Behavior Gap Radio

In this episode of Behavior Gap Radio, Carl explores the difference between kind and wicked learning environments—and why misunderstanding feedback can lead us to learn exactly the wrong lesson. Drawing on examples from markets, backcountry skiing, and life decisions, he explains how delayed or unreliable feedback can turn experience into overconfidence instead of wisdom. Carl shows why outcomes aren’t always feedback, why...

In this episode of Behavior Gap Radio, Carl explores how many of our worst decisions come from playing the right game on the wrong clock. Time horizons shape how we interpret risk, success, discomfort, and progress—but most of us mix up short-term and long-term games. Carl explains why impatiently “digging up the oak tree” to check the roots derails meaningful work, how long-term thinking reveals signal over noise, and why...

In this episode of Behavior Gap Radio, Carl tackles an uncomfortable truth: Luck plays a bigger role in our lives—and our outcomes—than we like to admit. He explains why, in complex environments like markets, careers, and relationships, good decisions can lead to bad results and bad decisions can occasionally pay off. Through stories, including a man who gambled everything on one roulette spin, Carl illustrates the crucial...

In this episode of Behavior Gap Radio, Carl unpacks the idea of sense-making—the way we build just enough coherence from past events to take the next step in uncertain environments. Through a story from his New York Times days and reflections on how we interpret unexpected outcomes, he explains that sense-making isn’t about accuracy or perfect explanations. It’s about crafting a plausible story that helps us move forward. ...

In this episode of Behavior Gap Radio, Carl breaks down one of the most important ideas in decision-making: the difference between simple, complicated, and complex systems. He explains why mislabeling the terrain you’re navigating—whether in markets, mountains, creative work, or relationships—leads to using the wrong tools and taking the wrong risks. Through stories ranging from bestselling authors to early climbing mistak...

In this episode of Behavior Gap Radio, Carl breaks down three words we often mix up when thinking about risk: danger, exposure, and vulnerability. Through a story about an elderly client worried about geopolitical news that had no real impact on her, he shows how easy it is to confuse “danger out there” with “risk to us.” Carl explains why understanding where the danger truly is, how exposed we are to it, and how vulnerabl...

In this episode of Behavior Gap Radio, Carl shares a sobering story about mountain risk—and how it reshaped the way he thinks about uncertainty in every area of life. After reading an avalanche accident report, he realized that what he’d been calling “experience” was often just luck. From backcountry skiing to investing to the boardroom, Carl explains three practices that now guide his decisions: respect uncertainty, pay a...

In this episode of Behavior Gap Radio, Carl tackles the hype and fear swirling around the “Magnificent Seven” stocks and the temptation to either go all-in or get out entirely. He explains why a disciplined investor doesn’t chase hot names—or panic when a single stock grows to 7.5 percent of the S&P 500. Instead, they rebalance based on allocation, not predictions. If something grows beyond its intended weight, you tri...

In this episode of Behavior Gap Radio, Carl revisits one of the most striking examples of the behavior gap: Peter Lynch’s legendary Magellan Fund. While the fund returned an extraordinary 29 percent, the average investor captured only a fraction of it—and some studies say many even lost money. Why? Because humans buy high, sell low, and chase what’s hot. Carl breaks down how this pattern shows up again and again, why even ...

In this episode of Behavior Gap Radio, Carl returns to his roots and digs into the heart of investing: having a clear, defensible process. Whether you’re an advisor, a planner, or simply someone who invests, he challenges you to ask one simple question: Why are you invested the way you’re invested? Carl explains why relying on headlines, hype, or a single podcast won’t cut it—and why writing down your investment process, a...

In this short episode of Behavior Gap Radio, Carl reflects on how easy it is to drift into tracking the wrong metrics—the ones the world cares about, not the ones that actually matter to you. When your attention slips to measures that don’t align with your values, things get messy. The antidote is simple but essential: get clear on what matters, then measure only that.

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In this Field Note episode of Behavior Gap Radio, Carl shares a real-time lesson from the chaos of airline travel during his book tour. When you’re navigating a complex adaptive system—whether it’s airports, markets, or major life decisions—the key variable is information. Carl walks through how to gather what you can, when to stop analyzing, and how to take small “micro-actions” designed to generate the highest-quality in...

In this episode of Behavior Gap Radio, Carl explores what he calls the discipline of more—or what he sometimes calls the bigger yes. Instead of fighting bad habits through willpower, he suggests crowding them out by filling life with things you love. From moving woodchips under a headlamp to swapping screen time for saunas and books, Carl shares how choosing a “bigger yes” creates space for what matters—and quietly leaves ...

In this episode of Behavior Gap Radio, Carl shares a favorite quote from explorer Rick Ridgeway: “The best journeys answer questions we never thought to ask.” He reflects on what that really means—that the purpose of a journey isn’t to chase answers, but to discover better questions along the way. Whether it’s a mountain adventure, a creative pursuit, or the quiet work of introspection, Carl asks: How can we systematically...