My guest today is Megan McArdle, a Bloomberg View columnist who writes on economics, business and public policy. She founded the blog “Asymmetrical Information”.

The topic is her book The Up Side of Down: Why Failing Well Is the Key to Success.

In this episode of Trend Following Radio we discuss:

• “Trophy kids” and taking the monkey bars away
• The idea of a regulator out there trying to guarantee our safety
• Why the companies that make it aren’t the ones with the best strategic plan–it’s the ones that execute (and fail well)
• The power of experimentation
• Nobel winner Vernon Smith and experimentation
• The idea of learning in crisis
• How sunk costs are difficult for a large part of the population to grasp
• Van Halen, errors, and M&M’s
• Normative error
• Small, manageable risks
• Forager morality vs. farmer morality
• A story about Kentucky Fried Chicken (KFC)

Jump in!

---

I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!