All Else Equal: Making Better Decisions
Join Stanford GSB finance professor Jonathan Berk and Jules van Binsbergen of The Wharton School in a conversation with prominent business leaders about common flaws in the decision making process and what to do about them. Learn more at AllElseEqualPodcast.com. All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.
Episodes
Rerun: Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster
All Else Equal is taking a short break over the summer and will be revisiting some of our favorite conversations from last season. The show will be back with new episodes soon.
Historically, the U.S. has had a habit of overestimating the capabilities of its enemies. Why? Is this an intentional security strategy? Or does the U.S. need to change the way it gathers enemy intelligence?
Former Nation
Ep78 “What’s Wrong With Taxing Billionaires More?” with Joshua Rauh
A proposed constitutional amendment on the ballots in California this November will impose a one-time 5% wealth tax on billionaires. Proponents of the amendment say it will bring upwards of $100 billion to California’s revenue, but how did they get to that number and what other side effects of this wealth tax could be looming in the wings? Will this tax actually raise more revenue?
Hosts and fina
Rerun: Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins
This episode originally aired previously and is being re-shared due to its continued relevance. Enjoy this conversation with Jeff Hawkins on intelligence, neuroscience, and the future of AI.
With growing concerns over whether or not AI will take away jobs and eventually become superior to human intelligence, maybe it’s time to take a closer look at the human brain and discover how AI will always h
Ep77 The Academic Journal System is Broken, Here’s How to Fix It
How should academic discourse take place? Is it time to update the antiquated journal system?
In the season finale, hosts and finance professors Jonathan Berk and Jules van Binsbergen tackle the problems present in the current system for disseminating academic research, including how digital distribution has eliminated effective curation while peer review remains slow, incentive-misaligned, and
Rerun: Ep46 "May Contain Lies" with Alex Edmans
This week, we’re revisiting our ever-timely and fascinating conversation around misinformation with London Business School professor Alex Edmans. All Else Equal will be back with a new episode in two weeks.
What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think critically about the world and the systems around us? What happens when large instit
Ep76 “How Should You Deal with Uncertainty in Today's World?” with Nick Bloom
What do measures of uncertainty tell us about the state of the economy and how should firms and households use
those measurements to inform decision-making? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by returning guest Nick Bloom,
professor of economics at Stanford University, whose research on the causes and consequences of uncertainty helped build the Economic
Ep75 The Misleading Truth Behind IRR
Despite it being widely taught in business schools and practiced in the industry, you should think twice before using the internal rate of return as a criteria for making an investment decision.
Hosts and finance professors Jonathan Berk and Jules van Binsbergen are back to discuss why using the internal rate of return (IRR) as an investment decision rule is fundamentally flawed compared with the
Ep74 Is The Financial Sector Good for Society?
What value does a financial sector add to society? How would society function without a financial sector?
In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen make the case that a competitive market financial sector is crucial to economic growth and the betterment of society.
Jonathan and Jules contend with the critiques they hear most often when it comes to free
Rerun: Ep29 “How Do You Become CEO?” with Dirk Jenter
All Else Equal is on Spring Break this week, so we’re revisiting one of our most popular episodes dealing with the question: How does one become a CEO? We’ll be back with new episodes in two weeks.
