Which set of psychological blinders obstruct your view of reality?
When Charlie Munger, vice president of Berkshire Hathaway, addressed Harvard University in 1995, he deftly identified the biases and habits of thinking that cause people to make avoidable – and sometimes catastrophic – mistakes. He shares lessons that he learned over his 70 years – lessons which, in his own words, he “didn’t learn well enough early enough.” getAbstract recommends this summary of the first four items on Munger’s list to people interested in becoming more self-aware and making more rational decisions.
In this summary, you will learn
- How Charlie Munger avoided major errors through the study of common biases;
- How incentives can influence behavior, for better or for worse; and
- Why you should be wary of which ideas you declare aloud.
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