Buffett’s Lunch Date, Surgeons Improve Results With Checklists
The first checklists in aviation went into use four generations ago, but their potential to prevent errors and save lives is only now beginning to be appreciated among other professions, such as finance.
Gawande tells the story of Mohnish Pabrai, an investment manager in
Lists help Pabrai analyze potential investments more efficiently, Gawande writes. He says Pabrai’s investments more than doubled in a year after he developed checklists to prevent about 70 kinds of errors, such as failing to look for effects tied to boom or bust cycles.
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If lists help people make fewer errors, why isn’t their use more common? Gawande says many investors have no interest in procedures like Pabrai’s, and there are hospitals and doctors who don’t like checklists either.
“We are built for novelty and excitement, not for careful attention to detail,” Gawande writes. “Discipline is something we have to work at.” His fascinating book presents a convincing case that adopting more checklists will surely help.
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Book: The Checklist Manifesto - By Atul Gawande
- A Checklist For Investors - By Jason Zweig
Decades' worth of psychological studies show that people are extremely good at figuring out which information they need for a decision—but do a poor job of using that evidence methodically over time. You are likely to draw divergent conclusions...
- Mohnish Pabrai Interview Segments On The Motley Fool
Thanks to Will for passing these along. Links to: Checklist Investing: How to Avoid Errors and Learn From Mistakes The Number One Trait of a Successful Investor How Investors Should Think About the Economy The Untraditional Path of Becoming a Great Investor...
- How I Learnt The Power Of Checklists – By John Kay
Found via Abnormal Returns. Mr Gawande discovered that the good checklist is short but not too short. If the list is long, none of the items on it are taken very seriously. You can easily persuade people to agree to things when you ask them to mechanically...
- Dr. Atul Gawande On Health Care & The Age Of Reform
Via Farnam Street.Renowned surgeon, writer (Better, Complications, and The Checklist Manifesto), and medial thinker Dr. Atul Gawande interviews with WPUR's On Point. In this wide ranging interview, Dr. Gawande covers healthcare reform, measuring the...
- Malcolm Gladwell Reviews Atul Gawande's Latest Book: The Checklist Manifesto
I can't wait to read this book! As Charlie Munger says: "Checklist routines avoid a lot of errors. You should have all this elementary [worldly] wisdom and then you should go through a mental checklist in order to use it. There is no other procedure...