Risky Business with Nate Silver and Maria Konnikova (Pushkin Industries)

Caroline Ellison, the second most important person who worked at FTX, was sentenced to prison this week. Nate and Maria talk about how she and Sam Bankman-Fried thought about making +EV bets (with other people’s money). They discuss her role – victim? villain? – and how she played out her real-life prisoner’s dilemma. Then, Nate gives an election update, and he and Maria discuss what people can do to influence the election in the final weeks. (Hint: It’s not donating to a presidential campaign.) Plus, Nate and Maria say farewell to two degenerate gamblers who passed away this week.

Further Reading:

Charity Navigator 

More on Betsy Paluck’s research 

Willy Nelson’s discography 

Dana Carvey’s Biden impression from SNL

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The Leap from Maria Konnikova

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Maria snagged her first World Series of Poker Bracelet! She and Nate break down her strategy on the crucial hands that got her the win. Then, we turn our attention to the Nobel Peace Prize and the p(doom) of nuclear warfare. And, of course, we have our weekly “Should Democrats Be Panicking?” segment. 

Further Reading:

The Big Announcement

More on Thomas Schelling 

More on Stanislav Petrov aka the man who saved the world

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Kalshi, a company that offers prediction markets, sued the US government in an effort to legalize betting on elections. Nate and Maria discuss the pros and cons of election prediction markets. Plus, Nate gives an election update and Maria learns what to do when there’s no plus-EV move.

Further Reading:

Ready Your Bets: Election gambling is going mainstream in the US from Politico

Election Betting Halted After Appeals Court Agrees to Hit the Breaks from WSJ

Betting On Elections Can Tell Us A Lot. Why Is It Mostly Illegal? from the New Yorker

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Nate and Maria discuss the assassination attempt on Donald Trump and the psychology of conspiracy theorists. They talk about what Trump’s selection of J.D. Vance means for the election. And they parse the latest in the Democrats’ intra-party fight over Biden.

Also on the show: Nate’s day at jury duty is a case study in bad bluffs.

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In this bonus episode, Nate and Maria discuss last night’s debate between President Biden and former President Trump. They argue that Biden should drop out of the race, and discuss what might happen if he does.

Further Reading:

“Joe Biden Should Drop Out” from Silver Bulletin

“CNN Presidential Debate: President Joe Biden and former President Donald Trump” from CNN

“Important Post Debate Analysis" from X user @drewjanda 

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Maria talks with Women’s Chess Grandmaster Jennifer Shahade about what chess and poker teach you about life; how statistics can help you think about having kids; and the time Maria lost a chess match in four moves. 

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Our intuitive risk assessments can be way off–we’re too scared of hijackings, and not scared enough of crossing the street. This week, Nate and Maria discuss the real risks of plane travel, and of drinking alcohol. Then, they debate whether the sharp money is on heads or tails in the Super Bowl coin toss, and make a very serious bet about whether the national anthem will move any players or coaches to tears.

Plus, Nate and Maria answer a listener question about the value of betting on underdogs for Pushkin+ subscribers.

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Nate and Maria discuss Anna Sorokin’s (AKA Anna Delvey) spin on Dancing with the Stars. Then, they debate the merits and limits of voting in your self interest, and Nate explains why Nebraska has his attention on the election map. 

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Nate and Maria discuss the California wildfires. How do incentives in insurance markets drive decisions by homeowners – and by insurers? What’s the best way to make rational decisions about the disaster risks we all face?

And they discuss a question from listener JM who asks what happens when the River and the Village mix it up in Washington?

Further Reading:

Colm Toíbin on the loss of Gary Indiana’s personal library in the Palisades fire

An overview of California’s insurance issues from the WSJ

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Launching on May 16, Risky Business is a weekly podcast about making better decisions. The hosts, Maria Konnikova and Nate Silver, are both journalists who moonlight as high-stakes poker players. On Risky Business, they bring their analytical framework to everything from politics to poker to personal decisions.

Maria has a PhD in psychology and is the author of several books including, most recently, The Biggest Bluff. While researching the book, she inadvertently became a professional poker player, with over $500,000 in tournament winnings. She is a PokerStars Team Pro.

