Tag: Cope with Losses

Learnings

A committee is a cul-de-sac in which ideas are lured and quietly strangled

Chris Labs

Of course, there is nothing wrong with robust debate, either with others or oneself. What is undesirable, however, is the pretense that any such debate can resolve the risks involved in advance. It cannot. All debate can do is clarify, support or contest the next step. The risks remain, however much talking is done. -How to get rich, p.31 Continue reading A committee is a cul-de-sac in which ideas are lured and quietly strangled

Learnings

Once something is given to you, giving it up will entail a loss.

Chris Labs

It is called the endowment effect. Something you have been endowed is worth more to you. “Losing” it will hurt worse than “gaining” will give please. This is why companies can afford the money back guaranteed policy. Once people own them, the products are worth more to their owners than the mere cash value. -Barry SchwartzThe Paradox of Choice (p.73) Continue reading Once something is given to you, giving it up will entail a loss.