Created by Rishabh Srivastava, Founder of Loki.ai

This summary was largely done for my own note-taking, sharing it just in case it adds more value to other people.

I have no affiliation whatsoever with anyone in this note. This is a summary largely taken for my own reference, and may contain errors :)

Context

Source URL:

Seeking Wisdom

Why is it important: The book talks about the errors one commonly makes in decision making. Being aware of these errors might help me reduce them.

Keywords

Decision Making, Errors, Psychology, Mental Models

Summary

We should be aware of our biases, and should also learn why people make bad decisions. Then, we should codify these learnings into checklists so that we don't ourselves make bad decisions.

To do this, we should use mental models and look at evidence dispassionately — while being aware of our cognitive biases.

You only need to get rich once. Figure out what your goal is and how to get there. And don't take stupid risks that could lead to ruin.

First, figure out what has worked well in the past. Ask:

• What was my original reason for doing something? What did I known and what were my assumptions? What were my alternatives at the time?
• How did reality work out relative to my original guess? What worked and what didn't?
• Given the information that was available, should I have been able to predict hat was going to happen?
• What worked well? What should I do differently? What did I fail to do? What did I miss? What must I learn? What must I stop doing?