Consider What You Don’t See - Deepstash

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Consider What You Don’t See

We can overcome survivorship bias by considering the things that started on the same path but didn't make it.  Try and figure out why they failed. If you're going to do something, make sure you are fully informed.

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MORE IDEAS FROM THE SAME ARTICLE

Survivorship bias leads us to think that coincidence is a correlation. We want the encouragement from survivorship bias so we can believe in our own capabilities, but it results in an inflated idea of how people become successful.

The fact is that success is never guaranteed. It does not me...

Statistics of market performance can be distorted when they focus on the rare successes while excluding companies which collapse.

Business books laud the rule-breakers who ignore conventional advice and still create profitable enterprises. However, many misfit billionaires succeed in spite ...

When we only pay attention to the exception above the normal, we end up misunderstanding reality. While there is much to learn from the anomalies, it would be a mistake to expect the same results from doing the same things. 

Survivorship bias is a logical error that twists our understanding of the world and leads to a wrong understanding of cause and effect.

We fall into survivorship bias when we assume that success stories tell the entire story of a product/business, while we don't properly consider past fail...

Successful entrepreneurs teach us very little. We would do better by analyzing the causes of failure first and then the successes.

The huge failure rate for start-ups is often hidden. We will do well to recognize that these failures hold important information.

The only real similarity...

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The Survivorship Bias

We tend to be interested in the success stories of many. We love the encouragement it provides us, but we often overlook the fact that most of these success stories have undergone through many failures.

Survivorship bias is when we concentrate on the peopl...

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1. Anchoring Bias

Let’s say you go to buy a watch, and the first one you like costs $150, which exceeds your budget, soon after you see a watch that costs $125, this new price seems reasonable now, even though this too might exceed your budget, however, as compare...

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Biases...

... specifically cognitive biases, are your unchecked tendencies to make decisions or take actions in an irrational way. 

Instead of making decisions based on facts and data, you are more prone to base your decisions on unconscious errors that lead to a distorted judgment of the worl...

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