Inside the Mind of the Turtles provides expert insight into how great traders combat the natural but counterproductive response to risk. Faith begins by examining the nature of risk and the human being’s natural response to it. Then he outlines proven techniques for seizing control of it.
Many of the lessons learned by the Turtles are applied by venture capitalists and successful entrepreneurs to other, more common circumstances under the umbrella of managing risk in an uncertain world. These lessons are especially important because people are not very good at making decisions when there are no identifiable correct answers or when the risk of failure is significantly high. In fact, people systematically make all sorts of errors when making decisions around uncertainty and risk.
After the Turtle program ended, I became good friends with a former emergency room doctor and found out that the way they approach risk and the uncertainty of diagnosis and patient response was very similar to the approaches used by traders and entrepreneurs.
In this book I will take you inside the mind of the Turtles and others who master risk every day. I will outline the strategies used by the Turtles, professional traders, entrepreneurs, venture capitalists, and emergency room doctors for anticipating, managing, and mitigating risk. I will also show how these strategies can be applied in more common everyday situations. Before I begin my discussion of risk, though, I want to show you just how important making the right decisions under uncertainty can be.
- Life, Death, and Uncertainty
- Risk: Friend or Foe?
- Learning from the Masters of Risk
- Uncertain Business
- The Risk Doctors
- Fear—The Mind Killer
- Adapt or Die
- Risking Right
- The Right Way to Be Wrong
- Reality Bites
- Act in Time
- When Wrong Is Right
- Reading, Writing, and Conformity
- Risking Together
- Jumping Out of that Plane
Inside the Mind of the Turtles: How the World's Best Traders Master Risk By Curtis M. Faith pdf