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#111. The math behind March Madness and Buffett's Billions.
Manage episode 354852539 series 2953307
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How the math behind Buffett's Billion applies to psychology and finance.
In this episode, Aaron and Trishul look at the math behind the March Madness game Buffett's Billion and the probabilities of unlikely things happening. How does Warren Buffett put up $1 Billion for a free game? While each individual underdog is more likely to lose, if enough underdogs play, you can start to expect that at least one underdog will win. They discuss the collective psychology of looking back at unexpected things vs. trying to predict unexpected things in advance. While you may feel the shock of "What are the odds of that happening?!?!", this is often ascribed after the fact and the probability of SOME unexpected event occurring is much higher than any specific event.
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Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.
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