‘Moneyball’ for financial services
Does industry dogma stand in the way of your success?
When the odds are stacked against you, you need a strategy that delivers a competitive advantage.
In other words, you need to “Moneyball” it, Rich Berg, CEO/co-founder of Performance Trust Capital Partners LLC, told CUNA Economics & Investments Conference attendees in Chicago.
In his presentation—based on the concept described in Michael Lewis’ 2003 book “Moneyball: The Art of Winning an Unfair Game” which chronicles the financially disadvantaged Oakland A’s baseball team—Berg says results are a function of strategy, management, and luck.
By challenging long-held assumptions and prioritizing statistics that led to proven results, the small market A's were able to compete against the money-rich New York Yankees.
Four Moneyball questions to consider:
1. What if the data trumps doctrine or dogma?
2. Your facts may be true, but are they useful in making decisions that get desired results?
3. Do you want to win or are you just playing the game?
4. How does the element of skill, versus luck, play into your results?
The bottom line, Berg says, is minimize luck and maximize skill. Arm yourself with as much analytical information as possible.