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| charlie munger 25 cognitive biases: The Great Mental Models: General Thinking Concepts Farnam Street, 2019-12-16 The old saying goes, ''To the man with a hammer, everything looks like a nail.'' But anyone who has done any kind of project knows a hammer often isn't enough. The more tools you have at your disposal, the more likely you'll use the right tool for the job - and get it done right. The same is true when it comes to your thinking. The quality of your outcomes depends on the mental models in your head. And most people are going through life with little more than a hammer. Until now. The Great Mental Models: General Thinking Concepts is the first book in The Great Mental Models series designed to upgrade your thinking with the best, most useful and powerful tools so you always have the right one on hand. This volume details nine of the most versatile, all-purpose mental models you can use right away to improve your decision making, productivity, and how clearly you see the world. You will discover what forces govern the universe and how to focus your efforts so you can harness them to your advantage, rather than fight with them or worse yet- ignore them. Upgrade your mental toolbox and get the first volume today. AUTHOR BIOGRAPHY Farnam Street (FS) is one of the world's fastest growing websites, dedicated to helping our readers master the best of what other people have already figured out. We curate, examine and explore the timeless ideas and mental models that history's brightest minds have used to live lives of purpose. Our readers include students, teachers, CEOs, coaches, athletes, artists, leaders, followers, politicians and more. They're not defined by gender, age, income, or politics but rather by a shared passion for avoiding problems, making better decisions, and lifelong learning. AUTHOR HOME Ottawa, Ontario, Canada |
| charlie munger 25 cognitive biases: Poor Charlie’s Almanack Charles T. Munger, 2023-12-05 From the legendary vice-chairman of Berkshire Hathaway, lessons in investment strategy, philanthropy, and living a rational and ethical life. “Spend each day trying to be a little wiser than you were when you woke up,” Charles T. Munger advises in Poor Charlie’s Almanack. Originally published in 2005, this compendium of eleven talks delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007 has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries. Edited by Peter D. Kaufman, chairman and CEO of Glenair and longtime friend of Charlie Munger—whom he calls “this generation’s answer to Benjamin Franklin”—this abridged Stripe Press edition of Poor Charlie’s Almanack features a brand-new foreword by Stripe cofounder John Collison. Poor Charlie’s Almanack draws on Munger’s encyclopedic knowledge of business, finance, history, philosophy, physics, and ethics—and more besides—to introduce the latticework of mental models that underpin his rational and rigorous approach to life, learning, and decision-making. Delivered with Munger’s characteristic sharp wit and rhetorical flair, it is an essential volume for any reader seeking to go to bed a little wiser than when they woke up. |
| charlie munger 25 cognitive biases: The Book of Questions Gregory Stock, 2013-09-10 A new, updated edition of the thought-provoking, conversation-starting #1 New York Times–bestseller! This completely revised edition of the classic bestseller includes approximately three hundred questions—more than 100 of them all-new—that delve into such topics as: *The disappearing border between man and machine—How would you react if you learned that a sad and beautiful poem that touched you deeply had been written by a computer? *The challenges of being a parent—Would you completely rewrite your child’s college-application essays if it would help him get into a better school? *The endlessly interesting topic of sex—Would you be willing to give up sex for a year if you knew it would give you a much deeper sense of peace than you now have? *The meaning of it all—If you were handed an envelope with the date of your death inside, and you knew you could do nothing to alter your fate, would you look? This is a book for personal growth, a tool for deepening relationships, a lively conversation starter for the family dinner table, a fun way to pass the time in the car. It poses questions that invite people to explore the most fascinating of subjects: themselves and how they really feel about life. The Book of Questions may be the only publication that challenges—and even changes—the way you view the world, without offering a single opinion of its own. “When the original Book of Questions was published, it provoked hours of conversation and engagement among me and my friends. The new book is even better and should provide hours and hours of entertainment and enlightenment.” —Fareed Zakaria, New York Times–bestselling author of Age of Revolutions |
