At the Mercy of Other People’s Judgment

Sunday, Senator Bob Corker, the Republican chairman of the Senate Foreign Relations Committee, claimed President Trump (a member of his own political party) was treating his office like “a reality show,” with reckless threats toward other countries that could set the nation “on the path to World War III.”

The Senator said he was alarmed about a president who acts “like he’s doing ‘The Apprentice’ or something.” “He concerns me,” the senator added. “He would have to concern anyone who cares about our nation.”

None of this is surprising. I knew it was a risk, which is why I thought the election of Donald Trump to the presidency was the most reckless act undertaken by the U.S. electorate in our history — by far.

That doesn’t mean the worst case scenario will unfold. Rather, it means the risks are higher than they need be and we’ve put other people’s lives and welfare at risk unnecessarily (as well as our own).

That’s on a grand scale (casualties could exceed those of WW II). Everyday, of course, others make decisions that harm or threaten others (physically or financially) without most of us giving much thought about the matter.

Policy makers make decisions about trade, spending and other matters that could (and often do) have a material effect on our futures.

CEOs and boards make decisions about investments that could affect our livelihood.

Plant managers and railroad personnel make decisions that could make the difference between life and death for many people within range of their plants or tracks.

Drivers make decisions (or fail to make decisions) that can forever alter the lives of fellow drivers and their families.

I could go on. The list is endless. The point is simple: we are at the mercy of other people’s judgment in countless ways. And some of them may be at the mercy of ours.

So what is one to do about it?

I don’t claim to know what anyone else should do about it — that’s their decision. But here are some guiding principles I have acquired for myself over the years.

First, I try no to fret about it; rather, I try to focus on that over which I have some control.

So if my fellow citizens decide electing someone like Mr. Trump is in our best interest, so be it. My lot is part of theirs. I shall benefit or be hurt with the broader community we call country. Some call it fate. Call it what you want. I simply say, “It is what it is.” I’m not going to allow it to destroy my happiness.

Part of this is trying to avoid any sense of entitlement. And nurturing a sense of gratitude. I may not have complete control over such feelings and emotions. But I can influence them for the better. It’s most certainly preferable to fretting and worrying about things over which I have no control.

Second, I try to limit my reliance and dependence upon other people’s judgment as best I can. Stated differently, I try to avoid servitude.

One way of doing this is to acquire financial independence as soon as possible. If I got to live life over, this would be a major early goal of mine. The sooner, the better. Retirement age is much too late.

Third, I endeavor to associate with people of sound judgment and good character. This isn’t always easy because often there is misalignment between economic opportunity and virtue. Again, if I got to live life over, I’d try to spend more time and deal more with virtuous people and try harder to keep distance between myself and the other kind of people.

Last but not least, I endeavor to improve my own decision-making processes and, by extension, the quality of my own decisions.

I’ve made some really poor decisions in my life. I wish I’d spent more time reflecting on my mistakes and endeavoring to instill the rigorous discipline to reduce the number of mistakes going forward. And I really wish I had involved more people in the process and been less dependent upon my own perspectives and biases. 

I also wish I’d been more rational and less emotional. More practical and less idealistic.

I’ve made some good decisions of course. But decision making is a lot like investing: the key is to eliminate or reduce the size of your losses. Avoiding big mistakes is a key to a good life.

Charlie Munger is right: he and Warren Buffett got tremendous advantage from simply trying not to be consistently stupid instead of trying to be very intelligent.

I used to tell students that my primary objective in teaching was to help them become better decision makers, that is, to hone their judgment. Schools don’t talk about judgment. They should. It’s far more important than most of the other stuff that commands their attention.

I don’t know if the country will escape the Trump years without a major disaster. I do know we’re playing with fire and, when that happens, someone often gets burned.

In any case, don’t ever allow yourself to be overwhelmed by that which you can’t control, Vera. There is much you can control, including, to an extent, your thoughts and outlook.

Choose wisely. Become the very best decision-maker you can possibly become. Nothing will serve you as well as sound judgment.