Incredible collection of life wisdom.
Notions in this book are useful not only for investment decision making but also for life in general.
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Financial Lessons from Warren Buffets Partner
Recensito in Canada il 8 aprile 2024
MoBarbs
Munger is brilliant and his book is practically helpful, super useful
Recensito negli Stati Uniti il 7 marzo 2023
MoBarbs
Recensito negli Stati Uniti il 7 marzo 2023
Why is it so helpful? He proves that he and Warren have been successful in large part from avoiding mistakes.
More specifically, the human mind has some consistent limitations and it tries its best to function in a complex world, but doesn't do a perfect job. The best antidote we have is a "latticework" of mental models – to use Munger's term. These are like mental checklists that help you self-correct before making misjudgments.
The last chapter is one of his popular talks about the Psychology of Human Misjudgment, where he lists out the 25 cognitive biases that we're all susceptible to. He gives a short, pithy definition with examples. Elon Musk also talked about the important of learning these biases in a tweet with "TitleMax" cognitive biases (look it up).
As an example (see screenshot to this review), "One corollary of Inconsistency-Avoidance – Tendency is that a person making big sacrifices in the course of assuming a new identity will intensify his devotion to the new identity. After all, it would be quite inconsistent behavior to make a large sacrifice for something that was no good."
That's super useful, since you can see that making sacrifices for new identities that you want to adopt is more intense if it has sacrifices associated with it (i.e., fitness, wealth, role as father/mother, leader, etc.) Thanks to Charlie I'm doing all I can to internalize these.
IMPORTANT: TO SUPPLEMENT AND APPLY MUNGER'S IDEAS, DON'T IGNORE THIS. This sounds technical, but please don't ignore this. Look up "The Cognitive Bias Codex" – which is a radial dendrogram that shows all the biases and makes it digest-able.
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