Nate is the founder and former editor-in-chief of FiveThirtyEight, and one of the country’s leading election forecasters. He has over $800,000 in lifetime poker tournament winnings and his forthcoming book, On the Edge, is about gambling and risk.

Risky Business is a co-production of iHeart Media and Pushkin Industries.

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This week on Risky Business, Nate gives his analysis of what Trump’s guilty verdict may mean for the election, Maria shares the biggest mistakes she’s seen at the World Series of Poker so far, and Nate reveals an interesting ripple in the sports betting ecosystem ahead of the NBA Finals.

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Nate and Maria give a degenerate gambler's guide to the election, covering everything from Nate’s $100k gamble on Florida to listener-inspired prop bets. Maria explains why poker bots are shaking up the world of online poker. Plus, Nate and Maria lament the spread of AI “slop” online, and re-evaluate their p(doom) in light of recent developments at OpenAI. 

Further Reading:

Should Kamala Harris gamble on a Blue Florida? from the Silver Bulletin 

The Russian Bot Army That Conquered Online Poker from Bloomberg

A Further Investigation into the Existence of the BotFarm Corporation from Poker Pro 

Poker-Bots: The Call Is Now Coming From Inside The House from Legal Poker Sites

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Maria sits down with Bill Perkins, the legendary energy trader, to talk about his approach to risk in business, poker, and life.

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This week on Risky Business, Nate and Maria discuss the reasoning behind Macron’s decision to hold early elections in France, how heat waves could help communicate the reality of climate change, and what we can learn from the impending sriracha shortage. The theme that ties it all together: How to think about long-term risk.

Further Reading:

“The stakes are high in Macron’s gamble” from the Financial Times

“What A Sriracha Shortage Teaches Us About Supply Chains” from Forbes

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Maria talks to her friend Henry Rich about how he’s managed to find success in one of the world’s riskiest industries: restaurants. Themes include learning from failure, accounting for ruin, and finding meaning at work.

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Nate and Maria discuss Trump’s latest round of tariffs. What is the strategy here, if any? What should other decision-makers – like Elon Musk or the United States’ Congress – do to intervene? And how should the average American react?

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This week, Nate and Maria discuss AI 2027, a new report from the AI Futures Project that lays out some pretty doom-y scenarios for our near-term AI future. They talk about how likely humans are to be misled by rogue AI, and whether current conflicts between the US and China will affect the way this all unfolds. Plus, Nate talks about the feedback he gave the AI 2027 writers after reading an early draft of their forecast, and reveals what he sees as the report’s central flaw.

The AI Futures Project’s AI 2027 scenario: https://ai-2027.com/

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Get ad-free episodes, and get your questions answered in an exclusive weekly bonus episode, of Risky Business by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks, exclusive binges, and bonus content for all Pushkin shows. 

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This week on Risky Business, Nate and Maria unveil Nate’s 2024 election model. (The forecast is bad news for Maria.) Also, they explain what insurance industry troubles tell us about the market for risk. And they discuss some key mistakes people make when thinking about risk.

Further Reading:

“Silver Bulletin 2024 presidential election forecast” by Nate Silver and Eli McKown-Dawson

“Climate Change Has Hit Home Insurance. Is Health Insurance Next?” from the Wall Street Journal

“The Home Insurance Crunch: See What’s Happening in Your State” from the New York Times

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This week Nate and Maria discuss the state of Kamala Harris’ presidential bid, including taking a look at her first policy proposals on price gouging and taxes on tips. 

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The Leap from Maria Konnikova

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This week – after a quick check in on their March Madness brackets – Nate and Maria discuss Trump’s showdown with the Ivy League. Should schools like Harvard and Columbia do more to stand up to the President’s demands?

Then they turn to 23andMe, which has declared bankruptcy. They discuss privacy and whether it’s okay to swap your biometric data for more convenience at the airport.

Last but not least, they tackle the question of how to properly value your time.

Further Reading:

Kashmir Hill’s Your Face Belongs To Us 

Sendhil Mullianathan’s research on time poverty 

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The Leap from Maria Konnikova

Silver Bulletin from Nate Silver 

Get ad-free episodes, and get your questions answered in an exclusive weekly bonus episode, of Risky Business by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks, exclusive binges, and bonus content for all Pushkin shows. 