| charlie munger 25 cognitive biases: The Power of Broke Daymond John, Daniel Paisner, 2016 The star of ABC's Shark Tank demonstrates how starting a business on a shoestring can provide significant competitive advantages for entrepreneurs by forcing them to think creatively, use resources efficiently, and connect more authentically with customers. --Publisher's description. |
| charlie munger 25 cognitive biases: The 25 Cognitive Biases Kai Musashi, 2016-05-16 The 25 Cognitive Biases You NEED To Know! Want To Get Ahead In Life? Well You've Come To The Right Place... Learn These 25 Cognitive Biases Today! Have you ever found yourself wondering why you make the decisions you make? Why you seem to like the same things as others, or why you believe only what you want to believe? Well, it may be because certain Cognitive Biases are working-and they're slowly taking over your brain. Now, this really isn't something good because it means you are somehow not in control of yourself anymore. Cognitive Biases also begin to blind you. They make you believe in certain things that could cloud your judgment-and that's why you do the things you do. However, there's a way for you to fight these Cognitive Biases-and you'll find them all right here! With the help of this book, you'd learn about the 25 Cognitive Biases-what they're about, and how to stop being their victim! Read this book now and be a better, more decisive, and confident you in time! |
| charlie munger 25 cognitive biases: How to Talk to Anyone Leil Lowndes, 2003-09-22 You'll not only break the ice, you'll melt it away with your new skills. -- Larry King The lost art of verbal communication may be revitalized by Leil Lowndes. -- Harvey McKay, author of “How to Swim with the Sharks Without Being Eaten Alive” What is that magic quality makes some people instantly loved and respected? Everyone wants to be their friend (or, if single, their lover!) In business, they rise swiftly to the top of the corporate ladder. What is their Midas touch? What it boils down to is a more skillful way of dealing with people. The author has spent her career teaching people how to communicate for success. In her book How to Talk to Anyone (Contemporary Books, October 2003) Lowndes offers 92 easy and effective sure-fire success techniques-- she takes the reader from first meeting all the way up to sophisticated techniques used by the big winners in life. In this information-packed book you’ll find: 9 ways to make a dynamite first impression 14 ways to master small talk, big talk, and body language 14 ways to walk and talk like a VIP or celebrity 6 ways to sound like an insider in any crowd 7 ways to establish deep subliminal rapport with anyone 9 ways to feed someone's ego (and know when NOT to!) 11 ways to make your phone a powerful communications tool 15 ways to work a party like a politician works a room 7 ways to talk with tigers and not get eaten alive In her trademark entertaining and straight-shooting style, Leil gives the techniques catchy names so you'll remember them when you really need them, including: Rubberneck the Room, Be a Copyclass, Come Hither Hands, “Bare Their Hot Button,” “The Great Scorecard in the Sky, and Play the Tombstone Game,” for big success in your social life, romance, and business. How to Talk to Anyone, which is an update of her popular book, Talking the Winner's Way (see the 5-star reviews of the latter) is based on solid research about techniques that work! By the way, don't confuse How to Talk to Anyone with one of Leil's previous books, How to Talk to Anybody About Anything. This one is completely different! |
| charlie munger 25 cognitive biases: The Optimism Bias Tali Sharot, 2012 Winner of the British Psychological Society Book Award for Popular Psychology Psychologists have long been aware that most people tend to maintain an irrationally positive outlook on life. In fact, optimism may be crucial to our existence. Tali Sharot's original cognitive research demonstrates in surprising ways the biological basis for optimism. In this fascinating exploration, she takes an in-depth, clarifying look at how the brain generates hope and what happens when it fails; how the brains of optimists and pessimists differ; why we are terrible at predicting what will make us happy; how anticipation and dread affect us; and how our optimistic illusions affect our financial, professional, and emotional decisions. With its cutting-edge science and its wide-ranging and accessible narrative, The Optimism Bias provides us with startling new insight into how the workings of the brain create our hopes and dreams. |
