How to Stop Yourself Before You Make Another Costly Decision
No one intentionally makes bad decisions. Yet we make them all the time. In fact, some of the worst disasters in recent historyâthe collapse of major investment banks, the global financial meltdownâwere the result of seemingly reasonable decisions made by a lot of smart people. How does this happen?
Michael J. Mauboussin argues that the correct process for deciding wellâespecially when the stakes are highâconflicts with how our minds naturally work. When faced with complex situations, our brains revert to simplified patterns that obscure better approaches to the problem. Even when we think weâre applying logic and reason, weâre subconsciously succumbing to social or situational influences. Fortunately, we can override our mindâs default systemsâthat is, we can counter our intuitionâby learning to âthink twice.â
In this compelling audio book, Mauboussin outlines a disciplined approach to decision making that will significantly reduce costly mistakes. It involves preparing to encounter common mental traps, recognizing these mistakes in context, and applying the right mental tools to shape better decisions. With practice, youâll begin to catch poor decision makingâboth yours and othersââas it unfolds in front of you.
Through vivid stories from business, sports, science, and everyday life, Mauboussin categorizes common mental mistakes and offers actionable advice for avoiding them, including:
âą The Inside/Outside View: Take the experiences of others into account
âą Tunnel Vision: Force yourself to consider alternatives that make you uncomfortable
âą The Whole Is Smarter Than Its Parts: Donât oversimplify complex problems
âą Situational Power: Be highly aware of the influence others have on you
âą The Expert Squeeze: Know when to trust so-called experts, and when not to
Backed by powerful research and shrewd analysis, this audio book gives you a mental toolkit for spotting dangerous decision trapsâand making smarter choices in your professional and personal life.