Behavioral Biases From Dr Sam Sicilia


There are a few company leaders that I highly regard and make sure I stay up-to-date with their activities, comments and opinions. One of them is Dr. Sam Sicilia, Chief Investments Officer at HostPlus. In his recent media interview, he identified a number of behavioral biases which I’d like to share on my blog.

Unconscious bias and behavioral bias have been very popular topics over the past two years. The more I learn about it, the more I understand that everyone is biased to some extent. Hence, when making important decisions, we need to be aware of our biases and know how to deal with them.

  1. Over confidence bias – “we’re better than the others”
  2. Conservatism bias – “clinging to your own view / old view”
  3. Confirmatory bias – “looking for information / data in support of your view (and dismissing data that does not support your view)”
  4. Availability bias – “hear on media about a hot market or asset and then deciding you want a piece of it”
  5. Self attribution bias – “a good outcome occurs as I did something good; a bad outcome was due to someone else’s fault / outside forces / things that cannot be controlled”
  6. Actions bias – “I must do something, while, in reality, doing nothing is often the best action”

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‘Good To Great’ – Jim Collins

good to great book

Can a good company become a great company and, if so, how?

Jim Collins and his team have done an enormous amount of research to determine whether a good company can become a great company. A study taken over five years began with twenty-eight corporations and revealed eleven that had made the leap from Good to Great. The book introduces a number of concepts, which help us understand the engines of the greatest companies as well as provide insights into the development of leadership skills.

Collins introduces the Flywheel concept (illustrated below), which evolves around:
– Level 5 Leadership
– First Who… Then What
– Confront the Brutal Facts
– Hedgehog Concept
– Culture of Discipline
– Technology Accelerators


There is so much to learn, discover and remember as we climb the career ladder. It is a fascinating read and I would recommend it to those who are in or aspire to be in a senior executive environment.

My Wardrobe Rules


Every year when winter comes to an end I like to spend a day or two re-organising my closet. I try to make this process less painful and more enjoyable. Having experienced massive piles of clothes and mountains of shoe boxes in the past, I’ve realised that only things you actually need (not want) add value and uplift your daily life.

My approach to clothing has evolved since I started living independently and managing my own affairs. I have three simple rules that I live by:

Number 1: If I haven’t worn an item during the season, there is no place for this item in my wardrobe. This rule has completely changed my shopping pattern, which resulted in rule number two.

Number 2: Buy less, selectively and only things that you actually need at that present moment. So there are no more impulsive purchases for some imaginary future occasions or just because things are on sale.

Number 3: Organise your wardrobe by creating a pretty and uplifting space which will inspire you every morning when you try to find an outfit.

By applying rule number one, you are guaranteed to have a pile of clothes which leads to the next question – what to do with all of it? There are three options that I have used in the past:

Give to charity
There are a number of charity organisations that collect old clothes (Salvation Army, Vinnies etc.). When you give clothes away, make sure they’re washed and can still be worn (no holes or broken zips). I would highly recommend this for your warm winter clothes as these are considered the most valuable for people in need.

List for sale online
I’ve used Gumtree and eBay in the past to sell higher end pieces. It is a great way to get value back for brands or new items. Make sure to mention if an item has been worn before and if it has any defects.

Sell at a market
If you are up for some fun and a new experience, arrange for a stall at your local second-hand market. This will test your customer and sales skills and is also a good place to practice your small talk. I’ve done it once in the past and had a great experience. This year, my girlfriends and I are joining forces and doing it together in November.

Whatever you decide to do, make sure you get rid of things you don’t need. This will streamline your wardrobe and add some additional space which will help you with your day-to-day choices going forward.

Wearing Right Now

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