University of Oxford economist John Kay joins the podcast to discuss his recent book, "Radical Uncertainty" and its lessons for financial markets in the age of COVID-19.

Content (Spotify users can skip to the segment by clicking on the timestamp):

• The premise for the book: Frank Knight, Milton Friedman and the pendelum of probabilistic reasoning (1:20);
• It is "almost impossible to overstate" the influence of efficient market reasoning on economic and financial market models (4:02);
• Radical uncertainty: There is a great deal of information that cannot be realistically thought about probabilistically. Enter COVID-19 (8:20);
• What's an investor to do with this information? (10:15);
• Financial modeling has conflated risk, uncertainty, and volatility. They aren't the same thing (12:53);
• Time horizons and the importance of imagination. Humans are natural story tellers. This is more important than pure maths (20:24);
• Where does real estate fit? (25:25);
• Background on the guest (30:28);
• What is the market getting wrong right now? (34:37);
• Short discussion of the U.S. election (41:04).

More Information on the Guest

• Website: JohnKay.com
• Twitter: @ProfJohnKay
• Book: Radical Uncertainty: Decision-making for an unknowable future (also available on Amazon).

Not intended as investment advice.