YouSaid · the spoken record

William J. Bernstein

lines on the record: 55
first: 2021-03-05
most recent: 2021-03-05
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, the narrative is the causative agent, okay? And you can think of a narrative as being viral to the extent that it's compelling. And what psychologists have found is that the more compelling a narrative is, the more corrosive it is to our cognitive ability and our analytical ability. And so, you know, what I did in the book was I identified the most compelling narratives that we're exposed to, and the one, of course, that's most financially applicable is a narrative that you can become effortlessly rich just by going online and clicking a few keys. And there's almost no effort involved.”
2021-03-05 · Masters in Business · William J. Bernstein on Crowd Behavior (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the past ten years is the evolution and the explosion of social media. And so that is one of the most powerful vectors of delusions that we've ever seen. And it's kind of like we've gone in the days of the old media from being widely separated people who are infected. And we've gone now into a world where everybody's in the same small, airless room and they're coughing on each other.”
2021-03-05 · Masters in Business · William J. Bernstein on Crowd Behavior (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you can think of a mass delusion the same way you think of the pandemic. There is an agent, a causative agent. So in the case of the pandemic, it's a coronavirus. In the case of the Black Death, it was Yossenia pestis. And then there's a vector. And the vector for COVID is people coughing and springing each other with droplets. And with the Black Death, it was fleas and rats transmitting the disease across great distances. Well, it's the same way with delusions. The agent is the narrative. And the more compelling the narrative, the more virulent, the more dangerous the agent. And then you've got the vector. And the vector is the medium through which the delusion spreads. And what we saw”
2021-03-05 · Masters in Business · William J. Bernstein on Crowd Behavior (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, this is the very definition of dumb luck. As it turns out, my publisher decided to delay bringing the book out for about six months because they didn't want to bring it out right before the election because they figured that would shock up too much of people's bandwidth. And so it got delayed until just at the moment when people started believing in QAnon and occupying the Capitol building and going nuts over Bitcoin and GameStop.”
2021-03-05 · Masters in Business · William J. Bernstein on Crowd Behavior (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“really only in a very indirect way. You would think that being a clinical neurologist would help you with psychology and the neuropsychology, but really practicing neurology is a very down and dirty ground level occupation. What I like to explain to people is that the great neuroscientists that we think of, people like the DiMazios, are like great artists. They're Michelangelos and da Vinci's. Or as what I did was Moore Sherwin Williams. It was neck pain and back pain. Rather, what helped me write about finance is simply the scientific training and back of being a doctor and the importance of examining data, seeking it out, and rigorously analyzing it.”
2021-03-05 · Masters in Business · William J. Bernstein on Crowd Behavior (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source