Key word investing We involve all of our senior…

Key word investing We involve all of our senior partners in our discussions of investments. We never allow one person single-handedly to green light a deal. These discussions had two rules. The first was that everyone had to speak so that every investment decision was made collectively and the second was that our focus should be on the potential investments weaknesses. Everyone had to find problems that hadn't been addressed. This process of constructive confrontation could be challenging for the presenter but we designed it never to be personal. The only criticism rule liberated us the critique each other's proposals without worrying that we might be hurting someone's feelings .

— from Decisions & Choices (Decision/Choice/Focus/Forethought/Consequences) · What it Takes, Lessons in the Pursuit of Excellence

In the book

One clean defense against your own noise is to average several independent judgments. I learned to rely on myself, but on decisions of real consequence I still lay out my plan and ask trusted people to critique it — best of all in a group where everyone must speak, the hunt is for the proposal's weaknesses, and the criticism is never personal. Hear them all — and then make the call your own. […] Think in probabilities and simulations when the outcome is uncertain, prefer the simplest solution, and average independent judgments to cut the noise. Get critique, then own it. Lay big decisions before trusted people who hunt for the weaknesses — and then make the call yours. Decide, then act now. A good plan executed today beats a perfect plan next week; act without hesitating. — Decisions & Choices (Decision/Choice/Focus/Forethought/Consequences)

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