| charlie munger 25 cognitive biases: The Art of Thinking Clearly Rolf Dobelli, 2014-05-06 A world-class thinker counts the 100 ways in which humans behave irrationally, showing us what we can do to recognize and minimize these “thinking errors” to make better decisions and have a better life Despite the best of intentions, humans are notoriously bad—that is, irrational—when it comes to making decisions and assessing risks and tradeoffs. Psychologists and neuroscientists refer to these distinctly human foibles, biases, and thinking traps as “cognitive errors.” Cognitive errors are systematic deviances from rationality, from optimized, logical, rational thinking and behavior. We make these errors all the time, in all sorts of situations, for problems big and small: whether to choose the apple or the cupcake; whether to keep retirement funds in the stock market when the Dow tanks, or whether to take the advice of a friend over a stranger. The “behavioral turn” in neuroscience and economics in the past twenty years has increased our understanding of how we think and how we make decisions. It shows how systematic errors mar our thinking and under which conditions our thought processes work best and worst. Evolutionary psychology delivers convincing theories about why our thinking is, in fact, marred. The neurosciences can pinpoint with increasing precision what exactly happens when we think clearly and when we don’t. Drawing on this wide body of research, The Art of Thinking Clearly is an entertaining presentation of these known systematic thinking errors--offering guidance and insight into everything why you shouldn’t accept a free drink to why you SHOULD walk out of a movie you don’t like it to why it’s so hard to predict the future to why shouldn’t watch the news. The book is organized into 100 short chapters, each covering a single cognitive error, bias, or heuristic. Examples of these concepts include: Reciprocity, Confirmation Bias, The It-Gets-Better-Before-It-Gets-Worse Trap, and the Man-With-A-Hammer Tendency. In engaging prose and with real-world examples and anecdotes, The Art of Thinking Clearly helps solve the puzzle of human reasoning. |
| charlie munger 25 cognitive biases: The 52-Week Low Formula Luke L. Wiley, 2014-04-07 A new but timeless strategy and mindset that should greatly help investors lower downside risk while achieving market outperformance In The 52-Week Low Formula: A Contrarian Strategy that Lowers Risk, Beats the Market, and Overcomes Human Emotion, wealth manager Luke L. Wiley, CFP examines the principles behind selecting the outstanding companies and great investment opportunities that are being overlooked. Along the way, Wiley offers a melding of the strategies used by such investment giants as Warren Buffett, Howard Marks, Michael Porter, Seth Klarman, and Pat Dorsey. His proven formula helps investors get the upper hand by identifying solid companies that are poised for growth but have fallen out of the spotlight. Shows you how to investigate companies and identify opportunities Includes detailed discussions of competitive advantage, purchase value, return on invested capital, and debt levels Presents several case studies to examine companies that have overcome obstacles by trading around their 52-week lows The 52-Week Low Formula is a must-read for investors and financial advisors who want to break through conventional strategies and avoid common mistakes. |
| charlie munger 25 cognitive biases: Seeking Wisdom Peter Bevelin, 2005 |
| charlie munger 25 cognitive biases: Happy School 365 Action Jackson, 2020-09-17 Shortlisted for Special Education Resource of the Year at the Education Resources Awards 2021. Motivate your learners to succeed with Action Jackson! From motivational speaker and founder of Fix Up Seminars, Action Jackson, comes an inspirational guide offering a tried-and-tested method that enables primary and secondary teachers to motivate young people and unlock their potential for success. Many learners are plagued with the fear of failure, anxious about self-image and apathetic towards the future. Are we, as educators, not responsible for helping them navigate through life and empowering them to unlock their potential? Happy School 365 is packed with 21 easy-to-implement ideas to motivate young people to achieve academic and personal success, helping them to make the most of school and life, build better relationships with teachers and develop a sense of self-worth, focus and discipline. Dividing his approach into five stages – the manifesto, the mission, the mindset, the method and the miracle – Jackson sets out a vision for what this method can achieve: well-rounded individuals who are agents of change for humanity. This is the must-have guide for all teachers looking to play their part in developing a generation that is happy, healthy and successful. |
