#186 Tom Gayner: Invest Like The Best
The Knowledge Project with Shane Parrish
Thinking in terms of opportunity cost
Focusing on the concept of opportunity cost, it is emphasized that human tendency tends to overlook the mistakes of omission, i.e., things not done but should have been done, which often have greater consequences than the mistakes of commission. The speakers highlight the importance of considering opportunity cost in decision making, stressing that humans generally do not naturally think in terms of opportunity cost, thereby failing to assess the trade-offs involved in their choices.
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