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Nate’s election model is back on, and it’s in Kamala Mode. Nate and Maria discuss what the model shows us about Kamala Harris’ chances, and the strange election misinformation that has been going around. Then, they are joined by World Series of Poker Main Event winner Jonathan Tamayo to discuss his win – and the controversy that surrounds it. 

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Nate and Maria discuss the Harris-Trump debate. Then, Nate gives an update on his election model, and Maria shares the outcome of her irrational move at a poker tournament in Barcelona.

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Nate and Maria briefly discuss the latest election news. Then Tim Harford, author and host of Cautionary Tales, joins to discuss two of history’s most compelling con artists: Sam Israel III and John Law. Risk-related lessons are learned.

Further Reading:

A Con Man Who Lives Between Truth and Fiction from the New York Times

The Murderer, The Boy King, and The Invention of Modern Finance from NPR (featuring our EP Jacob Goldstein!)

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What were the worst and best decisions of this year’s presidential campaigns? With less than a week to go, Nate and Maria look back at the key strategic decisions of the race.

And of course, we spend some time looking at the model.

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Maria sits down with the great Brian Koppelman (Rounders, Billions, The Bear) to learn about how he navigates risk in Hollywood and beyond. They discuss his methods of determining when a risk is worth taking, how to offset risk with hard work, and the time he bet big on Billions.

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Nate and Maria talk through the game theory of how moderate Republican Senators are likely to react to Trump’s controversial cabinet nominees. Then, they discuss the new “Guardian Caps” the NFL has approved to lower the risk of concussion – and explain why most players are deciding not to wear them.

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Nate and Maria share their predictions for the year to come, covering everything from the price of Bitcoin, to the fate of President Trump’s cabinet picks, to whether Nate will wear skinny jeans.

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Nate and Maria really, really, really want Joe Biden to drop out of the race. 

Maria gives a psychological consult on the best way to convince Biden to quit. Nate estimates Biden’s chances of defeating Donal Trump if he stays in – and Kamala Harris’s chances of winning the election if she replaces Biden.

Also: An update from the Main Event of the World Series of Poker.

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Nate and Maria take a closer look at the results of the election. They discuss polling errors, prediction markets, demographic shifts, and campaign strategy. And Nate shares some parting advice for President Biden.

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This week, Nate and Maria discuss Trump’s tariffs and analyze his strategy from a game theory perspective. They get into the difference between zero-sum and cooperative games, speculate on how Trump would act in the dictator game, and discuss the rationality of revenge. Then, they talk about the reboot of the infamous Fyre Festival, and why con artists so rarely reform.

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Nate and Maria are in Vegas for the first week of the World Series of Poker. On today’s show, they share their top tips for acing the World Series, explain the politics behind last week’s approval of a new kind of crypto ETF, and unpack new rules for airline delays.

Further Reading:

“SEC Unexpectedly Expedites ETH ETF w/ Eric Balchunas” from Galaxy Brains

“Biden-Harris Administration Announces Final Rule Requiring Automatic Refunds of Airline Tickets and Ancillary Service Fees” from USDOT

To Buy Into Maria’s WSOP Action:

Visit “StakeKings” 

Or “PokerStake” 

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“The Leap” from Maria Konnikova

“Silver Bulletin” from Nate Silver

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Nate and Maria discuss the influence of Riverians like Elon Musk on the Trump Administration, and what’s next for Democrats looking ahead to 2026. Then, Maria tells Nate about a few key hands from the penultimate table of the North American Poker Tour Main Event. 

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This week, Maria speaks with trust expert Rachel Botsman about her new audiobook How To Trust and Be Trusted. What is trust? Why, even in the face of overwhelming evidence, do we sometimes trust the wrong people? And what can a luxury hotel teach us about how to repair a trust that’s been broken?

And – for Pushkin+ subscribers – Nate and Maria answer a listener question about learning to feel the difference between probabilities.

