96: Why the Crowd Is Always Wrong About Money with Don Murphy

The crowd follows the same biases into the same losses. Don names every one and shows how to catch yourself before the next mistake.

Keith Tyner and Doug Shrieve sit down with Don Murphy, a former Marine and longtime friend of the show who has spent decades around markets and the people who invest in them. He starts with the behavioral gap: investments that performed fine while their owners earned less.

This episode covers:
- What a breadmaker that wouldn't sell reveals about restaurant wine lists
- How one question about your news network predicts your vote
- Why missing the market's 50 best days turns 13% into negative 4
- Whether AI is 1995's browser war all over again
- Who wins when your twenty dollars bets against a professional gambler

The best market advice in the conversation came from a park ranger: when you meet the bear, resist the urge to run.

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