Ray Dalio, founder of world’s largest hedge fund Bridgewater Associates believes that harmful (negative) emotions are the biggest obstacle towards making a rational and objective decision.
In his book “Principles” he outlines the two-step process of decision making, which entails first grasping and fully comprehending the problem/challenge at hand and then moving on to make an objective decision.
He advocates using logic, reason and common sense (which is highly uncommon) to not only learn about situation at hand but also to comprehend it and then arrive at the final decision.
“Raising the probability of being right is valuable no matter what your probability of being right already is.
Knowing when not to bet is as important as knowing what bets are probably worth making.
The best choices are the ones that have more pros than cons, not those that don’t have any cons at all”