I just finished reading a pretty interesting book called How Doctors Think by Jerome Groopman, MD. It deals with several different medical issues but its central theme is how a physician might make and stick to a diagnosis, even though contradictory facts later come to light. Although the author was talking about medical treatments, I think that most of us have probably done something similar at one time or another.
I had been thinking for several months about cleaning our basement dehumidifier. Last week, I went into the hardware store to purchase some of the chemical spray that I had seen service technicians use in maintaining air conditioning coils. I had already settled on the process I’d employ, even though I knew it would be wet, messy and would require heavy lifting. The helpful hardware man did not have any cans of coil cleaning spray but said that he just left his dehumidifier where it was, used a small brush on the coils, then vacuumed-up the dust.
Another book I read recently is A Perfect Mess by Eric Abrahamson and David H. Freedman. Although I picked it up because it opens with a defense of messy people, the last half of the book presents several situations in which some measure of disorder might actually be a good thing. For example, jaywalking is statistically safer than crossing the street in a crosswalk. Why would that be so? According to the authors, jaywalkers know they are breaking the law and are very careful to look in all directions before and during crossing, thus suffering fewer accidents. Another example is home organizational consultants who make everything fit by tossing out the very things which would bring us the greatest pleasure when happened-upon in old age. A third example cited was that the free-form nature of "ultimate fighting" actually makes it safer than traditional boxing according to statistics. Carl Sandburg once said: "Nearly all the best things that came to me in life have been unexpected, unplanned by me".
For me, the learning experience at the hardware store, these books and Mr. Sandberg’s quote combine to highlight and answer a single question. What happens when any of us makes a decision and sticks to it without deviation, when deviation might be the best way to solve a problem? The authors of A Perfect Mess note that "organizations can be messy in highly useful ways". They urge companies to keep things flexible enough to provide the opportunity for rethinking and change. Dr. Groopman summarizes How Doctors Think with the suggestion that you help your doctor by being sure to let her or him know what might have changed since your last visit and by occasionally asking: "What else could it be?" In the case of your investment life, helpful discussions might start with: "Remind me again why this strategy is appropriate for me." or "Has anything changed that might make another strategy more appropriate?", or simply "Is there a less expensive way to implement this strategy?".
Physicians and financial planners alike are trained to ask good questions, listen carefully to the answers and always be alert for clues related to things left unsaid. Whether dealing with your health, your finances or the cleaning of a home appliance, I think clear and open communication – and a willingness to change directions once in a while – offers a good basic approach to problem solving.
