As leaders, how do we know when we've made a mistake? Is it as simple as evaluating whether the outcome was good or bad? In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss how risk/reward calculations can help define what is a mistake and what isn't.To talk more in depth about this topic, and how owning up to a mistake plays out inside an investment firm, the hosts interview Hadley Mullin. Mullin is a senior partner at TSG Consumer Partners, a private equity firm with approximately $10 billion in assets under management. At her firm, decisions are made collectively – and accountability is shared. "It's not a blame game," Mullin says. "Not focusing on whose deal this is, but referring to it as 'our deal,' makes us better positioned to do an unbiased postmortem."See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.