when we quit things, we usually follow the idiom out of sight, out of mind. We don't naturally track things that we're no longer in. This is likely w… - Annie Duke
" "when we quit things, we usually follow the idiom out of sight, out of mind. We don't naturally track things that we're no longer in. This is likely what is causing the problem with the portfolio managers. When they enter into a position, they're tracking that every day, because it's part of the portfolio. But once they exit, they're not tracking it in the same way, because the position is now off their books. It's no longer part of their P&L statement, not as far as they can see in any obvious way.
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Also Known As
Birth Name:
Anne LaBarr Lederer
Alternative Names:
Anne LaBarr Duke
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Annie Lederer
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Anne Lederer
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Additional quotes by Annie Duke
Outcomes don't tell us what's our fault and what isn't, what we should take credit for and what we shouldn't. Unlike in chess, we can't simply work backward from the quality of the outcome to determine the quality of our beliefs or decisions. This makes learning from outcomes a pretty haphazard process.
There are many reasons why wrapping our arms around uncertainty and giving it a big hug will help us become better decision-makers. Here are two of them. First, "I'm not sure" is simply a more accurate representation of the world. Second, and related, when we accept that we can't be sure, we are less likely to fall into the trap of black-and-white thinking.
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