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What do the decisions Trump has made so far tell us about his strategy for his second term? And what strategic options do the Democrats have? Nate and Maria talk birthright citizenship, tech CEOs, memecoins, and pardons.

And, Nate and Maria answer a listener question about the status of their driver’s licenses.

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This week, Nate and Maria discuss the asteroid that had a 3% chance of colliding with Earth. That risk is now closer to 0%—but, what does this example reveal about how to consider extremely costly events that are fairly unlikely to come to pass?

Then, they touch on the latest World Series of Poker drama and challenge each other to a game of Roshambo.

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This week, Nate and Maria discuss The Atlantic’s bombshell report about how its top editor was added to a national security group chat, and get into why the most major security risk is never technology–it’s always people. Then, they give an update on their March Madness bracket contest, and try to figure out why on earth players have to wait until they’re 22 to join the WNBA.

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Get ad-free episodes, and get your questions answered in an exclusive weekly bonus episode, of Risky Business by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks, exclusive binges, and bonus content for all Pushkin shows. 

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Biden’s out of the race! Matt Glassman joins Nate to talk about what the consolidation behind Kamala Harris reveals about party politics and who she might pick for a running mate.

Further Reading:

Why Biden Finally Quit from Politico

Can Harris Beat Trump? from New York Magazine

What a Kamala Harris Presidency Might Look Like from Semafor

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Nate and Maria share their game-theory-optimal travel strategies – the best time to get to the airport, the optimal airport meal, the value of rental car insurance, and more. Also: The biggest travel mistakes they ever made.

Then, Maria breaks down a scandal in academic psychology research – and she and Nate discuss the underlying incentives that have led researchers to make bad decisions.

Do you have a topic or theme you’d like Nate & Maria to discuss in a future episode? Reach out to us at riskybusiness@pushkin.fm with any suggestions.

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Welcome to Risky Business, a show about making better decisions.

Today, Maria has lessons from a poker tournament she recently played in Monte Carlo, where she made it to the final table. Then, Nate discusses what RFK Jr.’s impressive polling numbers could mean for Biden and Trump. And Nate and Maria discuss Caitlin Clark and what her story tells us – or doesn’t – about the gender pay gap. 

Further Reading:

The Biggest Bluff by Maria Konnikova

On The Edge by Nate Silver (forthcoming)

"RFK Jr. Says Doctors Found a Dead Worm in His Brain" (NYT)

"What the conversation about Caitlin Clark’s pay gets wrong" (CNN)

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Silver Bulletin from Nate Silver

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Nate’s book “On the Edge” is out this week! (Get your copy here.) Maria interviews Nate about the origins of the book, what extreme risk takers get right and wrong, and the year Nate bet a million dollars on sports.

Check out the Risky Business YouTube channel here: https://www.youtube.com/@RiskyBusinessShow

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This week, Nate and Maria talk to Daryl Morey of the Philadelphia 76ers about bringing game theory and probabilistic thinking to the NBA. And, of course, Nate and Maria discuss the election.

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This week on Risky Business, Nate and Maria discuss whether Supreme Court Justice Sonia Sotomayor should retire, the perils of sports betting among professional athletes, and what the return of Roaring Kitty means for traditional market analysis. 

Further Reading:

“Sonia Sotomayor Should Retire Now” from The Atlantic

“Should Sonia Sotomayor Retire?” from Slate

“MLB bans Padres’ Tucupita Marcano permanently for betting on baseball” from the NYT

“Lifetime bans and careers in tatters – recent sports betting scandals show how fringe players are vulnerable” from CBC

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In the wake of DeepSeek’s explosive entrance into the AI chatbot world, Nate and Maria talk AI strategy. At the national level and the personal level, what benefits does this technology actually have – and is it worth it?

Plus, we tackle a question from listener Hugh about how to win big at his friendly, amateur poker night. Good luck, Hugh!

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Amid a maelstrom of executive orders and other presidential actions, Nate and Maria discuss best practices for staying focused on the important things. They also give their takes on what those important things are. And, they follow up on their Super Bowl prop bet – were there tears during the National Anthem? (They disagree – weigh in below.)

Plus, Nate updates us on his housing search, and Pushkin+ subscribers get advice about how to pick a doctor.

