The Art of the Fold: Cutting Losses

    When do you hang tight until the very end, and when do you give in? When do you stick it out, and when do you cut your losses? In the third episode of The Charlie Harary Show, Charlie discusses the art of the fold: when and how to admit fault and cut our losses, rather than continuing previous (and potentially harmful) behavior. Renowned psychologist Dr. David Lieberman joins as guest speaker to explain the psychology behind why we follow through with previous decisions or thought processes even once we know it’s time to fold, how investing ourselves emotionally in decisions blinds us to the truth, and how we skew our decisions to maintain our original positions. Applying examples from the secret side deals of the Iranian nuclear agreement, Wilmer Flores of the Mets, and one of the greatest folds in poker history—Romanello vs. Geller; this episode explains the importance of maintaining objectivity and having the courage to admit one was previously wrong when faced with new information and/or circumstances.


    • Intro, Iranian nuclear deal and the secret side deals (0:20 – 7:57)
    • Managerial decision making (7:58- 10:22)
    • Poker and the art of negotiation: Romanello vs. Geller (10:23 – 14:30)
    • Guest Dr. David Lieberman, renowned psychologist and author (14:31- 30:32)
    • Wilmer Flores of the Mets: “There’s no crying in baseball” (30:33 – 40:06)
    • Wrap-up: how to know when to hold ‘em and when to fold ‘em (40:07 – 55:27)

    Dr David Lieberman: How Free Will Works: The Blueprints to Take Charge of Your Life, Health, and Happiness
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