the most unique & valuable element in Reese’s new mobile finance tool, Elements?- How can you use Elements to improve client behavior? www.getelements.comCompliance Code: 2055-OAS-7/20/2021

Tune in to hear:- How does Dr. Cherry implement “The Big 5” personality test in his practice? Does he approach clients with different personality traits in novel ways to better help them problem solve?- How were The Big 5 traits ultimately arrived upon?- How might one shift communication with their client if the client displays high levels of anxiety? Should the actual asset allocation look different for them or is the anxiety simply approached in the coaching process?- How can financial professional be authentic and transparent without making it totally about us and our story?- How does Dr. Cherry use life and money stories to help elicit trauma and what does he do with this information once it’s revealed?- What is “the stages of change” theory?- What is a money trauma that a client might need to admit before moving forward?- What’s the key difference between admitting you have a problem and acknowledging that?https://www.concurrentfp.com/financial-planner-dr-preston-cherryCompliance Code: 1938-OAS-6/30/2021