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The Connection Between Outcomes and Decisions
The common mistake that we see is called resulting, looking at the results that come from the decision instead of the actual quality of the decision. Here's a good example: When people were flipping houses in the early 2000s, I think most of those people thought that the success they were having was because of skill. And then obviously when 2008 rolled around, a lot of those people didn't do very well. So there's all sorts of ways in which we kind of get this wrong and it can have really bad consequences.