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Understanding the importance of constructive criticism
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Reasonable ignorance
This bias is intentionally limiting your diligence to avoid decision paralysis since everything is more complicated if you dig deep enough.
At some point, decisions have to be made, which means you won't know everything and be okay with that.
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204 reads
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Historical discounting
There are timeless truths that you can learn from history. But some truths can become outdated.
Things change, and you should pay the most attention to your modern world. The recent past is then the most relevant.
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203 reads
Enjoyment bias
The enjoyment bias states that an inefficient investing strategy that you enjoy will beat an efficient one that feels like work.
The key to a lot of things in finance is maintaining endurance when there is a downturn. Loving the companies you buy or your strategies is a bias because...
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199 reads
Not all biases are bad
We can become side-tracked if we are too preoccupied with mental errors.
Some biases are underappreciated but can be lifesavers.
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347 reads
Allergic to nonsense bias
When you are confronted with financial salesmanship, you are able to spot and avoid nonsense. Nonsense can be anything from overconfident projections to accounting gymnastics to fraud.
What is common is a belief that the level of nonsense in a proposition should be proportionate to its mar...
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215 reads
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Our thinking rate is fixed
The rate at which we process information is fixed, Tom DeMarco points out. If you're under pressure, the quality of your decision worsens. You may miss possible angles, won't think ahead, etc.
The clearer you think, the better your decisions will be. This often mea...
Awareness
Whenever someone asks me what my advice would be for 20yr old self, I have one answer. Make sure, decisions in your life are made from a point of awareness.
Merely knowing what you need to do is not enough for you to do it, awareness is the start of the decision not the end of it.
Make Better Choices
- Seek good information. Be skeptic and never just assume that what you’re being told is always true.
- Avoid common pitfalls, like making decisions without enough time or information.
- Look at previous mistakes so you learn from them.
- Check in with yo...
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