To make good decisions, Jeff Bezos emulates fellow billionaire Warren Buffet’s decision-making philosophy: “Warren Buffet says he’s good if he makes three good decisions a year, and I really believe that,” Bezos said.
Just think about this point. Warren Buffet is happy if he makes three good decisions each year. As an investor how do you make three good decisions each year? If you use wealth managers, how can you make sure your managers make three good decisions each year?
Think about how much time and effort it takes to make three good decisions? How easy could it be to get decisions wrong? And if you are relying on other people, like asset managers and wealth managers, what if they fail to get three? With such a small margin of error, perhaps you take more control over these decisions. And if you do delegate, then you need independent oversight to make sure those you delegate to are making three each year. Who provides you with independent oversight? Who helps you take back control over your money?