Book

Thinking in Bets

Annie Duke

Separating decision quality from outcome quality. This is the single most useful idea on the whole list for an investing interview, and the cheapest to acquire.

• Decision-making
• Psychology and behaviour
• Investing

1 idea from this book

• Decision principleDecision-making

  A good decision and a good outcome are separate things

  Judge a decision by what was knowable when it was made, and keep the outcome in a separate column.

  Reviewing a trade or a deal that went wrong, answering a question about a failure, and any post-mortem.