The headline is an FT interview by Tim Harford with Daniel Kahneman. You can read it here.
The main point of this blog is the title.‘Everything I’ve done has been collaborative’
When making financial decisions, it’s really hard to make them in a vacuum. Talking through ideas helps bring clarity. Collaboration is therefore really helpful. Nevertheless, discussing financial decisions needs impartiality. Sadly, many wealth managers cannot give impartiality, even when they call themselves IFAs.
In our world, we recognise the importance of not linking conversations with products. By having open discussions, you can ensure you make better financial decisions.
Want to know about Kahneman? He is the father of behavioural finance winning the Nobel Prize in 2002.
He trained as a psychologist and became, in Lewis’s words, “a spectacularly original connoisseur of human error”. He formed an intense, productive, and tempestuous intellectual partnership with Amos Tversky. The two men worked on judgment, decision-making and risk, laying the foundations for what became known as behavioural economics. His fame has only grown since then, partly as behavioural economics has become fashionable, partly because his own work moved into another popular field, the psychology of wellbeing, and largely as the result of the blockbuster success of Thinking, Fast and Slow.
Kahneman has spent much of his life studying bias in decision-making.
Most of what talk we about are how to make good financial decisions.