My first thoughts are generally good. At this age and with my experience, I suppose they should be. But first thoughts are still only that: first thoughts. They should be only the beginning of a process of exploration. Rarely do first thoughts stand the tests of time and season. And clinging to first thoughts by resisting new facts is a path to ignorance. Second thoughts and third ones take more time and deliberation, but the payoff is substantial. This month’s article (see below) is “Second-Order Thinking” by blogger Shane Parrish (www.farnamstreet.com). Parrish is a thought leader in the financial investment community and his article is based around Howard Marks’ new book, “The Most Important Thing”. Their thoughts are deep and informative. First and second level thinking can be applied to every decision we make in life: acquiring or leaving a home, a car, a business, a partner or a friend as well as developing our values, political views and spirituality. Where are you stuck in first level thinking? · Lost a friend because they “did something”?
· Challenged by a client who seems to no longer agree with your approach to their business?
· Deciding on any investment of time or money?
Second and third level thinking is always harder, that’s why it’s more valuable. There’s an easy to use chart included in Mr. Parrish’s blog. It’s akin to the old PROs and CONs T-bar lists I’ve long used and shared with my kids on major decisions. I’m going to plug in a trial decision on something that’s been bugging me lately and see if it helps me. At worst, I usually learn something! Peace. Tim McCarthy
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