By Margo Diewald, Senior Tutor, The MBA Exchange
The value of razor-sharp critical reasoning skills goes well beyond a great score on your GMAT or GRE. In the digital age, you dwell within a sea of information. But this brackish ocean contains more misinformation, disinformation, and conspiracy theories than ever. How will you filter it? How can you identify crucial insights, then act early and decisively on emerging opportunities?
That’s the art of investing. You cannot wait until you have “all the right information” because by the time you have it, so will everyone else! The opportunity will have passed. You need to know what specific information will allow you to make timely and confident decisions.
It’s also the art of survival during crisis. In February 2020, I had a conversation with a friend in Italy. He told me he was “scared about this virus.” This info? Not enough to act on. But I listened for more information. He told me his family was “thinking about shutting down their medical practices.” This info? Alarming. I had met my friend’s family. They’re doctors in different specialties and very even-keeled professionals. If these rational business owners were seriously ready to cut off their economic livelihoods, then I needed to prepare for the worst because life experience had shown me that government agencies and media outlets are typically hesitant to raise public alarm. This conversation gave me a three-week window to prepare for the coming coronavirus crisis in the United States.
My partner and I did not wait. We contacted a few loved ones. Some agreed with our reasoning; others dismissed our concerns. We laid out an action plan. We placed small bets in certain areas – like buying masks and stocking our pantry – and defined what additional info we would need to make larger bets – like cancelling our spring vacation and wedding plans. When news broke just a couple weeks later, store shelves in our city were emptied; our earliest decisions were validated.
While it’s cliché to say “hindsight is 20/20,” if you want those “first-mover advantages” then now is the time to prepare! Let us help you sharpen your critical reasoning skills for better results on the GMAT, GRE, and in life. Learn more about our test prep and tutoring services here. Then contact us: we’re eager to put our experience to work for you.