A lot has been written and said about CEOs and their compensation, but who are they really and how did they get there? According to the data, what are the most likely paths to become one? In this episo
Ep73 “The Dangers of Group Think on Decision Making” with Adi Sunderam
Whether it be in politics, public health, or corporate finance, why are people more likely to interpret facts or data in a way that fits their preconceived notions about the world as opposed to searching for the fundamental truth? A new paper from the Harvard Business School called, Sharing Models to Interpret Data (by Joshua Schwartzstein and Adi Sunderam)studies the propensity for people to ado
Ep72 Alternatives vs. Mutual Funds: Where Should You Put Your Money
In the rapid-moving world of delegated money management, it is important to recognize the differences in how mutual funds and alternative assets operate. When it comes to alternatives, how do these funds wind up with strong incentive contracts for the money managers as opposed to flat fee contracts more commonly seen in mutual funds? Why do managers of alternatives cap their fund sizes when it cou
Ep71 “The Working From Home Revolution” with Nick Bloom
When the pandemic hit in 2020, working from home skyrocketed. Six years later, many companies have returned to in-person work, but hybrid models are still the dominant structure. So with WFH here to stay in some form, what’s the proper balance? And what are we at risk of losing in the long term with less in-office interaction?Nick Bloom is an economics professor at Stanford University and one of t
Ep70 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 2
In the final part of this two-part interview, Steven Pinker, an experimental psychologist and Harvard professor, again joins hosts and finance professors Jonathan Berk and Jules van Binsbergen to discuss his new book When Everyone Knows That Everyone Knows: Common Knowledge and the Mysteries of Money, Power, and Everyday Life.In this episode, Jonathan and Jules break down more revelatory examples
Ep69 "The Science Behind Why We Don’t Just Say What We Mean" with Psychologist Steven Pinker - Part 1
Everyday, we participate in seemingly arbitrary but essential choices for society to function. We all agree on what side of the road to drive on, to use paper currency, or to speak the same language. These kinds of choices make up a group’s common knowledge – things that are made blatantly and publicly known. But what about the things that are known, but unspoken? What is the purpose of innuendos,
Rerun: Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
This holiday week, All Else Equal is looking back at its episode on the growth of private equity with Ludovic Phalippou. Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet right now, or is there more to the story? Hosts and
Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster
Historically, the U.S. has had a habit of overestimating the capabilities of its enemies. Why? Is this an intentional security strategy? Or does the U.S. need to change the way it gathers enemy intelligence? Former National Security Advisor H.R. McMaster gives hosts and finance professors Jonathan Berk and Jules van Binsbergen a crash course on military intelligence and national security advising.
Ep67 Real Talk on Rent Control: Its Pros and Cons
As the 2025 municipal elections approach, the New York City mayoral race has garnered national buzz, with one issue particularly capturing attention: rent control. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen explore and unpack the best possible reasons for rent control, and why oftentimes – those reasons still come up short. They contextualize their discuss
Ep66 When (and When Not) To Listen to Investment Advice
Solicited or not, advice on where to invest your money seems to be around every corner these days. But determining whether the advice is credible and worth listening to can be challenging. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen put sources of investment advice to the test and provide listeners with some guidance on how to judge the credibility of someo
Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins
With growing concerns over whether or not AI will take away jobs and eventually become superior to human intelligence, maybe it’s time to take a closer look at the human brain and discover how AI will always have its limitations. Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Jeff Hawkins, a neuroscientist and computer scientist, whose book A Thousand Brains chal
Ep64 "Why Higher Education Needs a Massive Overhaul: Are the Kids Even Learning Anything?" with Bryan Caplan
While a higher education may help your career in terms of income, how much of what you’re taught in a classroom actually prepares you for the work you do on the job?Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with economist Bryan Caplan about his book, “The Case Against Education.” In the book, Bryan lays out why education these days is less about what you’re learning,
Rerun: Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
It’s the final episode of the summer season and with some key mayoral races coming up this fall, we’re revisiting our conversation on inflation with Veronica Rappoport, a former official at the Central Bank of Argentina who had a front row seat to the country’s inflation crisis. Over the last couple U.S. election cycles, one policy idea to get inflation under control that is routinely floated is
Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet right now, or is there more to the story? Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with private markets expert Ludovic Phalippou, a profe
Rerun: Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Senior Fellow of the Hoover Institution at Stanford University John Cochrane. What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic
Rerun: Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane World Economy, Dani Rodrik.With President Trump’s
Rerun: Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Madhav Rajan of the University of Chicago Booth School of Business. As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look?In this episode, hear perspectives f
Rerun: Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with historian Victor Davis Hanson.History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one? In this episode, hosts and finance professors Jon
Rerun: Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with Mohamed El-Erian on the intricacies of national debt and the best ways to measure it. Mohamed, Jonathan, and Jules explore the broader macroeconomic and geopolitical factors at play. They discuss the importance of demographic shifts as well as re
Ep62 “The Cost of Social Compliance: Exploring Preference Falsification" with Timur Kuran
Is the emperor wearing clothes? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification. This 30-year-old book explains the social phenomenon where people express preferences they do not have. As political and social tension
