Tuesday 11 June 2019

The Smartest Traders Get Things Wrong But…

Getting it wrong can be very healthy in business decision making but there is a difference between those who succeed and those who don’t and QVM is full of examples.

This might all sound a little confusing but it comes from an interview with Jeff Bezos, head of Amazon, in which he proposed that the smartest individuals, the people who most often get things right, were most often wrong. Sorry! - "the smartest individuals are most often wrong"???

The difference with those people is that they constantly question their decisions, are open to counter discussion and are prepared to change their mind. Compare that with those who make quick decisions, establish a rigid view, and don’t re-assess. And, yes, we all know people like that.

Keeping an open mind, taking a wider view, stepping outside the problem, actively and openly discussing opposing views, adjusting to changing circumstances, and being prepared to find the “right” answer, are all traits of successful decision-makers.

Traders at QVM can rightly be proud of their ability to make decisions. We have to make daily decisions that mainstream jobs wouldn't dream of . But we need to get it right. You could say that the people who can quickly size up a situation and make a decision are smart, but those who constantly challenge their views and actively seek the “right” answer are smarter, and most likely to succeed.