Obstacle Illusions: With Guests Daniella McCahey & Tom Gilovich

April 21, 2025
We're wired to interpret our challenges as bigger than our advantages, even if the reality is more balanced.

After you listen

Investors often fall victim to the headwinds/tailwinds asymmetry. When your portfolio is doing well, you might attribute it to your investing prowess and not fully consider the bull market at your back. But then, in tougher times, you're all too aware of bear market headwinds.

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First-born children tend to believe that their parents were harder on them than their siblings are willing to grant. Football fans take disproportionate note of the challenging games on their team's schedules. We're wired to interpret our challenges as bigger than our advantages, even if the reality is more balanced.

In this episode of Choiceology with Katy Milkman, we consider our tendency to focus more attention on our negative or challenging experiences than on our positive or easy ones. This asymmetry also appears in how we remember the lives and experiences of other people. 

Daniella McCahey is co-author of Antarctica: A History in 100 Objects and an assistant professor in history at Texas Tech University. She shares the harrowing adventures of one of Antarctica's most famous explorers, Richard E. Byrd. Byrd is credited with being the first to fly over the North and South Poles in the 1920s. He led five expeditions to Antarctica, including one where he nearly died. Byrd was truly a remarkable polar explorer and aviation pioneer, but also someone born into many advantages. 

Next, Katy speaks with Tom Gilovich, the Irene Blecker Rosenfeld Professor of Psychology at Cornell University. Gilovich identified what is now known as the headwinds/tailwinds asymmetry. He's also the author of the books The Wisest One in the Room and How We Know What Isn't So

Choiceology is an original podcast from Charles Schwab. 

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