Weekly insights on how to perform when it matters | High-stakes decisions. Real situations. No BS. | 👇JOIN +2k readers 👇
Which of these two options would you choose?
|
Daniel Kahneman, the author of Thinking, Fast and Slow, did an experiment. He gave two options: Would you accept a gamble that offers a 10% chance to win $95 and a 90% chance to lose $5? Or. Would you pay $5 to participate in a lottery that offers a 10% chance to win $100 and a 90% chance to win nothing? Well… if you studied engineering, you have convinced yourself that the two problems are identical. In both, you are either richer by $95 or poorer by $5. But that’s engineering mindset… No question why we take so long to find someone that can endure us. The reality is that the second option attracts more people. A bad outcome is much more acceptable if it is framed as the cost of a lottery ticket that did not win than if it is simply described as losing a gamble. We should not be surprised: losses evoke stronger negative feelings than costs. If you have no idea what I’m talking about, you should take a look to the book below. It will teach you to avoid gambles and call some costs, investments.
PD 1: If you liked this email, don't keep it in secret and forward it to a friend. They will thank you enormously one day. PD 2: If somebody has sent you this email and you want to receive emails like this yourself, visit vicentevalencia.com PD 3: If you want unsubscribe, click the link below. |
Vicente Valencia
Weekly insights on how to perform when it matters | High-stakes decisions. Real situations. No BS. | 👇JOIN +2k readers 👇
There are two kinds of people. The complainers. And the people who have no time to complain. A few years ago, I became one of the founders of a start-up in Panama. Camarounds. Think of it as an Uber for services. Electricians. Technicians. Bricklayers. Plumbers. Maintenance people. The kind of people you need when something breaks and suddenly your life becomes a small Latin American tragedy. Yes. I like exploring. I like investing. I like trying things. Sometimes it works. Sometimes it...
Some people keep asking for a manual. A framework. A checklist. A step-by-step guide. A beautiful PDF with arrows, diagrams, acronyms, and the comforting illusion that if they follow it properly, nothing bad will happen. Let me tell you something that may hurt a little. Or a lot… depending on how many checklists and guides you’re collecting and keeping unread somewhere in your laptop or phone… People who are obsessed with manuals are often not looking for knowledge. They are looking for...
Look at the difference: Saying “it’s about intelligence” feels much harder than saying “it’s about learning something.” Saying “it’s about discipline” feels very different from saying “it’s about giving it more time.” Saying “it’s about luck” is one movie. Saying “it’s about trying as many times as necessary” is a completely different one. Different versions, of the same thing: “I won’t be able to do it.” vs “I’m not able to do it yet.” “My client is not like that.” vs “My current client is...