When launching a new strategy, define the specific go/no-go decision criteria on paper from day one. This prevents "revisionist history" where success metrics are redefined later based on new fact patterns or biases. This practice forces discipline and creates clear accountability for future reviews.

A practical application of the 80/20 principle, the 50/20 rule provides a clear action plan. Identify the bottom 20% of your customers (or products) and fire the easiest half to get rid of within the next month. This overcomes analysis paralysis and creates immediate momentum in boosting profitability.

To avoid emotional, performance-chasing mistakes, write down your selling criteria in advance and intentionally exclude recent performance from the list. This forces a focus on more rational reasons, such as a broken investment thesis, manager changes, excessive fees, or shifting personal goals, thereby preventing reactionary decisions based on market noise.

To avoid emotional spending that kills runway, analyze every major decision through three financial scenarios. A 'bear' case (e.g., revenue drops 10%), 'base' case (plan holds), and 'bull' case (revenue grows 10%). This sobering framework forces you to quantify risk and compare alternatives objectively before committing capital.

To overcome the paralysis of perfectionism, create systems that force action. Use techniques like 'time boxing' with hard deadlines, creating public accountability by pre-announcing launches, and generating financial stakes by pre-selling offers. These functions make backing out more difficult and uncomfortable than moving forward.

To decide whether to sell a long-held asset you're attached to, imagine it was sold overnight and the cash is in your account. The question then becomes: "Would you use that cash to buy it back today?" This reframe bypasses status quo bias and the endowment effect, making the correct decision immediately obvious.

To combat the emotional burden of binary sell-or-hold decisions, use the "Go Havsies" method. Instead of selling a full position, sell half. This simple algorithm diversifies potential outcomes—you benefit if it rises and are protected if it falls—which significantly reduces the psychological pain of regret from making the "wrong" choice.

To combat emotional decision-making, Eddie Elfenbein’s strategy mandates replacing exactly five of 25 stocks each year. This rigid structure forces patience and prevents impulsive trades, even when he feels tempted to sell a poorly performing stock. This system prioritizes long-term strategy over short-term reactions.

McCullough advocates for a "promiscuous" investment strategy, quickly moving capital to where signals are strongest. He argues that emotional attachment to winning positions, or "bag holding," is the primary way investors lose ground. The goal is to compound returns by avoiding drawdowns, not by marrying a single investment thesis.