#57 How To Be Smarter About Risk: Karen Firestone

This show may very well save you money, boost your career and help you make smarter decisions.  

It's about risk.

Our guest is Karen Firestone - author of the new book “Even The Odds - Sensible Risk Taking in Business Investing and Life."  She is President and CEO, of Aureus Asset Management, an asset management firm she cofounded after 22 years as a fund manager and research analyst at Fidelity Investments. Karen is a contributor to the Harvard Business Review blog.

"I think that sensible risk taking is something that we should all think more about," says Karen. She argues that most of us are too gullible.  "It's more fun to be enthusiastic and positive about the outcome of something that involves some risk than be pessimistic and skeptical."

Karen shares her personal stories and knowledge about investments, starting a firm, changing careers, surviving in the workplace and raising kids.  

Karen's four principles of risk taking:

  • Right-sizing. Consider how big the risk is before you commit to a decision. 
  • Right timing. Is this the right time to change your lifestyle or career?  For instance, don't open an ice-cream shop in November!Relying on knowledge and experience. Know as much as you can about the risk you are taking.
  • Remaining skeptical about promises and projections. "If you show up at a blackjack table and you don't know how to play, you are going to be out of money in five minutes."

#54 Fixing Our Habits: Smarter, Faster, Better Charles Duhigg

This podcast is all about how to have better habits and use them to be more productive in our projects, careers and everyday lives.  

We talk about to-do lists, email, mental models and making the most of our time with best-selling author,  Chares Duhigg.  His latest book is "Smarter, Faster, Better:  The Secrets of Being Productive in Life and In Business."  Charles is also the author of "The Power of Habit."

"Keeping your eye on that thing that matters most to you is the secret to success," Charles tells us.  "We need a mental model: a story we tell ourselves about how we expect our day to unfold."

Whether it's the importance of stretch and smart goals or our need to get out a rut or shed bad habits, this fun episode has smart solutions for all of us. Building on cutting-edge science and deep reporting, Charles uses storytelling to explain how productivity relies on making smart choices. 

Just one example: "We can turn a to-do list from a memory aid into a device that forces us to think a little bit more deeply about our priorities." Find more on this episode. 

Cynicism is a poverty of curiosity and imagination and ambition. -- Maria Popova. of BrainPickings

During their conversation in this episode, Richard and Jim mention the inspirational commencement address by Maria Popova - curator of brainpickings.org -  on the soul-sustaining necessity of resisting self-comparison and fighting cynicism.