Calculating Luck: Insights on Chance and Decision Making with Dr. Michael Orkin

Join host Matt Drouin on the Go Big! Live Real Estate Investors Podcast as he dives into the world of statistics, luck, and game theory with Dr. Michael Orkin, a distinguished statistician and professor. Dr. Orkin shares his unique insights on the Federal Reserve's interest rate policies, the application of statistical principles in real estate investments, and how decisions based on chance can shape outcomes. From the complexities of inflation to practical advice on managing risks in investments, this episode offers valuable knowledge for real estate investors navigating uncertain markets. Learn how to differentiate between correlation and causation, the implications of game theory, and strategies to mitigate the impact of black swan events.

00:00 Introduction and Background

00:17 Meet Dr. Michael Orkin

02:09 Dr. Orkin's Journey in Mathematics and Statistics

09:55 Game Theory and Decision Making

21:04 The Conflict of Interest Rates and the Fed

35:08 Black Swan Events and Investment Strategies

41:10 Conclusion and Final Thoughts

Connect with Dr. Orkin:
LinkedIn: Dr. Mike Orkin
Read His Book: Story of Chance: What's Luck Got to Do With It?