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When 𝘗𝘢𝘺𝘗𝘢𝘭 was sold to eBay, Elon and his early investors made $1.5 𝘣𝘪𝘭𝘭𝘪𝘰𝘯! [OST Main Logo mobile]( [LOGO OST]( Editor's Note: Occasionally, an opportunity comes to our attention at Open Source Trades we believe readers like you will find valuable. The message below from one of our partners is one we believe you should take a close look at. [divider] There’s no roadmap for dealing with Covid-19. But even if we don’t know what decisions to make, there is a body of evidence on how best to make them. A As you read this, people all over the world are making life-and-death decisions in the battle with the Covid-19 coronavirus. While patients flood into hospitals, doctors and nurses are deciding whom to treat and how; officials are deciding where to target resources as health systems scramble to cope with demand; scientists are deciding how to advise governments and which lines of research to pursue; and politicians are deciding which restrictions to impose on the public and how to cope with the economic fallout. This virus is new, and it moves fast. The gravest of decisions are being made under conditions of high uncertainty and not enough time. There is no guidebook for dealing with Covid-19, no tried and tested rules for dealing with a pandemic on this scale. While no outsider should confidently advise on which decisions to make, there is an established body of evidence on how to make them. While no outsider should confidently advise on which decisions to make, there is an established body of evidence on how to make them To learn more about it, I spoke to psychologists who have studied and collaborated with decision-makers in unpredictable and often dangerous environments: police officers, military commanders, emergency responders, polar explorers and mountaineers. Laurence Alison, professor of forensic psychology at the University of Liverpool, has worked closely with the police and other emergency services for three decades. What advice would he give those thrust into the decision-making frontline by this pandemic? “The first thing I’d tell them is that they’re likely to experience a feeling of hopelessness – of being a bit lost and not knowing where to start,” he says. In new and extreme situations, decision-makers can get irritated and angry because it feels like they’re being asked to do the impossible. “It’s important to know those emotions are normal – just recognising that can make them less stressful.” In an emergency, you often have more time than you might realise, experts say (Credit: Getty Images) In an emergency, you often have more time than you might realise, experts say (Credit: Getty Images) Pause, then think Perhaps the biggest challenge faced by a decision-maker is when to make decisions. Make them too slowly and events overtake you; too quickly and you risk acting rashly. “In stressful situations people often behave as if they’re under time pressure, even when they’re not,” says Professor Emma Barrett of The University of Manchester, who specialises in the psychology of extreme environments. Her collaborator Dr Nathan Smith agrees: “We’ve interviewed people who are experienced at coping in all sorts of extreme environments and asked them how they make decisions when a military operation goes wrong or there’s an avalanche at high altitude. Nearly all of them said that often you’ve got more time than you think – time to take a step back and just reflect for a few moments, so that your emotions aren’t driving the decision.” Barrett recalls the Kegworth air disaster from 1989, when a passenger flight crashed on to a motorway embankment in Leicestershire in the UK. After it became clear that one of the two engines was malfunctioning, the pilot moved quickly to shut it down, but mistakenly switched off the only functioning engine. "He took a quick decision in response to danger cues when in fact he had a bit more time to establish which engine was faulty," says Barrett. Related to this is the tendency for people in highly stressful situations to focus their attention so tightly on the decision in front of them that they miss vital new information, a phenomenon called ‘cognitive tunnelling’. The pilot of Air France 447, which crashed into the Atlantic Ocean in 2009, had become so fixated on levelling the wings of the aeroplane during turbulence that he failed to notice the aeroplane going into a dangerously steep ascent. This stalled the plane, sending it into a dive. Even as the alarm system blared ‘STALL’, the pilot did not comprehend what was happening. "The opposite of maximising is satisficing – someone who realises there are constraints, and you can't solve all of them, and you definitely can't solve all of them quickly," says Preston. "So, 'good enough' is the characteristic of decision-making for satisficers." Unlike maximisers, satisficers don't need a lot of options or information. They also rely less on outside sources, meaning they’re less likely to scour online reviews, or get as much information as possible when making decisions. They make decisions faster, weigh fewer choices and go with their gut. "At restaurants, for example, I almost never look at the full menu," says Ellen Peters, director of the University of Oregon's Center for Science Communication Research, whose work focuses on decision-making. "I look around and see what other people have ordered. I listen to what people at my table are ordering. And then I choose among those entrées and appetisers. I satisfice, and I always end up with a good dinner." The drawback here is that satisficers may reach a decision quickly, but it may not necessarily be the ‘best’ outcome that gives them the maximum return. A 2006 study, for example, showed that recent university graduates with high maximising tendencies found jobs that paid starting salaries that were 20% higher than those of their satisficing peers. (That being said, maximisers reported being less satisfied with those jobs.) 