Highly successful people implement pattern recognition as a key skill for predicting the future, according to billionaire Michael Rubin. Rubin is the CEO and founder of sports merchandise retailer Fanatics and has a reported net worth of $11.5 billion. He credits much of his success at building and running Fanatics to pattern recognition, emphasizing its importance in making good decisions in business and other areas of life. This skill isn’t just limited to business decisions, however, as Rubin also uses pattern recognition when gambling.
Rubin’s perspective on pattern recognition is supported by well-known business leader Warren Buffett. At a Berkshire Hathaway annual meeting, Buffett discussed a decision he made to avoid investing in drug company Valeant Pharmaceuticals, based on pattern recognition. His intuition was right, as the drugmaker’s stock dropped by 85% within a month. For individuals looking to improve their pattern recognition skills, there are several strategies, including playing games like chess and checkers, collaborating with diverse individuals, and taking more analytical approaches to identifying patterns.
There are different opinions about improving pattern recognition skills, with some experts advising to define the business goals and challenges to solve, gather diverse data and apply statistical or advanced analytical tools. Nevertheless, there is a consensus that practicing pattern recognition can lead to more successful decision-making in the long run.