Are You Quitting and Sticking Decisions?

Kahneman: Once we're in it, once we're on a path, we're going to be really bad deciders. We had a client when I was running my firm and they had a rule where they would look at you and say, okay, based on your strategy, we expect you a loss of X percent. And the thought process was if you still believe that the managers got skill, then this is the ideal time to give the money just after a bad patch,. If you don't, then you should get out. So again, this goes into the idea of kill criteria, right? You're just setting rules in advance and pre-committing to those rules.

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