Standard Deviations with Dr. Daniel Crosby
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The Standard Deviations podcast is a weekly production that looks at money, mind and meaning, all through a psychological lens. Each week, psychologist and New York Times bestselling author Dr. Daniel Crosby interviews a fascinating new guest, experts in everything from finance to literature to wellness. Each guest provides listeners with three concrete ways to apply what was learned that week, ensuring that weekly listening becomes part of a path to a richer life. Episodes are brief, research-based, and designed to fit perfectly within your commute time. So, tune in for practical news that will help you make more, think...
Dr. Daniel Crosby - The Psychology of Sports Betting and Investing: How Gambling Culture Reshapes Retail Investor Behavior and What Advisors Should Do About It
#374
Today at 4:00 AM
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What did Bettermentâs 2026 Retail Investor Survey uncover about Gen Z investors and sports betting and why is this finding so significant? Do Gen Zâs financial prospects look more promising than Gen X and the millennials, according to the data? Are they more or less likely to contribute to workplace retirement programs? Why is the dopamine hit of sports betting, and similar âfinancial entertainment,â so psychologically powerful? Also, why are variable reward schedules such strong reinforcers of behavior? How do the psychological principles of recency bias, near-miss effects, social proof and loss chasing reinforce...Ryan Eisenman - Making Private Markets More Accessible
#373
10/01/2026
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What did Ryan see about the way people were managing private investments that made him think his company Arch needed to exist? How does Ryan think the constant feedback and news around public markets affects investors and can the relative quiet of private markets give us a different experience from a behavioral perspective? What can the longer time horizon of private markets teach us about patience, conviction, how to invest and delayed gratification? For investors who rely exclusively on public markets, what sorts of exposure might they be missing from their portfolio? What role...John Crawford IV - The Case for Value and Dividend Investing: Building Wealth, Income and Resilience
#372
09/24/2026
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What is one thing that the investment community has made more complicated than it needs to be, in Johnâs opinion? How does an oldschool, value and dividend focused shop like Johnâs get folks interested in this style of investing that is so well supported but seems to almost be forgotten in the present day? Has John found that when clients have an income element to their portfolio, they are more settled and more able to stay the course? How does Crawford Investment Counsel think about risk reduction in a portfolio, both behaviorally and...Matt Halloran - Shut Up and Listen
#371
09/17/2026
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If Matt could take one lesson from his former life as a therapist and impart it to all the advisors that he serves, what would that lesson be? What compelled Matt to write his new book, Shut the F Up and Listen, and why did he think this message was particularly important in this moment we are in? The impulse to listen in order to respond, or to listen in order to solve a problem, is a really human impulse. How can we move beyond this and begin listening just for the sake of...Jay Mooreland - The Emotional Investor: Behavioral Finance, Investor Psychology & Making Better Decisions in Market Downturns
#370
09/10/2026
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Whereâs the current interest and momentum in Behavioral Finance and where does Jay see it going next? Why are investors so bad at affective forecasting (i.e. imagining how theyâll actually behave during a major market downturn)? How can we get investors and advisors to âbuy an umbrella when the sun is shining?â Why does taking action during market downturns feel so right and what practically can we do, as financial advisors, to try and keep people from taking action? Are there any ways that Jay thinks AI and technology may help us make...Dr. Daniel Crosby - The Psychology of Wealth Transfer and Why Inheriting Wealth Changes More Than Just a Balance Sheet
#369
09/03/2026
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Why do we need to begin to think about wealth in more qualitative terms with the upcoming Great Wealth Transfer? How can we better prepare heirs to understand their newfound relationship with wealth? Why does successful, multi-generational wealth preservation depend on more than investment performance? According to studies, what factors are key for the preservation of wealth across generations? What are the four invisible inheritances that accompany the inheritance of wealth? What is behavioral capital, and why do we inherit this long before we inherit financial capital? What is relational capital, and why is...Alex Edmans - The Madness of Markets
#368
08/27/2026
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If markets are as mad as Alex and Dr. Crosby suggest, why do we still see that most active managers have such a difficult time trying to beat markets? When Alex tells stories about how sporting events or the weather might move the market, is there any signal there for the average investor or is he simply making a broader point about how our emotions may color the way we think about markets? Alex subdivides our behaviorally biased reactions to markets into overreaction, underreaction and misreaction. What do each of these look like practically...Adam Cockerham - Your Money and Your Mind
#367
08/20/2026
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Does Adam believe that most people have a money problem, or a meaning problem that money simply reveals? What are some signs that someone is trying to solve a meaning problem with money and what would Adam counsel them to do instead if they saw this in themselves? How does Adam define financial freedom in a more nuanced way than the laymanâs concept of financial freedom? What is some evidence that money has moved from a servant role to a master role in someoneâs life, and what would Adam have them do to r...Kendra Wright - The Marketing Mistakes Holding Financial Advisors Back (And How to Fix Them)