| charlie munger 25 cognitive biases: Thinking in Systems Donella H. Meadows, 2009 Thinking in Systems is a concise and crucial book offering insight for problem-solving on scales ranging from the personal to the global. This essential primer brings systems thinking out of the realm of computers and equations and into the tangible world, showing readers how to develop the systems-thinking skills that thought leaders across the globe consider critical for 21st-century life.While readers will learn the conceptual tools and methods of systems thinking, the heart of the book is grander than methodology. Donella Meadows was known as much for nurturing positive outcomes as she was for delving into the science behind global dilemmas. She reminds readers to pay attention to what is important, not just what is quantifiable, to stay humble and to continue to learn.In a world growing ever more complicated, crowded, and interdependent, Thinking in Systems helps readers avoid confusion and helplessness, the first step toward finding proactive and effective solutions. A vital read for students, professionals and all those concerned with economics, business, sustainability and the environment |
| charlie munger 25 cognitive biases: Consiglieri - Leading from the Shadows Richard Hytner, 2014-06-05 The key to success lies in getting to the top, right? Wrong. Not everyone can be in charge but, more importantly, not everyone should want to be. Richard Hytner, Deputy Chairman of Saatchi & Saatchi, thinks it's time to celebrate the second-in-commands, the consiglieri: from Merlin, to Al Gore, Rasputin to Machiavelli. These are the deputies, the Vice Presidents, the C-suite, the department heads - lieutenants, advisers, and counselors - whose influence determines the fate of boardrooms, corporations, and nations. While supremacy comes with drawbacks and influence, authority and power can be found in much more interesting places than the CEO's chair. Consiglieri: Leading from The Shadows brings together historical examples from Harry Hopkins to William Seward, conversations with contemporary second-in-commands like Tony Blair and Sir Alex Ferguson, and unique insights into Stalin, JFK, and Winnie the Pooh. A mirror for contemporary 'No. 2's' and a theoretical map for future consiglieri, the book traverses an array of powerful advisers from the White House to the Vatican, across international business, sports, and entertainment, as well as citing provocative research from psychology and academia. |
| charlie munger 25 cognitive biases: The Laws of Trading Agustin Lebron, 2019-06-18 Every decision is a trade. Learn to think about the ones you should do — and the ones you shouldn’t. Trading books generally break down into two categories: the ones which claim to teach you how to make money trading, and the memoir-style books recounting scandals and bad behavior. But the former don't have profitable trades to teach; if they did they'd keep those trades to themselves. And the latter are frequently entertaining, but they don't leave you with much you can apply in your own life. The Laws of Trading is different. All of our relationships and decisions involve trading at some level. This is a book about decision-making through the lens of a professional prop trader. For years, behavioral and cognitive scientists have shown us how human decision-making is flawed and biased. But how do you learn to avoid these problems in day-to-day decisions where you have to react in real-time? What are the important things to think about and to act on? The world needs a book by a prop trader who has lived, breathed and taught trading for a living, drawing upon years of insights on the trading floor in real markets, good and bad, whether going sideways, crashing, or bubbling over. If you can master the decision-making skills needed to profitably trade in modern markets, you can master decision-making in all walks of life. This book will teach you exactly those skills. Introduces, develops, and applies one law per chapter, making it easy not only to remember useful concepts, but also to have them at the ready in any situation. Shows you how to find and think about the “special edge” of your organization, and yourself. Teaches you how to handle the interaction of people with artificially intelligent (AI) machines that make decisions, a skill that is rapidly becoming essential in the AI-driven economy of the future. Includes a bonus digital ancillary, an Excel spreadsheet with various worked examples that expand on the scenarios described in the book. Do you need to make rational decisions in a competitive environment? Almost everyone does. This book will teach you the tools that let you do your job better. |
| charlie munger 25 cognitive biases: Judgement in Managerial Decision Making Max H. Bazerman, 2002-08-08 Author is a leading theorist in negotiation and decision-making. |
