121: Michael Mauboussin – Tactics for Better Decision Making, and Skill Versus Luck
Chat With Traders
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The Importance of Process in Decision Making
In some domains, outcomes are perfectly indicative of what's going on. When you get into realms that are probabilistic, where there's a dose of luck in the outcomes, it becomes very important to focus primarily on process and not on outcome. The key is to focus really on the quality of the decision and the process. We want to have good outcomes at the end, but the belief is that an adherence to a good process gives you the highest chance of a good outcome over time.
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