Warren Buffett compares stock trading to great athletes: they excel not because of fast neurological responses, but because of their ability to delay as long as possible before reacting. Successful CEOs, fire fighters, and military officers all know how to manage delay to gather as much information as possible to get the results they need.
In Wait, Frank Partnoy argues that decisions of all kinds, whether 'snap' or long-term, benefit from being made at the last possible moment. The art of knowing how long you can afford to delay before committing is at the heart of many a great decision, whether in a corporate takeover or a marriage proposal. Apologies are better received if they are not rushed and people who can defer gratification are happier and more successful than those who must have everything now. Partnoy demonstrates that the ability to wait is crucial to getting the right answer and that gut instincts are often wrong.
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Creators
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Publisher
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Release date
August 2, 2012 -
Formats
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OverDrive Read
- ISBN: 9781847658180
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EPUB ebook
- ISBN: 9781847658180
- File size: 2203 KB
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Languages
- English
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Reviews
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April 23, 2012
Giving a thumbs-up to procrastination, financial expert Partnoy (Infectious Greed) notes that, while we “are hard wired to react quickly,” everyday experiences can be altered and improved by delaying decisions. He backs this claim with solid research across a variety of fields, from behavioral economics and neuroscience to psychology, animal behavior, finance, and law. Pacing is a key element in everything from race-car driving to comedy: “When a master comedian is on, he or she creates a new and warped world of time. The greatest comedians are masters of delay.” Even such quotidian questions as “When is the ideal moment to apologize?” are ruled by subtleties of time. Athletes know the value of delaying, as do CEOs and military strategists. Irene LaCota, head of the It’s Just Lunch dating network, refuses to include photos in profiles to keep her clients from making snap decisions. To illustrate the “slow hunch,” a full chapter details the two 3M scientists who patiently waited and persisted for 12 years while management decided whether Post-it Notes would be a good product. Entertaining and provocative, Portnoy probes and illuminates the complexities of human decision making with surprising insights and recommendations. Agent: Theresa Park, Park Literary Group.
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