Daily Inspiration From The Monk Who Sold His Ferrari by Robin Sharma

By Robin Sharma

Every one web page of this considerate e-book includes an unforgettable citation from Robin Sharma. It offers the reader with an everyday prescription of uplifting, useful knowledge for private good fortune. It’s a gorgeous and undying present of knowledge, for a friend or for your self.

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They switched from a long position to a short position, betting everything on a further decline. Selling short isn’t for the faint of heart, but extreme measures were needed. The students knew they had to finish ahead of all the other teams, every one of which was trying to finish ahead of them. indd 47 47 | 10/24/13 10:51 AM L E F T B R A I N, R I G H T S T U F F Albertans, the biotech stock continued to drop, and the value of their portfolio shot through the roof. At the end of ten weeks they were crowned champions of Canada.

Is it better to act as if we have control (and run the risk of a Type I error), or is it better to assume we don’t have control (and run the risk of Type II error)? By thinking about the consequences of each, we can try to avoid the more serious of the two. Suppose a disease sweeps through a remote village. Children, the elderly, and the weak succumb in great numbers. Current remedies are ineffective. One option is to keep seeking a treatment for the disease. The downside if we’re wrong and commit a Type I error is wasted resources, perhaps, but not much more.

When they can influence outcomes, however, errors will often be in the opposite direction. indd 43 43 | 10/24/13 10:51 AM L E F T B R A I N, R I G H T S T U F F our daily lives involves things that we can influence, the greater tendency isn’t to exaggerate control but precisely the opposite. We’re more apt to underestimate our ability to influence outcomes. Beyond the wisdom to know what we can change and what we cannot, a second kind of wisdom speaks to the better way to err. So often the emphasis in decision research has been on avoiding Type I errors and not thinking we can do more than we truly can.

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