'Maximisers' spend ages weighing options and still might be dissatisfied. But experts say maximising is appropriate for big decisions, like a buying car or a house (Credit: Alamy) 'Maximisers' spend ages weighing options and still might be dissatisfied. But experts say maximising is appropriate for big decisions, like a buying car or a house (Credit: Alamy) Which is best? "As a general rule, maximisers do better, but feel worse," says Barry Schwartz, professor emeritus of psychology at Swarthmore College in Pennsylvania, who's researched and written extensively about maximisers and satisficers. "[Maximisers] get better jobs, for example, but are less satisfied with the jobs they get. So the question to be asked is whether what is more important to you is the objective result or the subjective result." Another thing to keep in mind is that, like extroversion and introversion, most people lie somewhere between the two types. Which is good, because the best way to make decisions may be by combining maximiser and satisficer tendencies. "In theory, the perfect mix would be to satisfice most of the time, and only maximise the decision process when the stakes are high," says Preston. In other words, look at all the options and study decisions that will greatly impact your life. "But then after making a careful choice, you have to return right away to thinking like a satisficer, because otherwise you will still be unhappy with your decision, however good.” Peters agrees. "With important choices – buying a house, even choosing a job – it's better to veer towards more maximising," she says. "For unimportant choices – buying a breakfast cereal, where to go for coffee – satisficing generally works quite well." "I think the best general advice is to avoid impulsive decisions and to avoid feeling the need to look at every option," says Schwartz. "Aristotle wrote of 'the golden mean' – in this case, the right amount of deliberation. People who are too impulsive should be less so, and people who are too deliberative should be less so. This is, of course, easier said than done." But there are ways: if you find yourself maximising too much, try eliminating some of the options. If you're satisficing too much, spend more time meditating on the decision, and the pros and cons of each possible outcome. In my case, I need to figure out which moving-related decisions are really worth worrying about. I’ve already made the big, existential choices – like choosing a neighbourhood and flat – so it's time to move on and enjoy the smaller decisions. Now to satisfice my way to some decent wall art. Moore talks about working with an introverted CEO, Claude Mongeau, the former chief executive of Canadian National Railway, for his research. He says Mongeau worked with a leadership coach who gave him a clicker – like the one a bouncer outside a nightclub uses to count patrons – to keep track of every extroverted skill he practised each day. These were small things, like saying hello to someone or commenting on the weather. Moore says he was still very much an introvert, but realised to be an effective CEO, he had to channel his extroverted side. Moore, an extrovert himself, says that channelling his inner ambivert has helped him in his own career, both as a researcher and for his radio show, in which he interviews CEOs. “On my radio show, 98% of the time I'm quiet, because I'm asking [the guest] a question, 'Where are you from, what does your family do?'." Being an ambivert means being aware of your own natural social style, and knowing when the situation may call for just the opposite: "The most successful leaders are the ones who can recognise a situation and adapt their style as necessary," says Cohn. Avoiding the mental toll The only downside is that this adaptation can wear you down. "You need to act like both. The problem is, it's exhausting," says Moore. But remember, being an extrovert or an introvert comes down to how you are energised – either from the outside world or your internal one. So, when you try to go against natural preferences, it uses more "mental calories", says Cohn, and it's important to refill that mental energy tank. For introverts, that might mean a solitary afternoon at home with a book or if you're at work, a 15-minute break outside alone on a bench. For extroverts, it might mean surrounding yourself with people. Moore says his preferred ‘extrovert break’ when he's on business is to find a restaurant and sit at the bar for dinner, so he can talk to other patrons. "It stimulates me. It gets my dopamine levels going, because I'm with people." It's important to reiterate that few people are 100% one or the other. But becoming an ambivert is something more active; it's deciding which switch to flip, and when. Sharpening that skill could mean all the difference – not just for you, but for the people you work with, too. Cohn says one of her clients, an introverted manager, worked hard to strengthen his extroverted side by talking more in meetings, and responding more enthusiastically with confirming gestures like nodding. The result? His team "felt like there was more harmony in the meeting", says Cohn. "It made them feel more important and empowered." "It wasn't about him," she says. "It was about other people feeling heard, feeling met." Dear Friend, Elon Musk is up to something sneaky… [(Click here to see exactly what he’s up to)]( While he jumps from project to project… Could [THIS endeavor]( be the one thing that ties everything together? Forget Tesla, Twitter, or anything else he’s done… Because [THIS]( could be the biggest project he’s ever started. And it could kick into high gear starting on April 1st, 2023. [Click here now to get caught up ASAP.]