#366
08/13/2026
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What is the biggest lie advisors tell themselves about why their growth may be stagnating or slower than they might like? What would Kendra say to advisors who are casting a really wide net about why they should drill down and create a more bespoke marketing funnel? When Kendra is looking at an advisorâs social media channels, what are some signs that their approach is effective and what are some signs that they may be missing the mark? Why is effective marketing just as much about repelling the clients you donât want as i...Christopher Norton - Financial Advisor Marketing: How to Build an Authentic Brand That Attracts the Right Clients
#365
08/06/2026
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What does the financial services industry get wrong about the role marketing and sales should play in an organization? How does Potomac approach marketing differently than other firms? If Christopher had to distill his marketing ethos down to 2-3 principles, what would those be? Why does Christopher believe that it is just as important to repel people as it is to attract them with your brand? Why is this brand authenticity so important? How can you turn your personal passions into a compelling story and draw for your brand? What is the real reason...Dr. Christine Whelan - Dr. Christine Whelan - Finding Your Purpose: What Actually Leads to a Meaningful Life?
#364
07/30/2026
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Why does Dr. Whelan think that purpose is something we build rather than something we discover? Also why, as a culture, do we view purpose more like an epiphany rather than something we actively construct? How are happiness and purpose distinguished and how should we optimize for one or the other? How did Platoâs philosophy separate the two and did he believe they were mutually exclusive on some level? Does Dr. Whelan think that we, as a society, over optimize for short-term, hedonic happiness and donât focus enough on long-term eudemonic flourishing? How...Jamie Bosse - Investing for Tweens
#363
07/23/2026
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Why do tweens seem to fall between the cracks, in terms of products, advice and services aimed at them, and why did Jamie focus on this niche demographic for her new book? From a developmental perspective, what should parents and caregivers understand about how 10-14 year olds think, learn and make decisions? When thinking about jobs for teenagers, how should parents think about jobs that build work ethic and resilience versus higher paying jobs that might more effectively prepare them for the future? When youâre teaching your tweens about saving, investing and working, ho...Cullen Roche - Your Perfect Portfolio: Stop Chasing Returns and Start Building Better Portfolios
#362
07/16/2026
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Why does Cullen argue in his new book that there is no perfect portfolio and argues that we should be worrying more about process? How do we begin to move our clientele from this search for a silver bullet to start thinking about their portfolios in a more systematic, bespoke way? Why does Cullen believe that advisors should match assets to future liabilities rather than just chasing returns? From a behavioral perspective, why is this shift hard for investors to internalize at times? Do most âdiversified portfoliosâ fail Cullenâs test of diversification? If a list...Derrick Kinney - Money Mindset, Building Wealth & The Good Money Revolution
#361
07/09/2026
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Why did Derrick Kinney leave behind his career as a financial advisor to become an author and public speaker? What does Derrick think money reveals about people that we may be slow to admit? How does Derrick suggest people get started with philanthropy if theyâve been hesitant for whatever reason? As people try to reorient their relationship with money, what are some rain clouds or obstacles they might run into and how can they better prepare for these? What is a belief about money thatâs ostensibly responsible but that might lead us away...Neil Bage - This is Your Brain on Money
#360
07/02/2026
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What gives money such immense emotional power over us? Does Neil think that some of the problems people have with money come from them trying to treat it as this utilitarian thing rather than tapping into the deeper subtext of it? What does Neil think is the biggest mismatch between the brain weâve inherited from our ancestral predecessors and the world we find ourselves navigating in the present day? What are one or two high-level tips for helping our old brains thrive in this new world? Why does Neil describe the brain as a...Ben Carlson - Risk and Reward
#359
06/25/2026
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How can we make the lessons of market history feel salient to present day investors? Is the South Sea Bubble Benâs favorite historical anecdote around investing and money? What is the ânow show Japanâ mindset and how does it steer people awry? Both from the advisor perspective, and also the end-investor perspective, how do we get people to realize the value of doing nothing and passive investing? When Ben says there are two types of Bear Markets, what does he mean and how do they differ? What is Benâs analogy about winning points v...Clare Flynn Levy - Stock Market Maestros: The Winning Habits, Strategies and Mindsets of the Worldâs Best Investors
#358
06/18/2026
This week on Standard Deviations with Dr. Daniel Crosby, Dr. Crosby is joined by Clare Flynn Levy, CEO and Founder of Essentia Analytics. Prior to founding Essentia, Clare spent 10 years as a fund manager, both active equity (running over $1B of pension funds for Deutsche Asset Management) and hedge (as founder and CIO of Avocet Capital Management, a specialist tech fund manager). She ultimately âwent nativeâ into the software space as President of Beauchamp Financial Technology, a market-leading provider of portfolio management systems to hedge funds, which was acquired by Linedata Services S.A. Clareâs vision for Essentia is bas...
