On today’s episode, Clay chats with John Jennings about his new book - The Uncertainty Solution.&nbsp;John Jennings is President and Chief Strategist of St. Louis Trust & Family Office, which has $12 billion dollars in assets under management.&nbsp;He is also a member of the firm’s Management Committee, on its Board of Directors, and also serves on the Investment, Risk Management, and Trust Committees. John works closely with client families, advising them in all areas of wealth management.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:38 - Why humans are hard-wired to avoid uncertainty.06:40 - Mental models we can use to invest more intelligently.10:08 - How humans tend to react when faced with uncertainty.16:56 - Why we are wired to quickly come to conclusions and tend to confuse correlation with causation.27:17 - How the improbable is much more probable than we might expect.32:13 - Why the economy is not directly correlated with the stock market.47:51 - Where investing falls on Michael Maubbousin’s Skill vs Luck continuum.1:00:53 - How behavior biases like loss aversion and overconfidence affect our investment decisions.1:06:14 - How storytelling can trick us into making poor investment decisions.1:10:13 - What base rates are and understanding base rates can help us make more intelligent decisions.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>John’s new book - <a href="https://www.amazon.com/Uncertainty-Solution-Invest-Confidence-Face/dp/B0BWSK54V1?keywords=the+uncertainty+solution&qid=1684006032&sprefix=the+uncert%2Caps%2C100&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=45c3b9e4a21cb016bbc3542c8d11f422&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">The Uncertainty Solution</a>.</li><li>John’s <a href="https://johnmjennings.com/" rel="noopener noreferrer" target="_blank">website</a>.</li><li>John’s firm - <a href="https://www.stlouistrust.com/" rel="noopener noreferrer" target="_blank">St. Louis Trust & Family Office</a>.</li><li>Check out our newly released <a href="http://theinvestorspodcast.com/mastermind" rel="noopener noreferrer" target="_blank">TIP Mastermind Community</a>.</li><li>Check out our recent episode covering the <a href="https://link.chtbl.com/WSB551" rel="noopener noreferrer" target="_blank">2023 Berkshire Hathaway Shareholder Meeting</a> or watch the <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-annual-shareholders-meeting-2023/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Follow Clay on <a href="https://twitter.com/Clay_Finck" rel="noopener noreferrer" target="_blank">Twitter</a>.</li></ul>NEW TO THE SHOW?<ul><li>Check out our&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts)&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios:&nbsp;<a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our&nbsp;<a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter,<a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">&nbsp;We Study Markets.</a></li><li>Learn how to better start, manage, and grow your business with the&nbsp;<a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/" rel="noopener noreferrer" target="_blank">best business podcasts</a>.&nbsp;</li></ul>P.S The Investor’s Podcast Network is excited to launch a&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a>&nbsp;devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a>&nbsp;today!SPONSORS<ul><li>Have peace of mind knowing&nbsp;<a href="https://river.com/" rel="noopener noreferrer" target="_blank">River</a>&nbsp;holds Bitcoin in multi-sig cold storage with 100% full reserves.</li><li>Join over 5k investors in the data security revolution with&nbsp;<a href="https://invest.atakama.com/wsb" rel="noopener noreferrer" target="_blank">Atakama</a>.</li><li>Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with&nbsp;<a href="https://equitymultiple.com/wsb" rel="noopener noreferrer" target="_blank">EquityMultiple</a>.</li><li>Make connections, gain knowledge, and uplift your governance CV by becoming a member of the&nbsp;<a href="https://aicd.com.au/member" rel="noopener noreferrer" target="_blank">AICD</a>&nbsp;today.</li><li>What does happen when money and big feelings mix? Tune in to find out on the new podcast,&nbsp;<a href="https://podcasts.apple.com/ca/podcast/open-money-by-servus-credit-union/id1674940247" rel="noopener noreferrer" target="_blank">Open Money</a>, presented by Servus Credit Union.</li><li>Apply for the Employee Retention Credit easily, no matter how busy you are, with&nbsp;<a href="https://getrefunds.com/" rel="noopener noreferrer" target="_blank">Innovation Refunds</a>.</li><li>Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with&nbsp;<a href="https://ndtco.com/" rel="noopener noreferrer" target="_blank">New Direction Trust Company</a>.</li><li>Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with&nbsp;<a href="https://www.viator.com/" rel="noopener noreferrer" target="_blank">Viator</a>. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.</li><li>Send, spend, and receive money around the world easily with&nbsp;<a href="https://wise.com/tip" rel="noopener noreferrer" target="_blank">Wise</a>.</li><li>Beat FOMO and move faster than the market with&nbsp;<a href="https://alpha-sense.com/fs" rel="noopener noreferrer" target="_blank">AlphaSense</a>.</li><li>Support our free podcast by supporting our&nbsp;<a href="https://theinvestorspodcast.com/sponsors" rel="noopener noreferrer" target="_blank">sponsors</a>.</li></ul>HELP US OUT!Help us reach new listeners by leaving us a&nbsp;<a href="https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit" rel="noopener noreferrer" target="_blank">rating and review</a>&nbsp;on&nbsp;<a href="https://podcasts.apple.com/us/podcast/we-study-billionaires-the-investors-podcast-network/id928933489" rel="noopener noreferrer" target="_blank">Apple Podcasts</a>! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at <a href="https://art19.com/privacy" rel="noopener noreferrer" target="_blank">https://art19.com/privacy</a> and California Privacy Notice at <a href="https://art19.com/privacy#do-not-sell-my-info" rel="noopener noreferrer" target="_blank">https://art19.com/privacy#do-not-sell-my-info</a>.

Podurama

Home

Trending

Personal

Your Podcasts

New Episodes

My Files

Favourite Episodes

Tags (Folders)

Recently Played

Bookmarks

Followed Playlists

TIP554: Mental Models for Successful Investing w/ John Jennings

We Study Billionaires - The Investor’s Podcast Network