| charlie munger 25 cognitive biases: Scaling Lean Ash Maurya, 2016-06-14 Is your “big idea” worth pursuing? What if you could test your business model earlier in the process—before you’ve expended valuable time and resources? You’ve talked to customers. You’ve identified problems that need solving, and maybe even built a minimum viable product. But now there’s a second bridge to cross. How do you tell whether your idea represents a viable business? Do you really have to go through the whole cycle of development, failure, iteration, tweak, repeat? Scaling Lean offers an invaluable blueprint for modeling startup success. You’ll learn the essential metrics that measure the output of a working business model, give you the pulse of your company, communicate its health to investors, and enable you to make precise interventions when things go wrong. You’ll also learn how to: · ballpark the viability of a business model using a simple five-minute back-of-the-envelope estimation. · stop using current revenue as a measure of progress (it forces you to fly blind and, often, to overpromise to your shareholders) and instead embrace the metric of traction—which helps you identify the leading indicators for future business model growth. · set progressive goals that set you up for exponential long-term success by implementing a staged 10X rollout strategy, like one employed by Facebook and Tesla. · stop burying your breakthrough insights in failed experiments, but rather illuminate them using two-week LEAN sprints to quickly source, rank, and test ideas. Ash Maurya, a serial entrepreneur and author of the startup cult classic Running Lean, pairs real-world examples of startups like Airbnb and Hubspot with techniques from the manufacturing world in this tactical handbook for scaling with maximum efficiency and efficacy. This is vital reading for any startup founder graduating from the incubator stage. |
| charlie munger 25 cognitive biases: Body Language: 7 Easy Lessons To Master The Silent Language Borg, 2009-09 |
| charlie munger 25 cognitive biases: Neurological Physiotherapy Cecily Partridge, 2002 This work is a study of neurological physiotherapy, exploring the bases of evidence for practice. It starts with real patients and their problems, then turns to clinicians from different philosophies to describe how they would treat that patient. |
| charlie munger 25 cognitive biases: Misfit to Maven Ebonie Allard, 2015-11-30 A practical and inspiring book for misfit business rebels. Misfit to Maven is more sex, drugs and misadventure than other business books – reminding us all how extraordinary we can be, it will leave you inspired and ready to build a life as extraordinary as you are, that feels as good on the inside as it looks from the outside. Misfit to Maven tells Ebonie Allard’s story - from feeling ARGH about business and life to feeling AHHH about it all. The book is part story, part handbook and shows you how you can learn to listen and trust yourself implicitly. Sharing all her successes and failures, mistakes and milestones – from working in the TV industry to homeless and living in a boiler room - Ebonie shares with candid honesty everything that has led her to where she is now – living a life by design. This book is for you if you are unemployable because you are too creative, too innovative, too smart, too geeky or too full of heart to clock in and clock out of a job and or life. If you feel like a square peg in a round hole and want to move from a place of overwhelm and isolation to a place of clarity, progress and belonging. If you have felt stuck or unable to receive success. If you are self-employed, a micro-business owner, or an aspiring entrepreneur who wants to live a fully rounded, 360-degree life where there is space and time to work, rest and play. |
| charlie munger 25 cognitive biases: Latticework Robert G. Hagstrom, 2000 Traverses the disciplines of finance, psychology, physics, biology, and philosophy to provide a greater understanding of investing. |
| charlie munger 25 cognitive biases: Thinking in Bets-Making Smart Decisions when you don't have ... , |
| charlie munger 25 cognitive biases: Sex God Method - 2nd Edition Daniel Rose, |
| charlie munger 25 cognitive biases: Think Twice Michael J. Mauboussin, 2012-11-06 No matter your field, industry, or specialty, as a leader you make a series of crucial decisions every single day. And the harsh truth is that the majority of decisions—no matter how good the intentions behind them—are mismanaged, resulting in a huge toll on organizations, the people they employ, and even the people they serve. So why is it so hard to make sound decisions? In Think Twice, now in paperback, Michael Mauboussin argues that we often fall victim to simplified mental routines that prevent us from coping with the complex realities inherent in important judgment calls. Yet these cognitive errors are preventable. In this engaging book, Mauboussin shows us how to recognize and avoid common mental missteps. These include misunderstanding cause-and-effect linkages, not considering enough alternative possibilities in making a decision, and relying too much on experts. Through vivid stories, the author presents memorable rules for avoiding each error and explains how to recognize when you should “think twice”—questioning your reasoning and adopting decision-making strategies that are far more effective, even if they seem counterintuitive. Armed with this awareness, you'll soon begin making sounder judgment calls that benefit (rather than hurt) your organization. |
