Warren Buffett compares stock trading to great athletes: They excel, not because of fast neurological responses, but because of their ability to delay as long as possible before reacting. Successful CEOs, fire fighters, and military officers all know how to manage delay to gather as much information as possible to get the results they need.
In Wait, Frank Partnoy argues that decisions of all kinds, whether 'snap' or long-term, benefit from being made at the last possible moment. The art of knowing how long you can afford to delay before committing is at the heart of many a great decision, whether in a corporate takeover or a marriage proposal. Apologies are better received if they are not rushed; audiences listen more attentively if speakers pause first, people who can defer gratification are happier and more successful than those who must have everything now. Exploring decisions that must be made in a millisecond compared to those that take months and years, Partnoy demonstrates that the ability to wait is crucial to getting the right answer and that gut instincts are often wrong.
Frank Partnoy was a trader at Morgan Stanley before turning from gamekeeper to poacher and becoming professor of law and finance at the University of San Diego. He is one of the world's leading experts on the complexities of modern finance and financial market regulation and writes regularly for the Financial Times. He is also the author of several books.
©2013 Frank Partnoy (P)2013 Audible Ltd
"Wait' is a great read, chock full of fascinating insights' (Daniel H. Pink, author of Drive and A Whole New Mind)
"An interesting and informative book" (Press Association)
“Wait is one of those rare books that will change not just the way you think but the way you act. The book is full of ideas that are fascinating, useful—and at times mind-blowing. I was captivated.” (Bethany McLean, New York Times bestselling coauthor of The Smartest Guys in the Room)
“Frank Partnoy turns conventional wisdom on its head with this counterintuitive approach to decision-making. Rather than telling us how to make decisions faster and faster, he mines and refines a rich lode of information from experts in a surprising variety of fields to demonstrate the power of delay, whether measured in milliseconds, days, or decades. Wait is a great read, chock-full of fascinating insights.” (Daniel H. Pink, New York Times bestselling author of Drive and A Whole New Mind)
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Starting with short timescales, Mr Partnoy makes you really wait as he prolongs the period of time between the thought and the action, surprising me on the business and trading timescales. and making me feel very ignorant of how these things work. So there really is a good reason to procrastinate in some times, and not in others. I don't feel too bad now!
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