Practical Psycholgoy lessons from Warren Buffet's business partner. Ideas used to create rational thinking and build a Trillion-Dollar empire.
Today we dissect the best lessons from "Poor Charlies Almanac" A blueprint for rational thinking and sensible investing.
Charlie Munger loved Psychology and wanted there to be a course on Practical Psychology to be taught at all universities. He believed it would make the world a better place.
His book combines his favourite tools from psychology as well as other lessons and mental models he found to build worldly wisdom and the best investing record in history.
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Related Episodes:
Greatest Mental Models of Jeff Bezos: Principles behind his success - 24th May 2024
Thinking Fast and Slow: Where Biases come from - 12th July 2024
Ego Blindspots: 9 Cognitive Biases to avoid - 7th May 2024
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Chapters:
00:00 Introduction to Mastering Wisdom
00:23 Charlie Munger's Influence
01:13 The Growth Mindset Psychology Podcast
02:07 Exploring Poor Charlie's Almanac
03:54 #1 - Interdisciplinary Thinking
06:40 Understanding Circle of Competence
07:50 Opportunity Costs in Decision Making
08:45 The Inversion Principle
11:39 #2 - Cognitive Biases
12:47 Confirmation Bias and Clear Thinking
14:34 Authority Bias and Independent Thought
16:26 Social Proof and Individuality
17:51 Arguing Against Your Own Beliefs
18:49 # Weaknesses
19:20 Lack of Emotion and suspension of belief
20:41 Binary thinking and Fixed Mindset
21:30 Arrogance and assumption that others are stupid
25:46 #3 - Rational Decision Making
26:59 First Principles Thinking
28:47 Probabilistic Thinking and Risks
30:22 The Margin of Safety
31:37 Chauffeur Knowledge vs. True Understanding
33:51 Applying Mental Models in Real Life
34:39 Sharing Wisdom and Building Community
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