Charlie Munger & The Psychology of Human Misjudgment (TIP571)

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Clay Finck reviews the 28 psychology of human misjudgments in Peter Bevelin’s book, Seeking Wisdom. One of the best ways to behave more rationally is to understand our own shortcomings biologically, which we are oftentimes unaware of. This episode dives deep into these shortcomings and how we can sidestep them to invest more wisely.
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IN THIS EPISODE, YOU’LL LEARN:
0:00:00 - Intro
0:03:03 - Many of the human misjudgments that Charlie Munger has spoken about extensively.
What bias by mere association is.
How rewards and punishments influence our behavior.
0:08:41 - How self-interest and incentives drive decision-making.
0:21:26 - The bias of self-deception and denial.
The bias of being consistent with our prior actions.
0:26:46 - The status quo bias.
0:44:38 - How investors can exploit the tendency of humans to be incredibly impatient.
The anchoring bias.
0:36:58 - What reciprocity is, and its effects on human behavior.
0:41:59 - The bias of social proof.
0:44:10 - How authority bias affects our investment decisions.
Why the simple solution is oftentimes the best solution.
How to combat our desire to minimize uncertainty.
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📖 BOOK MENTIONED:
- Seeking Wisdom by Peter Bevelin: amzn.to/3QFPeQC
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On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.
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[@77magicbus]

Always appreciate your narration and podcasts Clay. You are a first rate, first class guy. Thanks

[@clayfinck]

Thank you! Your support is very much appreciated.

[@adityabadami]

Excellent podcast. So much to rewire after this. I think the biggest test is patience. This sometimes is viewed as a negative.

[@WeStudyBillionaires]

Glad you enjoyed it!

[@gisellmorales5007]

Loved it. Simple concepts worth repeating over and over and over. Keep learning to know how to fix a mistake faster. That is what I take from this one! THANKS!!

[@WeStudyBillionaires]

Glad it was helpful!

[@dintogx]

They are perfect opinions, thank you add the turkish subtitle

[@WeStudyBillionaires]

Thanks for tuning in! 🙌

[@awaljoseph1144]

Thanks for this precious financial wisdom

[@WeStudyBillionaires]

Glad it was helpful!

[@qake2021]

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