CHANGE YOUR MIND

Jeff Bezos has long maintained that one single attribute separates people of high intelligence from everyone else: the ability and courage to change their minds.

"People who are right a lot listen a lot, and they change their mind a lot. They wake up and reanalyze things and change their mind. If you don't change your mind frequently, you're going to be wrong a lot."

Of course, it's one thing to say that in the abstract. It's another entirely to act on it - especially when changing your mind could cost you money (sunk costs). But, almost as if on cue, Amazon has provided an amazing example of Bezos's observation in action. After investing four years in a restaurant delivery service Amazon said this week that in effect, the company has changed its collective mind. As the Journal went on to explain, food delivery is turning into a "cutthroat market" in which margins are as thin as can be imagine, Uber also lost $1 billion in the first quarter of this year.

So maybe Amazon tried and failed -- or it simply didn't execute effectively, but either way, they learnt a lesson and decided to practice what its founder preaches.

Make the smart decision. And be willing to change your mind.

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