1. Good decision making involves being objective, curious, and open-minded in the search for truth.
2. Intuition should be balanced with logic and reason, analyzing both the risks and opportunities, and anticipating the potential outcomes.
3. Emotional intelligence is key to understanding other people's motivations , and empathy plays a crucial role in communicating effectively and building strong relationships.
4. Mental models can help you make better decisions by providing a framework for processing information and identifying patterns.
5. Reframing is the practice of changing how you think about a problem in order to see new solutions that might not have been visible before.
6. Seeking out diverse perspectives is essential to making informed decisions and avoiding biases.
7. Writing can help you clarify your thinking and identify flaws in your reasoning.
8. The concept of antifragility suggests that what doesn't kill you makes you stronger, and that embracing challenges and failures can lead to greater progress and growth.
9. Successful decision making requires a willingness to learn from past mistakes and to continuously seek out new sources of knowledge and experience.
"Seeking Wisdom: Thoughts on Value Investing" by Thomas Macpherson is a valuable and insightful guide to the world of value investing. Written by a respected writer and expert in the field, the book offers a unique combination of deep thinking and practicality, using real-life examples from the author's professionally managed and market-beating Nintai portfolio. The book emphasizes the importance of thinking about investing as a process, with many different inputs and components, in order to improve results. It also stresses the need to constantly improve decision-making processes and design a system that can remove emotions during times of market disruption. The book also covers concepts such as black swan events, the difference between risk and uncertainty, the importance of the magnitude of correctiveness, and strategies for preventing losses due to emotional biases. Overall, this book is highly recommended for anyone interested in learning more about value investing and the inner workings of the markets.