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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