The difficulty with such an emphasis on facts is that, unfortunately, facts are often a lagging indicator of what could potentially be important. By the time you are dealing with a fact on the ground, whatever led to it has already happened.

I’m comforted by something I’ve come to believe more and more in recent years—that it’s not always good for one person to have too much power for too long. Even when a CEO is working productively and effectively, it’s important for a company to have change at the top. I don’t know if other CEOs agree with this, but I’ve noticed that you can accumulate so much power in a job that it becomes harder to keep a check on how you wield it. Little things can start to shift. Your confidence can easily tip over into overconfidence and become a liability. You can start to feel that you’ve heard every idea, and so you become impatient and dismissive of others’ opinions. It’s not intentional, it just comes with the territory. You have to make a conscious effort to listen, to pay attention to the multitude of opinions. I’ve raised the issue with the executives I work most closely with as a kind of safeguard. “If you notice me being too dismissive or impatient, you need to tell me.” They’ve had to on occasion, but I hope not too often.

It helps to know who is living through you at any given moment. The less you know about it, the more it dominates and keeps you from other adventures.

When everything is on your shoulders and the cost of being wrong is high, I told her, you tend to focus on what’s right instead of who’s right. The more I’d given up wanting to be right, the better the outcomes I had. I didn’t care about getting the credit; I cared about getting the results.

When the stakes are high, and there are no take-backs, you want to decide at the last moment possible, and keep as many options on the table as you can while continuing to gather information.