Having a daily routine that includes adequate sleep, physical activity, and reading contributes to productivity and effective decision making.
Intuition in decision making is domain-specific and should be combined with data and statistical analysis for informed decisions.
Deep dives
Importance of Sleep and Daily Routine
Having a daily routine that includes adequate sleep is key for effective functioning and decision making. Michael Mobison emphasizes the importance of getting at least 8 hours of sleep to optimize productivity. He also mentions that a considerable portion of his time is spent on reading and research, rather than watching TV, and highlights the significance of physical activity in his routine. This balance between sleeping well, eating well, exercising, and spending time on reading and research contributes to his typical and productive day.
Intuition in Decision Making
Michael Mobison discusses the role of intuition in decision making and highlights that while there is some value to it, intuition is domain-specific and doesn't work effectively in all situations. He emphasizes the importance of differentiating between experience and expertise, suggesting that expertise requires a predictive model that works, rather than simply relying on intuition developed through experience. He also mentions the concept of disciplined intuition, where intuition is combined with data and statistical analysis to make informed decisions.
Evaluation and Improvement of Decision Processes
Evaluating the decision-making process becomes more challenging in constantly changing environments, as it involves dealing with inherent unpredictability. Michael Mobison suggests that focusing on the process rather than the outcomes is crucial. He stresses the significance of feedback and the practice of deliberate decision making, highlighting the need for constant improvement and the importance of considering alternative points of view.
Fostering Open-Mindedness and Learning How to Think
Developing open-mindedness in adults is a complex endeavor. Michael Mobison suggests creating an environment that promotes exposure to different points of view and encourages reading across disciplines. He emphasizes the value of emphasizing effort rather than outcomes, engaging in thoughtful decision-making processes, and providing recommendations rather than telling others what to do. He also highlights the significance of modeling open-mindedness and discussing alternative points of view to foster a culture of learning and critical thinking.
Multiple best selling author and financial strategist Michael Mauboussin shares his wisdom on parenting, daily routines, reading, and how to make better decisions.
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