Thoughts on the new edition with a focus on inconsistency avoidance, one of the psychological tendencies that can cause human misjudgment ...

It makes no sense to engage in short term relationships with investments, but it is also hazardous to fall in love with a company or its management ...

Coca-Cola in 1923, Hyperinflation, Stoicism, CBDCs, Daily Journal Transcript, Mimetic Desire ...

Blind rage manifested as hatred is one of the least productive emotions and is almost guaranteed to impair your decision making capabilities and cause serious errors ...

Charlie Munger has said that one should never think about anything else when you should be thinking about the power of incentives. Poorly thought out incentive systems cause harm ...

Social norms govern how individuals interact with each other and with society at large. Many norms have been incorporated into legal systems but most continue to be informal conventions. A significant percentage of the population will fail to adhere to ...

Seneca said that "life is long if you know how to use it." But modernity presents us with a nearly infinite number of ways to waste time and fall short of our human potential ...

In complex or confusing situations, our brains tend to overweight information that is easily available even if there are more important factors that we are less cognizant of ...

There are many aspects of life where the link between cause and effect is very clear. Humans, as well as many other animals, quickly learn that taking a certain action invariably leads to a predictable and reliable result. For example, ...

"Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are. Therefore we normally will not talk about our investment ideas." -- Warren Buffett, Berkshire Hathaway Owner's Manual One of the ...

"Treat what you don't have as nonexistent. Look at what you have, the things you value most, and think of how much you'd crave them if you didn't have them. But be careful. Don't feel such satisfaction that you start ...

Charlie Munger distilled his study of the psychology of human misjudgment into twenty-five common thinking errors that we all should vigilantly guard against ...