Risky Business is a weekly podcast about making better decisions. The hosts, Maria Konnikova and Nate Silver, are both journalists who moonlight as high-stakes poker players. On Risky Business, they bring their analytical framework to everything from politics to poker to personal decisions. Maria has a PhD in psychology and is the author of several books including, most recently, The Biggest Bluff. While researching the book, she inadvertently became a professional poker player, with over $500,000 in tournament winnings. She is a PokerStars Team Pro. Nate is the founder and former editor-in-chief of FiveThirtyEight, and one of the country’s leading election forecasters. He has over $800,000 in lifetime poker tournament winnings and his forthcoming book, On the Edge, is about gambling and risk. Risky Business is a co-production of iHeart Media and Pushkin Industries.
Nate and Maria are back in Las Vegas for the World Series of Poker 2025. They discuss a key rule change that will have a major effect on their strategy. Then, they’re joined by a Risky Business listener who gets a crash course in tournament play. Finally, they look back on their own early days at the WSOP.
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Elon Musk has left the Trump administration. Nate and Maria talk about his brief but influential tenure, and discuss why overconfidence is a particular problem for people like Musk. Plus, they answer a listener question about how the US government can make better decisions.
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ChatGPT is amazing at many things…but it can’t seem to figure out poker. Nate and Maria explain why, and talk about the implications for artificial general intelligence. Plus, they discuss Trump vs. Harvard, round two.
Further Reading:
Silver Bulletin: ChatGPT Is Shockingly Bad at Poker
Harvard Derangement Syndrome, by Steven Pinker
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We tend to use logic to reach conclusions that agree with our biases. Psychologists call this motivated reasoning. Today, Nate and Maria talk about motivated reasoning in the Biden campaign and Silicon Valley. Also: Conspiracy theories and the NBA draft.
Further Reading:
Fight: Inside the Wildest Battle for the White House
Original Sin: President Biden’s Decline, Its Cover Up, and His Disastrous Choice to Run Again
Nate and Maria revisit their conclave predictions, and discuss Maria’s recent win in Monte Carlo. Then the talk about college students’ rampant use of ChatGPT to cheat on assignments, and how colleges and professors might be able to catch up.
Further Reading:
From New York Magazine: Everyone Is Cheating Their Way Through College
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Nate and Maria interview former professional poker player Vanessa Selbst—the only woman ever to reach the number one ranking on the Global Poker Index. They discuss her experiences playing poker and her move into the world of finance (she now works for Jane Street Capital). They also discuss why, at her first job in finance, she kept a giant bag of pennies underneath her desk.
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The next pope will be chosen through a ritualized process involving secret ballots, smoke signals, and a lock-in at the Sistine Chapel. Nate and Maria talk about how the papal conclave works, and what it has to teach us about group decision-making and the dynamics of secrecy. They also discuss the studio deal for the new movie Sinners, and share their own top negotiating tips. Plus, they play a game of Would You Rather.
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This week, Nate and Maria talk about the Trump administration’s deportation of Kilmar Abrego Garcia without due process. The stakes are high–but immigration is a stronger issue for Trump in the court of public opinion than tariffs were. Picking a fight with Harvard may also be good politics for the administration. So: how should Democrats, and other anti-Trump forces, respond?
Further Reading:
This week, Nate and Maria discuss AI 2027, a new report from the AI Futures Project that lays out some pretty doom-y scenarios for our near-term AI future. They talk about how likely humans are to be misled by rogue AI, and whether current conflicts between the US and China will affect the way this all unfolds. Plus, Nate talks about the feedback he gave the AI 2027 writers after reading an early draft of their forecast, and reveal...
Nate and Maria discuss Trump’s latest round of tariffs. What is the strategy here, if any? What should other decision-makers – like Elon Musk or the United States’ Congress – do to intervene? And how should the average American react?
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This week – after a quick check in on their March Madness brackets – Nate and Maria discuss Trump’s showdown with the Ivy League. Should schools like Harvard and Columbia do more to stand up to the President’s demands?
Then they turn to 23andMe, which has declared bankruptcy. They discuss privacy and whether it’s okay to swap your biometric data for more convenience at the airport.
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This week, Nate and Maria discuss The Atlantic’s bombshell report about how its top editor was added to a national security group chat, and get into why the most major security risk is never technology–it’s always people. Then, they give an update on their March Madness bracket contest, and try to figure out why on earth players have to wait until they’re 22 to join the WNBA.
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This week, Nate and Maria talk college basketball. Nate explains how he made his recently-released March Madness model. Then, they compare their tournament brackets. Maria gets some help from Sacramento Kings GM Monte McNair, but also makes one bracket entirely based on vibes. Nate mostly sticks to his model, but makes a few surprising picks.
Check out Maria’s brackets here.
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Last week, Nate and Maria talked about the game theory of American diplomacy right now. This week, they look at it from the perspective of America’s biggest rival: China. How should China respond as the US turns away from the global stage? What new opportunities do they have?
Plus, both hosts weigh in on the poker controversy surrounding a recent big win… that was actually a loss.
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This week, Nate and Maria discuss Trump’s tariffs and analyze his strategy from a game theory perspective. They get into the difference between zero-sum and cooperative games, speculate on how Trump would act in the dictator game, and discuss the rationality of revenge. Then, they talk about the reboot of the infamous Fyre Festival, and why con artists so rarely reform.
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This week, Nate and Maria discuss the asteroid that had a 3% chance of colliding with Earth. That risk is now closer to 0%—but, what does this example reveal about how to consider extremely costly events that are fairly unlikely to come to pass?
Then, they touch on the latest World Series of Poker drama and challenge each other to a game of Roshambo.
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This week, Maria speaks with trust expert Rachel Botsman about her new audiobook How To Trust and Be Trusted. What is trust? Why, even in the face of overwhelming evidence, do we sometimes trust the wrong people? And what can a luxury hotel teach us about how to repair a trust that’s been broken?
And – for Pushkin+ subscribers – Nate and Maria answer a listener question about learning to feel the difference betwee...
Amid a maelstrom of executive orders and other presidential actions, Nate and Maria discuss best practices for staying focused on the important things. They also give their takes on what those important things are. And, they follow up on their Super Bowl prop bet – were there tears during the National Anthem? (They disagree – weigh in below.)
Plus, Nate updates us on his housing search, and Pushkin+ subscribers get advi...
Our intuitive risk assessments can be way off–we’re too scared of hijackings, and not scared enough of crossing the street. This week, Nate and Maria discuss the real risks of plane travel, and of drinking alcohol. Then, they debate whether the sharp money is on heads or tails in the Super Bowl coin toss, and make a very serious bet about whether the national anthem will move any players or coaches to tears.
In the wake of DeepSeek’s explosive entrance into the AI chatbot world, Nate and Maria talk AI strategy. At the national level and the personal level, what benefits does this technology actually have – and is it worth it?
Plus, we tackle a question from listener Hugh about how to win big at his friendly, amateur poker night. Good luck, Hugh!
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Maria Konnikova
Nate Silver