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5 Learn How to Make Decisions Effectively 5.1 Recognize that 1) the biggest threat to good decision making is harmful emotions, and 2) decision making is a two-step process (first learning and then deciding). 5.2 Synthesize the situation at hand. a. One of the most important decisions you can make is who you ask questions of. b. Don't believe everything you hear. c. Everything looks bigger up close. d. New is overvalued relative to great. e. Don't oversqueeze dots. 5.3 Synthesize the situation through time. a. Keep in mind both the rates of change and the levels of things, and the relationships between them. b. Be imprecise. c. Remember the 80/20 Rule and know what the key 20 percent is. d. Be an imperfectionist. 5.4 Navigate levels effectively. a. Use the terms "above the line" and "below the line" to establish which level a conversation is on. b. Remember that decisions need to be made at the appropriate level, but they should also be consistent across levels. 5.5 Logic, reason, and common sense are your best tools for synthesizing reality and understanding what to do about it. 5.6 Make your decisions as expected value calculations. a. Raising the probability of being right is valuable no matter what your probability of being right already is. b. Knowing when not to bet is as important as knowing what bets are probably worth making. c. The best choices are the ones that have more pros than cons, not those that don't have any cons at all. 5.7 Prioritize by weighing the value of additional information against the cost of not deciding. a. All of your "must-dos" must be above the bar before you do your "like-to-dos." b. Chances are you won't...