Personable

Send us a text Robert Karas, Chief Investment Officer at Bank Gutmann with over 30 years of investing experience, joins Personable to unpack why investors panic, how emotions quietly destroy returns, and what long term success in markets actually requires. In this episode, Robert shares lessons from living through bubbles, crashes, and severe drawdowns, explaining why investor behavior matters more than intelligence or strategy. From confirmation bias and media noise to portfolio construction and discipline, this conversation focuses on the psychological side of investing that determines outcomes over decades. This is an essential listen for anyone trying to understand investor psychology, market fear, and how to stay rational during periods of uncertainty. He discusses: ◽️ Why investors panic and sell at the worst moments ◽️ How emotions and confirmation bias destroy returns ◽️ Lessons from bubbles, crashes, and major drawdowns ◽️ Long term investing vs short term speculation ◽️ Position sizing, discipline, and staying invested 00:00 Introduction and Robert Karas background 01:47 How Robert first got into investing 04:58 The danger of get rich quick mindsets 08:36 Early losses and learning the hard way 12:14 Long term compounding vs short term trading 16:52 Investor psychology and emotional decision making 21:09 Media noise, headlines, and confirmation bias 26:03 Technology, AI, and investing skepticism 31:41 Portfolio construction and position sizing 37:18 Concentration risk and drawdowns 43:07 Why investors sell at the worst moments 49:26 Managing fear during market crashes 55:42 Advice for young investors and careers 1:01:08 Listening, learning, and long term thinking 1:06:37 Legacy, reflection, and final takeaways Robert Karas: ◽️ LinkedIn: https://www.linkedin.com/in/robertkaras/ Harvey Bracken-Smith: ◽️ LinkedIn: https://linkedin.com/in/harveybracken-smith ◽️ Instagram: https://instagram.com/harveybsmith ◽️ X (Twitter): https://x.com/harveybsmith_ ◽️ Newsletter: https://personable.substack.com/ ◽️ Website: https://www.personable.media/ Personable Podcast: ◽️ Instagram: https://instagram.com/personable.podcast ◽️ LinkedIn: https://linkedin.com/company/personablepodcast ◽️ TikTok: https://tiktok.com/@personableclips ◽️ Spotify: https://open.spotify.com/show/7JOTYDER6m2FDrlhop4api ◽️ Apple Podcasts: https://podcasts.apple.com/us/podcast/personable/id1671640111 Additional: ◽️ Fundraising: https://www.loulouracefoundation.org/donate Personable is a podcast dedicated to helping listeners become the best they can be by learning from the world’s best in their respective fields. This mission is inspired by my mother, Louise, who encouraged me to become the best version of myself before she passed away from cancer in 2023.  This content is for informational and entertainment purposes only and is not financial advice. Always consult a qualified financial advisor before making investment decisions. Investing involves risks, and past performance is not indicative of future results. Support the show