| charlie munger 25 cognitive biases: The Warren Buffett Portfolio Robert G. Hagstrom, 2000-11-20 The Warren Buffett Way provided the first look into the strategies that the master uses to pick stocks. A New York Times bestseller, it is a valuable and practical primer on the principles behind the remarkable investment run of the famed oracle of Omaha. In this much-awaited companion to that book, author Robert Hagstrom takes the next logical step, revealing how to profitably manage stocks once you select them. THE WARREN BUFFETT PORTFOLIO will help you through the process of building a superior portfolio and managing the stocks going forward. Building a concentrated portfolio is critical for investment success. THE WARREN BUFFETT PORTFOLIO introduces the next wave of investment strategy, called focus investing. A comprehensive investment strategy used with spectacular results by Buffett, focus investing directs investors to select a concentrated group of businesses by examining their management and financial positions as compared to their stock prices. A strategy that has historically outperformed the market, focus investing is based on the principle that a shareholder's return from owning a stock is ultimately determined by the economics of the underlying business. Hagstrom explains in easy-to-understand terms exactly what focus investing is, how it works, and how it can be applied by any investor at any level of experience. He demonstrates how Buffett arranges his stocks in a focus portfolio and reveals why this is as responsible for his incredible returns as the individual stocks he picks. Ultimately, Hagstrom shows how to use this technique to build and manage a portfolio to achieve the best possible results. |
| charlie munger 25 cognitive biases: The Psychology of Money Morgan Housel, 2020-09-08 Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics. |
| charlie munger 25 cognitive biases: Influence Robert B. Cialdini, 1988 Influence: Science and Practice is an examination of the psychology of compliance (i.e. uncovering which factors cause a person to say yes to another's request) and is written in a narrative style combined with scholarly research. Cialdini combines evidence from experimental work with the techniques and strategies he gathered while working as a salesperson, fundraiser, advertiser, and other positions, inside organizations that commonly use compliance tactics to get us to say yes. Widely used in graduate and undergraduate psychology and management classes, as well as sold to people operating successfully in the business world, the eagerly awaited revision of Influence reminds the reader of the power of persuasion. Cialdini organizes compliance techniques into six categories based on psychological principles that direct human behavior: reciprocation, consistency, social proof, liking, authority, and scarcity. Copyright © Libri GmbH. All rights reserved. |
| charlie munger 25 cognitive biases: The Millennial Advantage Jason Kirsch, Jason Kirsch Cfp(r), 2016-11-01 An Investment Book for Millennials |
| charlie munger 25 cognitive biases: The Art of Thinking Clearly Rolf Dobelli, 2013-04-11 OVER 3 MILLION COPIES SOLD Making better choices will transform your life at work, at home, forever If you want to lead a happier, more prosperous life, you don't need shiny gadgets, complicated ideas or frantic activity. You just need to make better choices. From why you should not accept a free drink to why you should keep a diary, from dealing with a personal problem to negotiating at work, The Art of Thinking Clearly is a simple, straightforward and always surprising guide to a better, smarter you. SEE HOW THE ART OF THINKING CLEARLY IS CHANGING READERS' LIVES 'Everyone in business should read this superb book' ⭐ ⭐ ⭐ ⭐ ⭐ 'I've read this book so many times I've lost count. Being a manager for many years it has been very useful in helping me help myself and others to think more rationally about different challenges and situations. Highly recommend it' ⭐ ⭐ ⭐ ⭐ ⭐ 'The concepts in this book are so smart and straightforward, you will kick yourself for not knowing and applying them in your life already' ⭐ ⭐ ⭐ ⭐ ⭐ 'Reading this book has helped me realise how much flaws I have in my thinking. It's a great read' ⭐ ⭐ ⭐ ⭐ ⭐ 'For those genuinely looking to build a better thinking and rationale and do not mind putting lots of effort to it then I find this the perfect book' ⭐ ⭐ ⭐ ⭐ ⭐ 'A book to shift your perception' ⭐ ⭐ ⭐ ⭐ ⭐ 'It definitely changed the way I am approaching problems and dealing with life's little challenges' ⭐ ⭐ ⭐ ⭐ ⭐ |
