My Sunday Washington Post Business Section column is out. This morning, we look at whether you should be outcome or process focused.The online version used the descriptive headline You’re obsessed with outcomes. Here’s why attention to process pays off while the print version had the more nuanced “So you won — but let’s talk about your game.”
The focus on outcome over the more subtle process is a common error made by sports fans and investors alike. The column looks at why this is problematic, and what you should do about it.
Here’s an excerpt:
“Process is simply the methodology used to accomplish an undertaking. It could be a simple checklist or a complex systematic approach. Process focuses on the specific actions that must be taken, regardless of the results.
Outcome is the result; it could be due to skill, luck, intelligence or many other random factors. At the end of the day, outcome is who won or who lost the game, how many planes landed safely, what stocks went up or down and what surgical patients lived or died.”
The column focuses on how why those investors who focus on outcomes over process are looking at the wrong things.
Love the graphic, too!
Source:
You’re obsessed with outcomes. Here’s why attention to process pays off.
Barry Ritholtz
Washington Post, January 24, 2016
wapo.st/1JtAjSz
