| Micro-pessimist, macro-optimist | Belief that things will get better overall, but we must look to improve within our local domain. |
| Pareto Principle | The Praeto principle argues that 80% of the outcomes comes from 20% of the causes. |
| Lindy Effect | The longer something has persisted, the more likely it is to persist |
| Goodhartâs Law | When a measure becomes a target, it ceases to be a good measure |
| Schelling Point | An answer that people tend to choose by default without communicating with others. |
| Survivorship bias | Undue focus on those who made it past a selection, while ignoring those who did not |
| Never letter a good crisis go to waste | Watch for opportunities and opportunists in a crisis |
| Parkinsonâs Law | Work expands or contracts to fill the time available to complete it |
| Monkeys and Pedestals | Moonshot projects tend to focus on the banal rather than the hard and important |
| Adverse Selection | Those proposing a trade are likely to have more information than the proposal receiver |
| Brooksâs Law | Adding manpower to a late software project makes it later |
| Picks and Shovels | Look for supporting, adjacent businesses to a boom or craze |
| Prospect Theory | People seek assured gains even when there are higher EV (but riskier) options. They seek to avoid losses. |
| Regression to the Mean | Subsequent samplings after an extreme sample are likely to be closer to the mean. |
| Anchor and adjustment effect | People anchor on an initial value and will make future judgements based on that |
| Go Fever | The pressure and enthusiasm experienced by a team to launch a project. |
| Apple Pie Position | Business statements that are often acceptable but lack value. |
| Collective Action Problem | When every individual acting in their own self interest leads to a negative outcome for the group |
| Black Swan Event | When an unimaginable event comes to pass |
| Crusonia Plant | a hypothetical âfree lunchâ in economics |
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