Almost all biases are time-saving heuristics. For important decisions, discard memory and identity, and focus on the problem.
In this age of infinite leverage as we have already found, one right decision can win everything. So how do you improve your ability to make decisions?
This path of improving decision making is very popular among hedge funds and venture captialists. If you can be more right and more rational most of the time, you’re going to get nonlinear returns.
The first step in improving your decision making is to see reality. To do this you have to be radically honest with yourself. Being honest with yourself allows to see the world as it is and make decisions accordingly.
This is easier said then done. Richard Feynman’s famous quote illustrates this perfectly.
“You should never, ever fool anybody, and you are the easiest person to fool.”
Further steps to improving your decision making skills include collecting principles and mental models, however those only work when you start with honesty.
Eoghan‘s Blog 