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Dangerous Feelings
The fact is confidence operates on a thin line. Possess too little and you will never take enough risk. Possess too much and you will inevitably take imprudent risks. This is why, as with most things in life, having the right balance is critical.
Collaborative Fund • The Thin Line
Simply put, success breeds confidence. The longer this success lasts, the more a leader’s confidence grows.
The tricky part is that this increase in confidence is initially a positive because it is what enables a leader to take risks, expand, and grow. However, if success is sustained for long enough, an increase in confidence can morph from an adva... See more
The tricky part is that this increase in confidence is initially a positive because it is what enables a leader to take risks, expand, and grow. However, if success is sustained for long enough, an increase in confidence can morph from an adva... See more
Success breeds overconfidence like nothing else.
Maria Konnikova • Mastermind
Bill Gates once said, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose
Morgan Housel • The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
Personalizing successes sets people up for disastrous failure. They begin to treat the success as a personal reflection rather than the result of capitalizing on a good opportunity, being at the right place at the right time, or even being just plain lucky. People begin to think their mere involvement in the undertaking guarantees success. Apparent
... See moreBrendan Moynihan • What I Learned Losing A Million Dollars
the other hand, isn’t it possible that this experience can lead to overconfidence? Failing to admit you’re wrong? Anchoring to previous outcomes?
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
It gets dangerous when the taste of having more—more money, more power, more prestige—increases ambition faster than satisfaction. In that case one step forward pushes the goalpost two steps ahead. You feel as if you’re falling behind, and the only way to catch up is to take greater and greater amounts of risk.