Topics Covered In This Episode Understanding Sunk Costs: Mercer and Jeff delve into the concept of sunk costs and the sunk cost fallacy, sharing personal anecdotes and reflections on reframing mindsets to overcome this cognitive bias. Impact on Decision-making: They explore how sunk costs influence decision-making in both business and personal finance, emphasizing the importance of recognizing when to let go of unproductive ventures or investments. Opportunity Cost and Fresh Perspective: Mercer highlights the tension between persistence and adaptability, emphasizing the importance of embracing fresh perspectives and recognizing new opportunities, even if it means admitting past mistakes. Value of Coaching and Feedback: Both speakers discuss the value of coaching and feedback in gaining fresh insights and recognizing when it's time to pivot or let go of unproductive strategies or ventures. Adapting Marketing Strategies: Mercer shares anecdotes about adapting marketing strategies based on feedback and market dynamics, emphasizing the importance of mindset and openness to change. Investing Wisely: The discussion extends to investing strategies, with Mercer emphasizing the importance of emotional discipline and having a solid system in place to avoid making impulsive decisions based on fear or greed. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=1n236358

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