Douglas & Heather Boneparth - Money Together: Aligning Your Financial Stories and Goals
#357
06/11/2026
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Was there anything that Doug and Heather learned about each other, in the process of writing their book, that surprised them? What are some common disagreements among couples that are ostensibly about money, but in actuality are about something much deeper? How do Heather and Doug suggest that people begin to examine their money stories to begin to understand their beliefs about money that are often subconscious and inherited? Why is the idea that âthere is no normalâ when it comes to money an empowering message for advisors and investors to internalize? How should coup...Jamie Hopkins - Your Retirement Sketchbook
#356
06/04/2026
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Why is spending our own money so psychologically difficult and have we as an industry scared people into thinking that they canât spend their money and enjoy their lives? How can we, as advisors, help spending stop feeling like a loss for people in retirement? What are some practical tips for advisors and individuals to help them make the switch to spending thoughtfully in retirement? What structures or advice helps give individuals the peace of mind and permission to spend in retirement? Why does Jamie use the metaphor of a sketchbook for retirement, in...Dr. Joseph Moore - How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didnât)
#355
04/09/2026
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After studying 300 years of history, what is Dr. Mooreâs current view with respect to the American Dream? Is it maybe simultaneously true that itâs easier to get ahead than ever for the average American, but that there is also rampant corruption and nepotism at a high level? How does the current U.S. housing crisis compare in severity to those in our past? What are some common misconceptions about what works and what doesnât work when it comes to building wealth? Why does Dr. Moore think of real estate as an active...Marla Sofer - AI and BeFi: Why Tech and Human First Advice Go Together
#354
04/02/2026
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Where do people consistently misperceive their own behaviors and their own financial tendencies? Also, what are the forces that drive those blindspots? Why do so many financial planning tools optimize for all the wrong things and how can we make client services better center the client and their goals? What are Marlaâs hopes for the world of tech when it comes to minimizing the âknowing-doing gap?â Do people need more financial literacy or self-literacy/self-awareness? In the medium term, how does Marla see the role of the financial advisor changing with respect to AI? Wh...Dr. Daniel Crosby - Write Your Story
#353
12/11/2025
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What does Swiss-born British author Alain de Botton have to say about Macbethâs cynical soliloquy on the brevity and meaningless of life? Why does he state that despair and hope are two sides of the same coin?How does storytelling make a truth durable in our minds by linking an idea to an ego?Why is our internal dialogue one of the most important stories that we tell? How can we go about making it a more productive dialogue and less self-depricating?How can Albert Ellisâ âABC Modelâ help us counteract irrational thoughts and cogn...Dr. Daniel Crosby - Ritual and Meaning
#352
12/04/2025
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What does the Japanese Tea Ceremony, Chanoyu, symbolize beyond the ritualized preparation of tea?Why are rituals so important and how can we incorporate ritual into our modern lives?What did Polish Anthropologist Bronislaw Malinowski discover about the importance of fisherman's rituals in Papua New Guinea?How can rituals ease neural tension after a difficult day and give us a sense of control during chaotic times in our lives?Why is active participation in a ritual a prerequisite of reaping their potential benefits?How do we, practically, go about ritualizing our own life purpose?<...Dr. Daniel Crosby - Fighting for Whatâs Right is a Source of Meaning
#351
11/20/2025
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How did Florence Nightingale transform the healthcare landscape in her time?How did Rachel Carson and her book, Silent Spring, call for a greater awareness of environmental degredation and a heightened awareness of the fragility of our planet?Why did Norman Borlaug win The Nobel Prize, The Presidential Medal of Freedom and The Congressional Gold Medal? Where can his legacy be seen in the present day?Why does participating in activism lead to a greater sense of wellbeing?Why are greater levels of activism also correlated to greater physical health?Links
The...Dr. Daniel Crosby - On Having and Being
#350
11/13/2025
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How can southern author Flannery OâConnerâs emphasis on the importance of truth be seen in both her writing and the way she lived her life?What did German-American psychoanalyst Erich Fromm have to say about the difference between the âhavingâ and the âbeingâ modes of existence? Also, what can Tennysonâs and Bashoâs poems on flowers teach us about each mode of existence?How does contemporary advertising encourage us to confuse having and being?Why does a focus on having often come at the expense of being?Links
