Episode notes
In today’s episode, William Green speaks with Emily Haisley, who heads the Behavioral Finance team at BlackRock, the world’s largest asset manager, with $14 trillion under management. Here, she explores the critical intersection of investing & psychology, explaining how she helps elite fund managers identify & counteract their behavioral biases, regulate their emotions, optimize their physiological state, avoid systematic mistakes, & take risks that align with their edge. This conversation offers powerful insights on how to win the inner game of investing.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:40) How Emily Haisley became head of Behavioral Finance at BlackRock
(00:23:52) How her team helps fund managers recognize their behavioral biases
(00:28:51) How to counteract a notoriously destructive bias, myopic loss aversion
(00:39:56) Why disposition bias leads investors to hold losers & sell winners
(00:44:31) Why it’s helpful to experience investment pain, not just learn about it
(00:53:46) How investment teams can profit by “beating up” their decision makers
(00:56:00) How the best investors benefit by subjugating their own ego
(01:00:14) What practical steps Emily recommended to one elite investment team
(01:17:48) Why she views “tainted altruism” as “the saddest bias”
(01:25:27) What investors can do to manage stress & its impact on their decisions
(01:29:35) How BlackRock uses AI to simulate decision making amid extreme volatility
(01:35:32) Why she’s learned to embrace uncertainty, false starts, mistakes, & change
(01:52:33) How 3 new year’s resolutions nudged Emily toward a happier life
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Inquire about William Green’s Richer, Wiser, Happier Masterclass.
- Benjamin Graham’s book The Intelligent Investor.
- J. Krishnamurthi’s book On Right Livelihood.
- William Green’s podcast interview with Annie Duke.
- William’s book, Richer, Wiser, Happier.
- Follow William Green on X.
- Related books mentioned in the podcast.
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