( There are two main types of decision-makers, experts say. Understanding which you are could help improve your choices. I I've recently moved into a new flat in New York City – not the easiest of feats in the middle of a global pandemic. Moving is never simple; choosing a neighbourhood and setting your budget can be stressful. But right now it feels especially complicated, raising questions like, which moving companies are the best value – but also have the best Covid-19 guidelines? Do I get a bigger space in case social distancing drags on even longer? Is all hassle even worth it right now? Then there are the more fun decisions. What kind of furniture do I get – Mid-century modern? Is it worth buying an expensive mixer to perfect that pandemic-era sourdough, or is it too late for all that? These are decisions will shape my daily life for the next few years, so it’s imperative to get them right. Yet, making choices can feel paralysing. It’s easy to stress over the ‘right’ choice – and, in some cases, put off the decision altogether. Understanding the different ways people make decisions has helped put things in perspective. People tend to lean toward one of two categories: 'maximisers', who want to ensure they get the most out of the choices they make; and 'satisficers', who tend to adopt a ‘this is good enough’ approach. Each comes with benefits and drawbacks – including impacting how happy you are. Fortunately, there are also ways to ‘hack’ your decision-making process, allowing you to match the right approach to the importance of the choice. All kinds of decisions, big and small, bombard us throughout our daily lives. Some warrant more time and energy for deliberation than others (Credit: Alamy) All kinds of decisions, big and small, bombard us throughout our daily lives. Some warrant more time and energy for deliberation than others (Credit: Alamy) Maximisers: 'make it perfect' If you’re a maximiser, you’re likely to weigh choices carefully to assess which is the best one. This can, of course, lead to a great outcome – when maximisers make decisions, they're likely very informed. On paper, their decisions may look like the most logical or efficient, since they've spent so much time deliberating possibilities and potential results. But there are also drawbacks. These are people who "have trouble making decisions because they're trying to get it perfectly right", says Stephanie Preston, professor of psychology at the University of Michigan. "They want to maximise the outcome, so they lose a lot of time in the process." For example, say you're picking out a new television. If you're a maximiser, you might take a very long time assessing five different models, trying to decide which one will maximise your benefit. Do you get the one with the biggest screen, or save by choosing the cheapest? Going back and forth in your head over which one is the ‘correct’ one can lead to decision paralysis, leaving the person feeling like they still don't have enough information to make the best choice, and maybe never will. Once you finally decide, however, the maximiser mentality can also trigger decision regret. "The process of deliberating and choosing one option after seriously considering others is not only very time-consuming, but also associated with post-decision regret and counterfactual thinking," says Sally Maitlis, professor of organisational behaviour and leadership at Oxford University's Saïd Business School. "How would it have been to have chosen the other thing?" That means once you buy that TV and you’re sitting there watching it, you may start second-guessing yourself: "I'm spending so much time at home these days. Shouldn't I have just bought the more expensive one with the bigger screen?" In fact, a series of studies showed that maximisers were more likely to be depressed, overly perfectionistic and prone to regret or self-blame. Satisficers: 'it's good enough' At the other end of the spectrum, you have ‘satisficers’: people who would rather make decisions quickly. Instead of the ‘best’ choice, they're fine with what's acceptable. The term combines the words 'satisfy' and 'suffice' and was first coined back in the 1950s by American psychologist Herbert Simon. [Slogan]( You {EMAIL} received this email as a result of your consent to receive 3rd party offers at our another website. Email sent by Finance and Investing Traffic, LLC, owner and operator of Open Source Trades To ensure you keep receiving our emails, be sure to [whitelist us.]( © 2023 Open Source Trades. All Rights Reserved[.]( 221 W 9th St # Wilmington, DE 19801 [Privacy Policy]( | [Terms & Conditions]( | [Unsubscribe](