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Best way to plan is to look backward

Invert, always invert.” Turn a situation or problem upside down. Look at it backward. What’s in it for the other guy? What happens if all our plans go wrong?

Where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead — through sloth, envy, resentment, self-pity, entitlement, and the mental habits of self-defeat. Avoid these qualities and you will have success.

Tell me where I’m going to die, that is, so I don’t go there.

Charlie Munger quoted in Warren Buffett, The snowball, p. 770.

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CEO Pay for failure

“A study released earlier this year by the Corporate Library — and titled “Pay for Failure” — singled out some of the corner suite’s worst offenders. Among them: Pfizer CEO Henry McKinnell; Merck former CEO Raymond Gilmartin; and AT&T’s Edward Whitacre.” (via DCSBN)

Some well-known managers weigh in on the issue: