The Golden Misfits: With Guests Gary Lawless & Erika Kirgios

Choiceology with Katy Milkman

Charles Schwab

Behavioral Economics, Society & Culture, Social Sciences, Decision Making, Charles Schwab, Business, Science, Investing, Dan Heath, Katy Milkman

4.8 • 1.4K Ratings

🗓️ 28 August 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Grouping choices together so that you make a bunch of selections all at once can seem daunting, but it can help you reach your goals faster.

Transcript

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0:00.0	On June 13th, 2023, the Vegas Golden Knights won the Stanley Cup Finals against the Florida Panthers.
0:20.0	It was a remarkable achievement for a team that was only six years old.
0:36.0	In this episode, we'll take a look at how the Golden Knights are managed,
0:40.0	focusing on the way they built a powerhouse hockey team from scratch.
0:44.0	Along the way, you'll learn about a way of structuring decisions that can affect the kinds of choices you make at the grocery store, in the boardroom, and on the ice.
1:04.0	I'm Dr. Katie Milkman, and this is Choiceology, an original podcast from Charles Schwab.
1:08.0	It's a show about the psychology and economics behind our decisions.
1:12.0	We bring you true stories of high-stakes choices, and then we examine how these stories connect the latest research and behavioral science.
1:20.0	We do it all to help you make better judgments and avoid costly mistakes.
1:24.0	The NHL was looking to expand. They wanted to grow their TV footprint, and they also wanted to collect the expansion fee, which was $500 million at that time.
1:50.0	This is Gary.
1:52.0	Hi, my name is Gary Lawless. I am a writer and broadcaster with the Vegas Golden Knights.
1:58.0	The Vegas Golden Knights is a relatively new team in the National Hockey League. They were founded in 2017 as an NHL expansion team.
2:08.0	A consortium led by Bill Foley approached the NHL about setting up a franchise in Las Vegas. Foley had lofty ambitions.
2:16.0	Bill Foley made his fortune in insurance. He famously said early on that the team would make the playoffs in three years and would win this Stanley Cup in six years.
2:29.0	Now everybody laughed at him. Nobody in the hockey world thought the Golden Knights were going to be a playoff team.
2:35.0	New teams generally struggled to find their footing in their early years.
2:40.0	From the NHL, new teams fell their roster with players from existing teams, and what is called an expansion draft.
2:47.0	They had the ability to take a player from every team in the league. Every team could only lose one player, and they could protect certain number of defensemen or certain number of forwards.
3:00.0	Existing teams would protect their star players, so the terms for new teams are not exactly great.
3:06.0	The expansion franchises were unsuccessful early on for the most part. It was like you were the new kid on the block, so you had to pay your dues.
3:14.0	The new team would have to make the best of a tricky situation.
	...

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