The Soul of WealthOr...Dr. Daniel Crosby - The Beauty of Imperfection
#349
10/30/2025
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How was the Japanese art of ceramic repair, kintsugi, born out of Ashikaga Yoshimasaâs happy accident with a piece of Chinese ceramics?What lessons can we take from the art of kintsugi, or more broadly Wabi-sabi, regarding resilience, rebirth and the acceptance of imperfection?What has scientific research uncovered about the value of learning from past mistakes?Why does nearly winning provide more motivation than winning or losing by a big margin?What do scientific studies have to say about the optimal rate of failure for personal growth? Why might this hold true fo...Dr. Daniel Crosby - The Incredible Power of Not Taking Life Too Seriously
#348
10/23/2025
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Why did Diogenes of Sinope stand out among other Cynic Philosophers of the time and how did he use âprincipled unseriousnessâ to bring levity and illuminate truths about life?What did the lantern that Diogenes carried with him symbolize metaphorically?Why was Plato such a strong critic of laughter and why did he believe that it was an emotion that can override self-control?What styles of humor are most predictive of improved functioning and thriving? What styles of humor predict just the opposite?What did Viktor Frankl say about the critical role of humor in h...Brad Johnson - Live from Future Proof
#347
10/09/2025
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What mindset differences does Brad notice between advisors who are barely getting by and the ones who are 2-4xing their business?Why is focusing on talent acquisition and having a convincing growth story such an important part of growing your business?What is the baseline mindset that Brad often has to move advisors away from to encourage their growth?What distinguishes high-growth cultures from mediocre cultures and what are some actionable ways a company can improve their culture?Whatâs the psychology behind closing the knowing-doing gap for advisors?What are two actionable th...Dr. Daniel Crosby - Do Hard Things
#346
10/02/2025
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What is âThe Betty Crocker Effectâ and what psychological principle explains this phenomenon? What does this say about the perceived relationship between effort and value?Why is effort generally thought of as a cost in classical economics and why does this way of thinking about it often get it wrong?Thomas Payne stated âthat which we obtain too easily, we esteem too lightly.â How does this play out in the case of money that is inherited, or won, versus money that was worked for?Do animals also show a preference for rewards they worked for vers...Dr. Daniel Crosby - Mindfulness and Meaning
#345
09/25/2025
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What did Siddhartha Gautama, The Buddha, discover when he left his fatherâs palace and how did this inform his philosophy going forward? What are Buddhismâs âfour signsâ that he then witnessed and how did this spur on his quest for enlightenment?For Proust, what is the only true voyage of discovery and foundation of eternal youth?What does mindfulness look like in practice? Also, what have researchers discovered as the constituent parts of mindfulness?How do âreappraisalâ and âsavoringâ play into the relationship between mindfulness and meaning in MMT (Mindfulness to Meaning Theory)?Try an e...Dr. Daniel Crosby - Seek Out the Unexpected
#344
09/18/2025
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What can we learn from circus animals about learned helplessness and how can we free ourselves from the chains of a small existence we feel we canât escape?What are the positive and negative implications of habituation? How does it serve us evolutionarily and how can it hold us back?How does habituation affect the joy we get from our favorite songs and how can we renew this joy when weâve overplayed a song?How can we change things up to disrupt our status quo and tendency for habituation?Why is diversifying your...Dr. Daniel Crosby - Real Meaning is Bigger Than You
#343
09/11/2025
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What did psychiatrist Dr. Derek Summerfield learn about the importance of treating social circumstances, as opposed to just brain chemistry, during his research in Cambodia on the psychological effects of unexploded landmines?What did St. Francis of Assisi, Leo Tolstoy, Winston Churchill and other luminaries have to say about the importance of giving and charitable service?What do longitudinal studies show about the mental and physical health benefits gained by those who volunteer on behalf of others?Does volunteering make us happier, or are happy people just more likely to volunteer in the first...Dr. Daniel Crosby - Relationships Are a Pathway to Purpose
#342
09/04/2025
