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.
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:
More on Thomas Schelling
More on Stanislav Petrov aka the man who saved the world
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The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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:
More on Betsy Paluck’s research
Willy Nelson’s discography
Dana Carvey’s Biden impression from SNL
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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.
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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.
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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.
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
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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!)
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
See omnystudio.com/listener for privacy information.
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.
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
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
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
See omnystudio.com/listener for privacy information.
Maria sits down with Bill Perkins, the legendary energy trader, to talk about his approach to risk in business, poker, and life.
For more from Nate and Maria, subscribe to their newsletters:
The Leap from Maria Konnikova
Silver Bulletin from Nate Silver
See omnystudio.com/listener for privacy information.
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