Bill Belichick: Coaching like a master investor

New England Patriots' fans may still be in pain over coach Bill Belichick's risky, and failed, choice to throw a pass for a first down when he was at fourth-and-two against the Indianapolis Colts on Sunday night. On the Pats' 28-yard line with just over two minutes on the clock, the botched play eventually cost New England the game, leading to Monday morning quarterbacking that dragged all the way into Tuesday.

It's not much consolation for the Pats, but there's an investing lesson here, says Michael Mauboussin, chief investment strategist with Legg Mason Capital Management and author of Think Twice: Harnessing the Power of Counterintuition. The question comes down to how you make your choices -- whether you're a football coach or an investor. Do you make your decisions based on a well-honed process or based on the eventual outcome?