Eyes Wide Open: How to Make Smart Decisions in a Confusing World

It’s Monday morning.

In Washington, the President of the United States is sitting in the Oval Office assessing whether or not to order a military strike on Iran.

In Idaho, Warren Buffett is deciding whether to sell his Coca-Cola shares or buy more.

In Madrid, Maria Gonzalez, a mother, is trying to work out whether to let her baby continue crying until he falls asleep, or pick him up and soothe him.

I am sitting by my father’s bedside in hospital, trying to decide whether I should let the doctor operate, or wait another twenty-four hours.

We face momentous decisions with important consequences throughout our lives. Difficult and challenging problems that we are given the sole responsibility to solve.

On top of this, we have to make up to 10,000 trivial decisions every single day,1 227 just about food.2 Caffeinated or decaf? Small, medium, large or extra large? Colombian, Ecuadorian, Ethiopian? Hazelnut, vanilla or unflavoured? Cream or milk? Brown sugar or sweetener?

If you make the wrong choice when it comes to your coffee, it doesn’t matter very much. You make a face and move on.

But make the wrong choice when it comes to your finances, your health or your work, and you could end up sicker or poorer, or lose your job. And if your decisions relate to others – your parents, your children, your country or your staff – the choices you make can irreversibly impact the direction their lives will take too. Not only today, but in the months and years ahead.

Errors in decision-making lead young people to under-save for retirement, doctors to miss tumours, CEOs to make catastrophic investments, governments to engage in needless wars, and parents to irreversibly traumatise their children.

This book is about how to make better choices and smarter decisions when the stakes are high and the outcome really matters – whether you are a politician, a businessperson, a professional or a parent.

It’s actually very surprising how little we think about the quality of our decision-making and how we could improve it. How absent decision-making classes are from educational curricula.

How little we think about how it is we think.

Ask most people why they came to a certain decision, and watch them stumble. How we come to our own assessments, how we arrive at our predictions and choices, are things we seldom scrutinise.

For the sake of our health, our wealth and our future security, we must take it upon ourselves to challenge the way we make our decisions. It’s a matter of self-empowerment.

If we do not want to be victims of a future that others dictate to us, we need to get better at making choices with our eyes wide open, our brains switched on.

This means getting better at collecting, filtering and processing information, getting smarter at establishing who to trust and whose recommendations to take on board, getting more adept at analysing different options and weighing up divergent opinions. It also demands that we forge a clearer sense of how it is we come to make decisions – that we understand how our emotions, feelings, moods and memories affect our choices. And that we better know and understand our environment, so that we can master its particular challenges as well.