Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Dealing with Sunk Costs 0:00: Dealing with sunk costs and the sunk cost fallacy. Mercer and Jeff discuss the concept of sunk costs and the sunk cost fallacy. 3:05: Sunk costs and decision-making in business and personal finance. Mercer and Jeff discuss the concept of sunk costs and how it impacts decision-making. Jeff discusses the concept of sunk cost fallacy in business, explaining that it makes sense to continue investing in something if you can afford the next step, not if you're going into debt, or it's not worth the opportunity cost. 6:51: Sunk costs and opportunity costs in business. Mercer describes a feeling of tension and frustration when a project is not working as expected; that tension is released when he lets go and allows himself to see the situation with fresh eyes. Jeff reflects on how his perspective has shifted from saying "yes" to opportunities to prioritizing "no" due to the scarcity of time and resources. 12:53: Recognizing and overcoming sunk costs in business and personal life. Mercer reflects on his past experiences with saying yes to everything and recognizing the importance of disconnecting emotions from sunk costs. Mercer and Jeff discuss the value of coaching in providing unbiased, fresh eyes to help individuals recognize when they're holding onto something that's no longer serving them. 15:32: Marketing strategies and adapting to change. Mercer shares a story about a promotion they ran with a copywriter, where they repeated the same strategy from an earlier campaign with poor results. Mercer emphasizes the importance of being open to feedback and willing to adapt to improve and move forward. 21:11: Agency inefficiencies and poor strategies in digital marketing. Jeff shares his frustration with agencies that lack direction, strategy, and competence in their advertising efforts. Mercer emphasizes the importance of researching and understanding the market's wants and needs to create effective ads. 23:51: Investing and trading strategies. Mercer shares a lesson from trading: the game is not to win all the time, but to keep playing with a good system that gives you an edge. Mercer advises being non-emotional, as the market provides instant feedback on your worth. 28:51: Investing and avoiding emotional decision-making. Jeff discusses the differences between retail and professional traders, sharing personal experiences and insights. Mercer emphasizes the importance of being open to feedback and being wrong, as it solves the tension problem in decision-making.