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Why did François Clemmons not initially want to take on the role of police officer on Mr. Rogerâs Neighborhood?How does psychological research bear out the fact that relationships are the most succinct route to attaining a purposeful life?What are some unique benefits that accrue to those who focus on cultivating meaningful relationships and friendships?Is living a purposeful life also predictive of having better relationships?What effect does leading a meaningful life have on oneâs romantic relationships?What is the exact mechanism by which living meaningfully makes our relationships stron...Dr. Daniel Crosby - The Case for Calm: Being Still in a Turning World
#329
04/09/2025
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What is Rudyard Kiplingâs poem âIf ââ about and what can it teach us about remaining poised in the face of chaos?What are some qualities of the investors who fare best in turbulent markets?What roles does EQ (Emotional Intelligence) play in investment decision making?What are some practical steps for remaining calm in a churning world?Why is âsleeping on itâ such powerful advice when it comes to investment decision making?How can we anchor to non-financial metrics to regain a measure of control during market downturns?Links
The Soul of WealthOri...Joe Duran - Humanizing Wealth Management: How Personalization is Shaping the Future of Financial Services
#309
12/12/2024
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What insight did Joe have that prompted him to start applying Behavioral Finance in practical ways while much of the industry was focused elsewhere?Why are so many firms relying on the old-fashioned educational approach when building client-centric tools and technology seems to be the way forward?What is an example of a compelling promise a wealth management firm could make to their clients?Is it time for those who entered the business because they love picking stocks and crunching numbers to roll off, re-educate or learn new skills? Also, what can we do...Breanna Blaney (Live at Future Proof)
#308
12/05/2024
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What does Dimensional see about the future of the industry that encouraged them to launch something like âLife Invested.âWhy does a âhuman firstâ investment model have the power to endure in a way that other investment models, such as those centered around sales, have not?How can we give the âhuman firstâ approach more definitional clarity for those who are new to the concept?What would Breanna say to those advisors who are nervous they are going to open a âPandoraâs Box of emotionâ when they become more vulnerable with their clients?As someone who doe...Dr. Christina Lynn - Master Motivational Interviewing: A Game-Changer for Financial Advisors and Client Relationships
#307
11/14/2024
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Examples of when emotional connection can play a decisive role in sales.How, practically, can advisors shift their focus a bit from the technical to fostering deep, emotional connections with their clients?What is motivational interviewing, what is based on and what does it look like in practice?Where does the discovery process often go wrong and what can we do to make it go right?How can silence be a powerful tool in client meetings?How can advisors help their clientsâ goals become more vivid and salient for them?What is EQ, or em...Adam Tolliver - Understanding the Racial Wealth Gap
#306
11/07/2024
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Get a better sense of the size and scope of the racial wealth gap problem in the US.Should financial advisors play a role in addressing these inequalities? Also, do historical factors, such as systemic discrimination and redlining, largely to blame for the genesis of this disparity?What sort of systemic inequities and injustices are we up against today and what can we do to combat these?What cultural differences, and attitudes, towards money, risk and investing should non-black practitioners be aware of when working with black clientele?What can we do as an...Dr. Daniel Crosby - Emotions and Money: If You Canât Beat It, Join It
#291
10/17/2024
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What elements do âtulip mania,â the roaring twenties and the .com bubble share and what should be our biggest takeaway from these historic market events?What is the "affect heuristic" and how should we be thinking about it in relation to our investment decision making?How do the emotional states of euphoria and despair effect our risk tolerance? Do these emotions also effect how much we are willing to pay or sell an asset for also?What are somatic markers and how do they influence our decision making process?What can we learn from âcircul...Michael Finke - The Role of Behavioral Science in Shaping Your Retirement Future
#305
10/10/2024
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From Michaelâs vantage point, what did he observe during this recent market downturn?How can those nearing retirement overcome the tendency to have knee jerk responses to major negative market events?How can we better inoculate people against volatility before it happens?During a significant financial downturn is it more effective for advisors to be proactively counseling their clients or should they wait for their clients to make the first move?Why is mean reversion such a powerful force, particularly in US markets in recent years?What has Michaelâs research taught him abou...