59: Ergodicity and Decision-making with Luca Dellanna

David speaks with Luca Dellanna, a management advisor and author.Luca is the author of multiple books, including "Ergodicity" and "Best Practices for Operational Excellence".His work emphasizes the importance of understanding risk, maximizing longevity, and making high-quality decisions in various domains.They talked about:💡 The concept of ergodicity: The lesson is that survival matters more than performance, and irreversible losses can absorb future gains.🌟 The importance of avoiding extremes: Finding a balance between extremes is crucial to minimize risks and maintain well-being.📊 Optimise for average: Consistently being average over time can lead to being above average in the long run.📋 The role of good coaches and managers in providing actionable feedback: Maintaining skills, culture, and reducing risk through regular maintenance is crucial for long-term success in organizations, even if it may not maximize short-term results.📜Full transcript:https://www.theknowledge.io/lucadellanna/📹 Watch on Youtube:https://youtu.be/bcygw2DraG0👤 Connect with Luca:Twitter: @DellAnnaLucaWebsite: http://luca-dellanna.com/Books: Ergodicity Best Practices for Operational Excellence🗣 Mentioned in the show:Elizabeth Swaney | https://www.theknowledge.io/is....sue66/#:~:text=Excep mediocrityFreestyle World Ski Championships | https://en.wikipedia.org/wiki/....FIS_Freestyle_World_ Musk | https://en.wikipedia.org/wiki/Elon_MuskThe Success Equation | https://amzn.to/3p38kogMichael J. Mauboussin | https://en.wikipedia.org/wiki/....Michael_J._Mauboussi 22 Immutable Laws of Marketing | https://amzn.to/43FgNwSDuPont | https://en.wikipedia.org/wiki/DuPontDavid Epstein | https://twitter.com/DavidEpsteinRange | https://amzn.to/43UpH9CAnnie Duke | https://en.wikipedia.org/wiki/Annie_DukeThinking in Bets | https://amzn.to/3X5z04kSteve Carroll | https://en.wikipedia.org/wiki/Steve_CarellGreg Popovich | https://en.wikipedia.org/wiki/Gregg_PopovichNasim Taleb | https://en.wikipedia.org/wiki/....Nassim_Nicholas_Tale | https://amzn.to/45Zw5yfScaling People | https://amzn.to/43EhmHhClaire Hughes Johnson | https://twitter.com/chughesjohnsonBent Flyvbjerg | https://en.wikipedia.org/wiki/Bent_Flyvbjerg