What actually determines long-term success in a world dominated by technology and rapid change? The authoritative publication The Economist has published a detailed analysis of a large-scale psychological and economic study that rearranges the ideas about leadership qualities.
Scientists have concluded that the traditional high intelligence quotient (IQ) is no longer a sufficient guarantee of triumph. The so-called “economic IQ“ comes to the fore – the ability of a person to quickly and impartially recognize patterns in large data sets related to performance.
More important, however, is the specific psychological combination of healthy arrogance (confidence in taking risks) and intellectual humility.
The most successful managers and investors are those who have the courage to act on a large scale, but possess an ego that allows them to immediately admit their mistake and fix losses before they become fatal.