Ep61 “Pursuit for Academic Freedom” with Richard Saller
If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richard Saller, an American classist and former interim president of Stanford Univers
Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better referred to as a capital surplus. As a continuation
Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and author Dani Rodrik. Rodrik is the Ford Foundation Professor of International Poli
Ep58 How Rich Are The Ivy League Universities, Really? University Endowments Explained
The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gives? Why would less money from the federal government be a cause for concern? Where does all that money go? And could there be more to this budget picture than meets the eye? In this episode, hosts and finance professors Jonathan Berk and Jules van B
Rerun: Ep36 “Institutional Neutrality: Open Debate and Moral Stands” with John Etchemendy
All Else Equal is taking a little spring break, so on this episode we’re revisiting a fascinating conversation on what happens when universities step off the sidelines and take a stance on contentious issues. Are they boarding a roller coaster that they can’t ever get off? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with John Etchemendy, former Provost of Stanford Univ
Ep57 “Effective Communication: Trump vs. Reagan” with Peter Robinson
One key to effective negotiation is to keep your opponent guessing by randomizing your strategy. And right now, there might not be a more prolific example of this kind of strategy than President Donald Trump’s communication style. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Peter Robinson, a research fellow at the Hoover Institution and forme
Ep56 “When Should We Lie for the Greater Good?” with John Ioannidis
Is it acceptable for doctors to lie to their patients, or withhold some of the truth, if it’s in the patient’s best interest? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back John Ioannidis, professor of medicine at Stanford University, to discuss the ethical implications of concealing the truth in the medical world, even when it’s for the greater g
Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look? In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania, and the Booth School of Business at the University of Chicago. Hosts and fin
Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with historian Victor Davis Hanson, a senior fellow at the Hoover Institution who specializes in classics and military history. The convers
Rerun: Ep48 “Why CEOs are Underpaid” with Dirk Jenter
As we ring in the new year, we’re bringing back one of our favorite episodes! Handpicked by Jules and Jonathan, this previous conversation is perfect for starting your year with thought-provoking insights.Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But those figures might not capture the full picture. So, what really goes into decid
Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
During the 2024 U.S. presidential election, inflation was one of the most talked about issues, and there was one policy idea to get inflation under control that kept coming up: price caps. But history has shown time and time again that price caps do anything but reduce inflation. So why do policymakers still want to try it?In this episode, hosts and finance professors Jonathan Berk and Jules van B
Ep52 “Should Legacy Admissions at Universities Be Illegal?” with Patrick Awuah
Should legacy admissions at colleges and universities be banned? What are the benefits and tradeoffs of admitting students based on their legacy status? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Patrick Awuah, president of Ashesi University, about the Ghanaian university’s unique economic engine and the place for legacy admissions in the
Ep51 Celebrating 50 Episodes: The Biggest All Else Equal Mistakes
The All Else Equal: Making Better Decisions podcast has officially done 50 episodes! To commemorate the milestone, hosts and finance professors Jonathan Berk and Jules van Binsbergen look back on some of the major all else equal mistakes they’ve covered on the show. With highlights from past guests like Google CFO Ruth Porat and former SEC chair Jay Clayton, Jonathan and Jules provide insight on t
Ep50 “Is Proxy Advising a Catch-22?” with Chester Spatt
If the purpose of a proxy advisory firm is to gather information and advise shareholders on how to vote, then how do the firms handle the many different goals and incentives each shareholder brings to the table? Where do the proxy advisory firms’ interests truly lie? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Chester Spatt, finance profess
Ep49 “Making Regulation Work” with Jay Clayton
Regulation is meant to fix problems in the market, but as more and more regulation is introduced, those issues have a tendency to evolve into new ones. So is all this regulation even accomplishing what it set out to do? And how do you even measure the success of regulation to begin with? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Jay Clayton,
Ep48 “Are CEOs Underpaid?” with Dirk Jenter
Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But those figures might not capture the full picture. So, what really goes into deciding CEO compensation? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back Dirk Jenter, Professor of Finance at the London School of Economics. Together, they d
Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
What is the best way to measure National Debt Sustainability, and how does the US do on those metrics compared to other countries? In the first episode of the new season, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Mohamed El-Erian about the intricacies of the national debt, different measures of sustainability, and the implications of rising debt for natio
Rerun: Ep12 Corporations as Job Security Providers
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job security and thus serve the important role of minimizing risk for individual empl
Rerun: Ep1 "Making a Business Decision" with Ruth Porat
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same principles inform business leaders who rely on data analysis to set and shape direction
Rerun: Ep17 "Can the Free Market Discourage Fraud?" with Marc Cohodes
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!There’s a negative connotation associated with short selling – the act of betting against a stock to perform well. But is this trading practice truly a bad thing? In this episode of All Else Equal: Maki
Rerun: Ep8 “Why Capitalism Works" with John Cochrane
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!Competitive markets don’t produce the same level of prosperity for everyone. But economist John Cochrane thinks they give us something essential — incentives.In this episode of All Else Equal: Making Be
Rerun: Ep7 Can Investors Effect Social Change?
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk explore what strategies are availab
Rerun: Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with former Treasury Secretary Larry Summers, who argues for retaining the tax.Summers
Rerun: Ep4 "Making Bad Investments Profitable" with Pete Briger
This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit!When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group, specializes in buying bad debt and spinning it into gold.In this episode of All E
Ep46 "May Contain Lies" with Alex Edmans
What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think critically about the world and the systems around us? What happens when large institutions attempt to push a heterodox narrative? Do we simply need more education to overcome misinformation, or do we need something much deeper—to learn to think critically again? In this episode, hosts and fi
Ep45 “The Future of Higher Education Part 2” with Niall Ferguson
What are the unseen costs of administrative bureaucracy and an ideology that favors victimhood over scholarly debate? What caused the ideological shift from classical liberalism to the illiberal leanings that now permeate universities, and what does it mean for the future of intellectual innovation and freedom? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen we
Ep44 “The Future of Higher Education Part 1” with Carmen Twillie Ambar and Kimberly Wright Cassidy
Should universities be primarily research and teaching institutions or should they have broader social responsibilities to today’s youth? How are institutions navigating the delicate dance of institutional neutrality among very hot-button and controversial issues? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Carmen Twillie Ambar, President of Oberlin
Ep43 Examining Bad Investment Advice
Is Suze Orman giving out bad investment advice? Should you ever not refinance rates drop? Is dilution of stock a bad thing for the early stockholders? Should you dollar cost average? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen evaluate three pieces of widely given investing advice and drill down for why each one is actually bad investment advice. Submit yo
Ep42 Waiting to Invest
What could be the reason to delay investing in an option that will make you money? How do your investment opportunities expand when you make that choice? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the concept of real options in finance, focusing particularly on investment decision-making. They also address the challenge of valuing growth options in
Ep41 “Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham
Why should climate risk be singled out for mandatory disclosure by the SEC, and how does this change the investment landscape? Can climate disclosure legislation walk the fine line between transparency and information overload? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Lawrence Cunningham, Research Professor of Law Emeritus at GW Law and special c
Navigating Workplace Power Dynamics with Deborah H. Gruenfeld feat. ‘If/Then’ Podcast
Today, we’re sharing a special episode from If/Then, the new podcast from our friends at Stanford Graduate School of Business. If/Then is made for curious people looking for answers to challenging questions, featuring experts and thought leaders engaged in cutting-edge research on topics like AI, immigration, sustainability, and power - all framed around an if/then statement that captures the gues
Ep40 “Why the Private Debt Markets Have Exploded” with Laurence Gottlieb
There has been a rising trend in the importance of private debt as a way of financing companies. But what are the differences between private debt and public debt? Why is it increasing in popularity? What advantages does it offer over traditional banking models? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Laurence Gottlieb, Chief Executive Officer a
Ep39 “Why Does the Non-Profit Model Work?” with Daniel Diermeier
Without a residual claimant, who sets the agenda of a non-profit organization like a university? Who makes sure that the organization follows that agenda rather than serving the interests of the administrators running the organization? Who are the stakeholders in a non-profit organization, and how does the organization prioritize their competing interests. In this episode, hosts and finance prof
Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick
Picture a workforce driven not by the promise of a paycheck, but by a shared sense of purpose and the thrill of contributing to something greater than themselves. How can you can ignite a passion in a team that money simply can't buy. In this episode, based on a question from a listener, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Lieutenant General Thomas Bostick,
Ep37 Five Common Finance Mistakes
Today, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss five common mistakes financial decision-makers often make. There is much misinformation and bad advice in financial markets. In this episode, Jonathan and Jules discuss strategies for avoiding bad advice and making better decisions.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equa
Rerun: Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans
For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to rerun a past episode they love for the new audience who has joined since then.Imagine being able to see through all the layers of corporate decision-making to uncover whether businesses should prioritize profits for shareholders or the well-being of a wider community. In this episode, hosts and financ
Rerun: Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann
For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to rerun a past episode they love for the new audience who has joined since then.Is it possible to unravel the paradox of disagreement in rational decision-making? How should we dissolve discord? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Robert Aum
