Why We Only Hear About The Winners? Survivorship Bias Explained | FutureIQ

There is an explanation for why we only see success stories of successful people - survivorship bias. Let’s try to understand what is survivorship bias. How it affects the things we understand. What does it tell us about success stories and should you follow any advice at all? Let’s learn all these things with some interesting examples. Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Watch other episodes of The FutureIQ podcast: https://www.youtube.com/playlist?list=PLAppTB0r5_TaYueZ0adD42Wiw5X-wTE4v Books: Fooled by randomness: https://tapthe.link/FooledByRandomness Good to great: https://tapthe.link/GoodToGreat More videos for you: The Randomness of Science: https://youtu.be/uNhT2hRtqUU Sell Anything To Anyone: The Power of STORIES: https://youtu.be/ErIcgAEW0t0 Karmanye vadhikaraste: https://youtu.be/95Zi_4OthbY Power law: https://youtu.be/i2YrICwDR5g Jeff bezos: https://youtu.be/aQg7dAJWqyk Costly signalling: https://youtu.be/0YEBK7eR3Ek Dunbar's nubmers: https://youtu.be/ekAtODyfkyw Reference materials: https://www.forbes.com/sites/rickferri/2012/12/20/any-monkey-can-beat-the-market/?sh=37baec7d630a: Monkeys beat the stock market (see also, the most successful chimp on Wall Street - 22nd most successful money manager https://www.guinnessworldrecords.com/world-records/most-successful-chimpanzee-on-wall-street) https://twitter.com/JoePompliano/status/1355690179810439171: Sylvester Stallone story https://twitter.com/the8472/status/1628109270230106127: Russian Roulette https://xkcd.com/1827/: xkcd successful lottery ticket buyer https://sketchplanations.com/sampling-bias: Sampling bias (online surveys) Chapters: 00:00 Introduction 00:32 Example 04:00 Fooled by randomness 05:40 Alpha 06:03 Luck 06:42 Post hoc fallacy 07:58 Survivorship bias 11:18 Example 14:43 More examples of survivorship bias 17:06 The reasoning 17:56 The takeaway 18:58 More quick examples 26:56 Advise to take & avoid #futureiq #survivorshipbias