Over the past few days, we have had countless internal discussions regarding the current market conditions and the Coronavirus pandemic. We are wired to constantly pay attention to the news and surrounding information that bombards us on a minute by minute basis with updates. We read. We listen. We want to react and do something because it is ingrained in humans and more comfortable to have action instead of inaction. However, sometimes in times of crisis, it simply pays off to take a step back and slow down.
We recently read an article published on the Harvard Business Review called, "Slow Down to Make Better Decision in a Crisis". Written by Art Markman, a psychology professor at the University of Texas in Austin, the article outlines how the human brain interprets crisis and how it is actually better to slow down our thinking and decision making processes to have better outcomes. This follows along with Daniel Kahneman's 2011 book "Thinking, Fast and Slow".
We encourage you to read Art Markman's article to learn a little more about the psychology of decision making in times of crisis.