2022 Fall Meeting

Our own history, and that of others, is a tremendous learning resource. The wisdom we discover from our past can be used to inform our present and plan for the opportunities of our future. Too often, unfortunately, when we think about our business and its performance, we get caught in what economists call the present bias. That is, we give more weight to payoffs today rather than payoffs tomorrow or a year from tomorrow. As but one example, companies that continue to invest in marketing during a recession almost always come out way ahead. They take the long-term view and benefit as a result because a strong retrospective perspective in business keeps us from getting caught in the instant gratification trap of present bias. Researchers even have a term for this called Retrospective Study that is used around the world in nearly every profession! The exercise proves that looking back with intent helps us study past moments of struggle and growth. It helps us understand the impact of prior decisions, allowing us to reassess the feasibility of our choices for the building of our future. During our Nashville experience in November, we will be taking this backward view to get a better perspective on understanding what the future holds for all of us.