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Nate and Maria talk about what Luigi Mangione can show us about the danger of black and white thinking, and how platforms like Bluesky and X create bubbles that make matters worse. Then, with the reigning world chess champion dethroned after a surprising choke, they discuss how they deal with high-stakes situations.

Risky Business will be off next week. We’ll be back with a new episode on 1/2/25. Happy New Year!

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Is Biden on tilt? Nate and Maria analyze the Hunter Biden pardon and try to find the line between false equivalence and equivalence. Then, inspired by the president’s present, they offer some thoughts on game-theory optimal gift giving for the holiday season.

By the way, Nate and Maria will be hosting a poker meet up at the Bellagio next week! 12pm PST on 12/11 at the Bellagio poker room in Las Vegas. RSVP to attend

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On the day before the election, Nate gives a final model update, explains the latest polls, and talks about what he’ll be looking for on election day. Then, Maria and Nate trade their predictions and fears for how election day will play out. 

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What were the best, worst, and most interesting decisions of 2024, and what can we learn from them? Nate and Maria award the year’s most notable decisions in our first annual Riskies awards show. Also: degen of the year, nit of the year, and the cognitive bias that best explains 2024.

Then, they give a quick poker update and answer a listener’s question about the expected value of learning multiple languages.

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This week, Nate and Maria talk college basketball. Nate explains how he made his recently-released March Madness model. Then, they compare their tournament brackets. Maria gets some help from Sacramento Kings GM Monte McNair, but also makes one bracket entirely based on vibes. Nate mostly sticks to his model, but makes a few surprising picks.

Check out Maria’s brackets here.

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The Leap from Maria Konnikova

Silver Bulletin from Nate Silver 

Get ad-free episodes, and get your questions answered in an exclusive weekly bonus episode, of Risky Business by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks, exclusive binges, and bonus content for all Pushkin shows. 

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Last week, Nate and Maria talked about the game theory of American diplomacy right now. This week, they look at it from the perspective of America’s biggest rival: China. How should China respond as the US turns away from the global stage? What new opportunities do they have?

Plus, both hosts weigh in on the poker controversy surrounding a recent big win… that was actually a loss.

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The Leap from Maria Konnikova

Silver Bulletin from Nate Silver 

Get ad-free episodes, and get your questions answered in an exclusive weekly bonus episode, of Risky Business by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Pushkin+ subscribers can access ad-free episodes, full audiobooks, exclusive binges, and bonus content for all Pushkin shows. 

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Nate and Maria start with something light: p(doom) and the possibility that AI will bring about the end of life as we know it. Then, Nate breaks down the news about the presidential debates and makes a shocking recommendation to the Democratic Party. And – most importantly – our hosts preview the upcoming World Series of Poker in Vegas.

Further Reading:

“OpenAI: Exodus” by Zvi Mowshowitz

“Democrats Have a Better Option Than Biden” by Ezra Klein

“21 Tips for Acing the World Series of Poker” by Nate Silver

To Buy Into Maria’s WSOP Action:

Visit “StakeKings” 

Or “PokerStake” 

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“The Leap” from Maria Konnikova

“Silver Bulletin” from Nate Silver

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Earlier this election cycle, Nate and Maria appeared on Odd Lots to talk about prediction markets and election betting. It was a fun conversation -- and we're releasing it now for anyone hoping to get their final bets in.

Political prediction markets — where traders can make bets on election outcomes — have been around for years. But in this cycle in particular, we've seen an explosion of interest, with people constantly checking the odds on sites like Polymarket and PredictIt to assess the state of the US presidential race. But how accurate are these markets? How do people make money on them? What do they tell us beyond what traditional polling or modeling already indicates? On this episode, Odd Lots hosts Joe Weisenthal and Tracy Alloway speak with Nate Silver and Maria Konnikova, the co-hosts of the new podcast Risky Business. Silver is, of course, a famed election modeler, and both are serious poker players with good instincts for gambling and odds. We discuss how these markets work and what the markets and models are saying right now about the current US campaign.

Read More at Bloomberg.com:
https://bloom.bg/46Q66tS
https://bloom.bg/3X54rNP

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