>> Peggy: "WAIT" SUGGESTS WAITING UNTIL THE LAST POSSIBLE
MOMENT TO MAKE SOME DECISIONS.
IT MAYBE -P THE ANSWER TO THE POPULAR BOOK "BLINK."
JOINING ME TO TALK ABOUT HIS NEW BOOK "WAIT" IS U.S. LAW
PROFESSOR AND FORMER BANKER FRANK PARTNOY.
WHY DID YOU WRITE THIS?
>> ONE IS A HAVE ALWAYS BEEN A PROCRASTINATOR.
I HAVE BEEN TOLD IT WAS BAD.
I THOUGHT I WOULD STUDY IT AND FIND OUT WHEN IT'S GOOD AND BAD.
I DISCOVERED THE LEIHMAN BROTHERS HAD A DECISION MAKING
COURSE IN 2005 AND GOT ABOUT EVERYTHING THEY COULD GET WRONG.
THEY INSTRUCTED THE EMPLOYEES TO GO WITH THEIR GUT BEFORE THE
FINANCIAL CRISIS.
THEY HAD THE AUTHOR OF "BLINK" AND MADE THE WORST DECISIONS IN
THE HISTORY OF FINANCIAL MARKETS IT DIDN'T PAN OUT.
I WANTED TO REFLECT NEW RESEARCH AND WRITE A NEW LESSON PLAN FOR
WALLSTREET AND ALL OF US.
>> Peggy: WHY DO YOU THINK IT'S IMPORTANT FOR EVERY DAY
DECISIONS ? >> I THINK MOST OF US ARE
EFFECTED BY THE CRUSH OF TECHNOLOGY.
CONSTANT E-MAIL, SOCIAL MEDIA, 24 HOUR NEWS.
IT'S SPEEDING UP OUR DECISIONS.
IN REACTING TO THE CRUSH OF EVERY DAY LIFE WE'RE NECESSARILY
FASTER AND FASTER.
WE'RE HARD WIRED TO BE FASTER.
WE NEED TO RESIST THAT AS MUCH AS WE CAN.
>> Peggy: DO WE MAKE OUR DECISION INTUITIVELY,
ANALYTICALLY.
>> MOST PEOPLE USE A COMBINATION OF THE TWO.
INTUITION AND ANALYSIS.
REALLY THE KEY TO GOOD DECISION MAKING IS FIGURING OUT WHEN YOU
ARE AN EXPERT AND YOU CAN GO WITH YOUR INTUITION AND WHEN YOU
NEED TO TAKE A STEP BACK AND REALIZE YOU'RE A AMATEUR.
>> Peggy: SPEAKING ABOUT AMATEUR VERSUS PROFESSIONAL.
YOU TALK ABOUT PEOPLE MAKING SNAP DECISIONS.
TENNIS PLAYERS, RACE CAR RACERS.
YOU TALKED ABOUT A 500 MILLIMETER BARRIER OR LINE.
TELL US ABOUT THAT.
>> IT'S REMARKABLE.
WE CAN'T THINK CONSCIOUSLY IN LESS THAN HALF A SECOND 500
MILLISECONDS.
THERE ARE SPORTS TENNIS, BASEBALL, CRICKET THAT ARE SUPER
FAST.
SCIENTISTS STUDYING THE SPORTS FIND THE BEST PROFESSIONAL
ATHLETES ARE A TINY TINY BIT SLOWER THAN AM TOURS.
ABOUT 50 MILLISECONDS SLOWER.
WITH THE TENNIS BALL OR BASEBALL COMING IN THEY DELAY THEIR
STROKE UNTIL THE LAST POSSIBLE MILLISECOND TO PROCESS MORE
INFORMATION ABOUT THE SPEED AND TRAJECTORY OF THE BALL.
THAT TRICK AND APPROACH WORKS WELL FOR LONGER TERM DECISIONS
WE ALL HAVE TO MAKE IN THE CONSCIENCE FIELD AS WELL AS
PROFESSIONALS IN A UNCONSCIOUS FIELD.
>> Peggy: ONE CONSCIENCE DECISION IS DATING.
IN THE BOOK YOU TALK ABOUT DECISION MAKING IN DATING AND
MAKING SNAP DECISIONS VERSUS IN DEPTH DECISIONS.
TELL ME MORE ABOUT THAT.
>> THIS WAS SURPRISING TO ME.
WITH THE SOCIAL MEDIA AND ON-LINE DATING PEOPLE ARE USING
PHOTOS MORE AND MORE TO REACT TO DATES AND DECIDE WHO THEY WANT
TO GO OUT WITH.
RESEARCH SUGGESTS THAT'S THE MOST DANGEROUS THING YOU CAN DO.
THE THINGS THAT MATTER FOR A RELATIONSHIP ARE CHEMISTRY AND
COMPATIBILITY.
YOU CAN'T TELL THAT FROM A PHOTO.
I INTERVIEWED THE PRESIDENT OF "IT'S JUST LUNCH."
THEY'RE QUITE SUCCESSFUL.
THEY WILL NOT LET THEIR CLIENTS SEE PHOTOS.
THEY THINK PEOPLE WILL SNAP REACT TO THE PHOTOS.
THEY TELL PEOPLE TAKE YOUR TIME MAKING A DECISION, TAKE LUNCH.
TAKE AN HOUR.
AN HOUR IS ABOUT THE RIGHT TIME TO THINK ABOUT SOMEONE YOU MAY
WANT TO DATE WITH.
AT THE END, VERY NOTED OF LUNCH ASK ONE QUESTION.
WOULD YOU LIKE TO GO OUT WITH THE PERSON AGAIN.
DON'T MAKE SNAP DECISIONS IN THE EARLY PHASES.
>> Peggy: AN HOUR DATE.
NO LONGER THAN AN HOUR.
CAN YOU BRIEFLY TELL ME THE TOP THREE KEY MESSAGES IN YOUR BOOK.
>> THE FIRST KEY MESSAGE IS A 2-STEP DECISION MAKING PROCESS
THAT IS SUCCESSFUL AND HAPPY PEOPLE FOLLOW.
FIGURE OUT THE TIME WORLD YOU'RE LIVING.
IN WHAT IS THE MAXIMUM AMOUNT OF TIME YOU CAN TAKE TO MAKE A
DECISION.
THAT MAYBE A SECOND OR A MINUTE.
SECOND, WAIT AS LONG AS YOU POSSIBLY CAN IN THE TIMEFRAME.
THIS IS A TWO-STEP DECISION MAKING TIME FRAME TO USE.
SECOND BE COMFORTABLE TAKING A STEP BACK.
A LOT OF CEOs I INTERVIEWED CARVED OUT AN HOUR IN THE DAY TO
REFLECT AND THINK ABOUT STRATEGY.
THIRD IS PROCRASTINATION IS NOT EVIL.
WE SHOULD BE COMFORTABLE PROCRASTINATING.
IT USE TO BE THE CASE IT WAS FARABLE.
IT WAS A SOURCE OF WISDOM FOR GREEKS.
WE GOT OFF ON THE WRONG TRACK.
THE 18th CENTURY LEAD US TO FEEL BAD ABOUT PROCRASTINATION.
AND RECENTLY THERE IS A ANTI-PRO CAST NATION INDUSTRY.
>> Peggy: PROCRASTINATION IS NOT SO BAD.
I CAN'T PROCRASTINATE ANYMORE.
THANK YOU, FRANK, FOR JOINING US.
>> THANK YOU, IT'S BEEN GREAT.