Thinking, Fast and Slow

Usually I would recommend getting familiar with speed-reading and scanning the table of content before starting to make sure to not read sections that are unnecessary for you. However, there are books that you want to read slowly, where you want to make notes, study the material intensively, think rigorously about what you’ve just learned and go back after a while and read them again. This is one of those books …

Thinking, Fast and Slow is an excellent book about how we think, written by Nobel-prize-winning economist Daniel Kahneman. He explains how two systems in the mind make decisions. “System 1” is the fast, intuitive aspect of the mind. “System 2” is the slower, logical and reasoning part of the mind. We generally make decisions quickly with System 1, often because System 2 is lazy. It takes effort to think things out rationally, and our rational minds are not always up to the job. This book is a long, comprehensive explanation of why we make decisions the way we do.

Both systems are necessary, but both are subject to fallacies and he explains many of them. Kahneman’s themes are behavioural psychology and human irrationality. Throughout the book Kahneman reveals many cognitive biases that most of us encounter in our daily lives. In his explanations he nicely shows us how we regularly violate the laws of probability.

If there was one downside of the book I’d say it is too long and Kahneman iterates too much around the same points. The findings in it won’t directly affect your business, but they should open your eyes and inspire you to look differently at situations of your daily life.

Thinking, Fast and Slow has been one of the most rewarding books of my life but also one of the toughest ones to digest. I had to give everything to wrestle down this book. You certainly need some good stamina to stay focused and not to drift away given the intensity. Especially for those interested in behavioural finance this book will not disappoint you. 

For a deeper overview, I’d like to link you to a great review by Andrei Shleifer from the Department of Economics at the Harvard University. According to Shleifer “Kahneman’s book, and his lifetime work with Tversky, had and will continue to have enormous impact on psychology, applied economics, and policy making.”

I’ve read a lot of books in recent years but this one still remains my personal #1. If you did not read it yet, you make no mistake ordering it just so you have it around. I could not read it for many months and always put it away after a few chapters when I first bought it in 2011. However, when the time is right and you dive into Kahneman’s findings, you will be greatly rewarded.

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Thomas Tiroch, aka TwiceT, aka TT.

My one-line pitch is: I am a business addict. In my early 20s, I graduated in Business Administration with a major in Entrepreneurship. Recently, now in my early 30s, I successfully completed a program on Venture Capital and Private Equity.

While formal education certainly does not hurt, I do not think that it is essential for entrepreneurial success. I have a strong opinion on gaining experience in projects or companies by having "own skin in the game". There are just so many skills a business school or university cannot teach us.

From 2008 to 2013 I enjoyed a professional career in playing some of the world’s most popular card games. Yes, these are skill games and you can even make a few $$.

While playing millions of poker hands (mostly online, but towards the end also offline in casinos) I worked as a content video producer and coach for the biggest online poker school. Beyond that I also offered private coachings to players around the world. My blog posts and strategy videos had > 1,000,000 views from platform members. Even though I quit contributing to the blog in 2013 it still is #1 in terms of all-time views on the English site.

At the end of my career I wrote a book (The Education of a Modern Poker Player) with JB, who is a math professor in Nottingham, UK, and Manu, who - fast forward three years - is now the BO$$ of Adefy. As JB tricked me into writing a book with him, I tricked Manu into moving to Vienna in order to join forces with us and work on our united mission.

Things are moving at an enormous pace and we are living in exciting times. My way of experiencing and influencing our world is mainly through my entrepreneurial lenses. Especially since 2013 I dived into full-time business mode and I don't see that changing anytime soon. For my passive stakes I try to mostly invest in companies that generate a positive and sustainable impact, mostly in the energy industry (consulting, renewables, energy efficiency). While I might be below average in many skills, I consider mindset, adaptability, competitiveness and work ethics my biggest strengths.

Interested in: Poker. Venture Capital and Private Equity. Renewables. Energy efficiency. E-mobility. Performance Marketing. Finance. Management. Investing.

Hobbies: Golf. Tennis. Badminton. Reading. Racing. Snowboarding.

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