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BookWatch: This champion poker player says a ‘premortem’ can make you a better investor

People are pretty good at identifying goals, whether in investment portfolios, careers or relationships. When we fall short, it is frequently because of trouble keeping our decisions along the way aligned with our original goals.

But there are a pair of time-traveling tools that can help you better follow through on your plans and keep your investments on track: backcasts and premortems.

A backcast is an exercise where you imagine having reached a goal and then you work backward to figure out what happened to get you there. A premortem imagines the opposite — failing to reach your goal — and asks “how did that happen?”

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