Rerun: Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness
For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to re-present a past episode they love for the new audience who has joined since then.Investing in stocks isn’t just prowess in numbers but a mental marathon as well. But prowess in numbers isn't all there is; this episode also explores the mental marathon of investment. It's a master class in economic a
Ep36 "Institutional Neutrality: Open Debate and Moral Stands" with John Etchemendy
What happens when universities and step off the sidelines and take a stance on contentious issues? Are they boarding a roller coaster that they can’t ever get off? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome John Etchemendy, former Provost of Stanford University, for a discussion about Institutional Neutrality, and the long-term unseen costs of any
Ep35 “Does Common Ownership Affect Product Market Outcomes?” with Martin Schmalz
It turns out your airline ticket prices might be affected by common ownership in mutual and index funds, but how? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Martin Schmalz, Professor of Finance and Economics at Oxford Saïd and Academic Area Head for the FAME faculty group (Finance, Accounting, Managerial Science, and Economics) for a discussion abo
Ep34 “Why Has Private Equity Grown So Much?” with Eric Zinterhofer
What accounts for the recent growth of private firms? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Eric Zinterhofer, Founder of Searchlight Capital Partners, to discuss the fundamental tradeoff between Public Equity and Private Equity, and how having a manager with more skin in the game creates greater retur
Ep33 How Risky Should Your Retirement Savings Be?
In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the second half of the retirement equation, after going over how much you need to save, they now elaborate on how to think about investing what you have saved, and what theories make for optimizing your own personal risk exposure. They explain the importance of
Ep32 “Labor Unions and Detroit Struggle” with Larry Katz
With recent strikes making big news, what are the complexities at hand when Unions become involved in the labor force? Some are well known but other effects, both good and bad, have been less obvious. Exact data can be hard to discern, but In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen talk with Larry Katz of Harvard
Ep31 How Much Should You Save?
How much are you supposed to save for retirement and how do you get there? What is the different advice for people with different plans or risk tolerances?In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the ins and outs of long term investing, and how to make a working retirement plan that will work for you.Sub
Ep30 “Becoming a Better Communicator” with Matt Abrahams
Are you breaking some basic rules of communication without knowing it? What are the things you can start doing right now to communicate better? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Matt Abrahams, lecturer at Stanford GSB, and host of the highly influential podcast Think Fast, Talk Smart for a d
Ep29 “How Do You Become CEO?” with Dirk Jenter
A lot has been written and said about CEOs and their compensation, but who are they really and how did they get there? According to the data, what are the most likely paths to become one? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Dirk Jenter, Professor of Finance at the London School of Economics, f
Ep28 Incentives and Externalities
Humans respond to incentives, and so incentives predict behavior and sometimes the behavior can be detrimental. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss a range of less obvious examples of how incentives produce negative externalities — long legal contracts, negative news stories, dumb traffic lights, ov
Ep27 "The Future of AI" with Michal Kosinski
The speed at which AI is getting smarter is on everybody's mind these days. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Stanford Professor Michal Kosinski what we should expect from the coming wave of AI technology, how it relates to the research on "Theory of Mind" and whether and how it potentially c
Ep26 “Investigating Implausible Theories: The Case of COVID” with Matt Ridley
When COVID-19 shut down the world economy in 2020 many wondered where it had begun and why the pandemic had even started in the first place. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Matt Ridley (biologist and author of Viral: The Search for the Origin of COVID-19) about the possible origins of the c
Ep25 “Bubble Trouble” with Will Goetzmann
Financial bubbles are episodes where the value of something (like stocks, tulips or cryptocurrency) shoots up very rapidly, but then peaks and comes crashing down. The problem has never been seeing them in hindsight, but rather identifying one while in the middle of it. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen d
Ep24 “When Institutions Cry Wolf” with Jay Bhattacharya
It takes a long time to build up credibility, but you can lose it in an instant. What would it take to justify lying to the public for their own good, and are the benefits worth the costs? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the costs and benefits of the government lying to its own citizens.They the
Ep23 “When Banking Fails” with Amit Seru
The FDIC and Federal Reserve have recently intervened to stop another banking crisis. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen dig in to see what failed. What causes bank runs? Are the government subsidies of banks worth it? Is a bank the right way to finance risky investments or are they historical artifacts. T
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