Teamwork is an essential part of everyday life, at work, school, and home. But what allows some teams to thrive under intense pressure while others buckle?

In this episode of Choiceology with Katy Milkman, we explore how candid cultures that invite ideas from every level of an organization can be the difference between failure and a miracle.

Jonathan Franklin, an award-winning journalist based in Chile, tells the remarkable story of the 2010 San José mine collapse and rescue mission. Franklin's book 33 Men: Inside the Miraculous Survival and Dramatic Rescue of the Chilean Miners details key moments of candor and collaboration—and winning ideas that came from unlikely places.

Next, Katy speaks with Amy Edmondson, the Novartis Professor of Leadership and Management at the Harvard Business School. Edmondson shares her pioneering research on psychological safety and why it's so essential to build cultures that invite candor. Edmondson's foundational book on the topic, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth, has been translated into 15 languages.

Choiceology is an original podcast from Charles Schwab. For more on the show, visit schwab.com/podcast.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

01:10 The Organizational Failure Behind Space Shuttle Columbia

03:03 This Is Choiceology

03:38 World-Class Collaboration That Saved 33 Lives in Chile

18:21 The Power of Ideas Over Hierarchy

19:15 How to Create Cultures That Empower Teams With Amy Edmondson

34:37 The Value of Psychological Safety Everywhere

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Past performance is no guarantee of future results.

Investing involves risk including loss of principal.

The books How to Change: The Science of Getting from Where You Are to Where You Want to Be, 33 Men: Inside the Miraculous Survival and Dramatic Rescue of the Chilean Miners, and The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation, and Growth are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content.

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From stocks to fitness to video games, real-time performance data is available everywhere these days. Seeing desirable upward trends feels amazing. But when there's a drop, it can feel like the world is ending.

In this episode of Choiceology with Katy Milkman, we explore what happens when we judge performance too much in the short term.

Cora Kennedy takes us inside the world of collegiate esports, where constant performance data shapes how players think and compete—including Cora herself. We also hear from Dan Ginn, who was a smartwatch devotee who checked his fitness data morning, noon, and night—until a serious illness forced him to rethink his habits.

Lastly, Katy speaks with Shlomo Benartzi, professor emeritus, behavioral decision-making, at UCLA Anderson School of Management. Shlomo shares his research on why we tend to overreact to short-term losses—and how this tendency helps explain a puzzle that has long stumped economists.

Choiceology is an original podcast from Charles Schwab.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

00:00 Introduction

00:50 The Competitive World of Esports Stats

03:42 This Is Choiceology

04:15 Smartwatch Data Obsession Gone Awry

10:55 Checking Immediate Data Can Sabotage Long-Term Goals

11:46 The Equity Premium Puzzle and Myopic Loss Aversion With Shlomo Benartzi

23:27 Katy Milkman Reflects on Managing Myopia

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

This material is intended for general, informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.>

Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Past performance is no guarantee of future results.

Investing involves risk including loss of principal.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

There are risks associated with investing in dividend paying stocks, including but not limited to the risk that stocks may reduce or stop paying dividends.

The books How to Change: The Science of Getting from Where You Are to Where You Want to Be , Save More Tomorrow and The Smarter Screen are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about their content.

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Imagine you're cleaning out your grandmother's attic when you notice a floorboard that doesn't quite sit right. You pry it up—and find $10,000 hidden beneath it. It's a startling discovery, but also a window into another way of thinking about money. Your grandmother was likely part of a generation that lived through hard financial times—a depression, unemployment—and saved for a rainy day, even when times became good.

In this episode of Choiceology with Katy Milkman, we're looking at how major economic events impact us and influence how much risk we're comfortable taking.

Frank Ferrante shares the story of legendary comedian Groucho Marx and how Groucho fared during and after the stock market crash of 1929.

Next, Katy speaks with Ulrike Malmendier, the Cora Jane Flood Professor of Finance at UC Berkeley's Haas School of Business. Ulrike's research reveals how major economic events can reshape our instincts about risk in ways that can last a lifetime, long after the circumstances that caused them have changed.

Choiceology is an original podcast from Charles Schwab.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

0:00 Introduction

0:54 Hurricane Katrina's Lasting Mark

3:14 This is Choiceology

3:52 Groucho Marx After the 1929 Stock Market Crash

15:22 Why You Can Lose Out When Remaining Too Risk-Adverse

16:08 How Macroeconomic Experiences Shape Us With Ulrike Malmendier

29:07 Katy Milkman Reflects on Risk Preferences

31:09 Final Thoughts & Next Time

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content.

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