| charlie munger 25 cognitive biases: The Education of a Value Investor Guy Spier, 2014-09-09 What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? He becomes a real value investor. In this fascinating inside story, Guy Spier details his career from Harvard MBA to hedge fund manager. But the path was not so straightforward. Spier reveals his transformation from a Gordon Gekko wannabe, driven by greed, to a sophisticated investor who enjoys success without selling his soul to the highest bidder. Spier's journey is similar to the thousands that flock to Wall Street every year with their shiny new diplomas, aiming to be King of Wall Street. Yet what Guy realized just in the nick of time was that the King really lived 1,500 miles away in Omaha, Nebraska. Spier determinedly set out to create a new career in his own way. Along the way he learned some powerful lessons which include: Spier also reveals some of his own winning investment strategies, detailing deals that were winners but also what he learned from deals that went south. Part memoir, part Wall Street advice, and part how-to, Guy Spier takes readers on a ride through Wall Street--but, more importantly, provides those that want to take a different path with the insight, guidance, and inspiration they need to carve out their own definition of success. |
| charlie munger 25 cognitive biases: The Undoing Project Michael Lewis, 2017-10-31 “Brilliant. . . . Lewis has given us a spectacular account of two great men who faced up to uncertainty and the limits of human reason.” —William Easterly, Wall Street Journal Forty years ago, Israeli psychologists Daniel Kahneman and Amos Tversky wrote a series of breathtakingly original papers that invented the field of behavioral economics. One of the greatest partnerships in the history of science, Kahneman and Tversky’s extraordinary friendship incited a revolution in Big Data studies, advanced evidence-based medicine, led to a new approach to government regulation, and made much of Michael Lewis’s own work possible. In The Undoing Project, Lewis shows how their Nobel Prize–winning theory of the mind altered our perception of reality. |
| charlie munger 25 cognitive biases: Richer, Wiser, Happier William Green, 2021-04-20 “One of the best investing books ever written.” —Charlie Munger From an award-winning financial journalist, a fresh and insightful book that draws on interviews with more than forty of the world’s super-investors to demonstrate that the keys to building wealth also apply to everyday life. Billionaire investors. If we think of them, it’s with a mixture of awe and suspicion. Clearly, they possess a kind of genius—the proverbial Midas Touch. But are the skills they possess transferable? And do they have anything to teach us besides making money. In Richer, Wiser, Happier, William Green draws on interviews that he’s conducted over twenty-five years with many of the world’s greatest investors. As he discovered, their talents extend well beyond the financial realm. The most successful investors are mavericks and iconoclasts who question conventional wisdom and profit vastly from their ability to think more rationally, rigorously, and objectively. They are master game players who consciously maximize their odds of long-term success in markets and life, while also minimizing any risk of catastrophe. They draw powerful insights from many different fields, are remarkably intuitive about trends, practice fanatical discipline, and have developed a high tolerance for pain. As Green explains, the best investors can teach us not only how to become rich, but how to improve the way we think, reach decisions, assess risk, avoid costly errors, build resilience, and turn uncertainty to our advantage. Green ushers us into the lives of more than forty super-investors, visiting them in their offices, homes, and even their places of worship—all to share what they have to teach us. From Sir John Templeton to Charlie Munger, Jack Bogle to Ed Thorp, Will Danoff to Mohnish Pabrai, Joel Greenblatt to Howard Marks, Green explains how they think and why they win. Profound, practical, and “unexpectedly illuminating” (Peter Diamandis), Richer, Wiser, Happier provides “many nuggets of wisdom” (The Washington Post) that will enrich you both financially and personally. |
| charlie munger 25 cognitive biases: Cents and Sensibility Gary Saul Morson, Morton Schapiro, 2018-09-25 In Cents and Sensibility, an eminent literary critic and a leading economist make the case that the humanities—especially the study of literature—offer economists ways to make their models more realistic, their predictions more accurate, and their policies more effective and just. Arguing that Adam Smith’s heirs include Austen, Chekhov, and Tolstoy as much as Keynes and Friedman, Gary Saul Morson and Morton Schapiro trace the connection between Adam Smith’s great classic, The Wealth of Nations, and his less celebrated book on ethics, The Theory of Moral Sentiments. The authors contend that a few decades later, Jane Austen invented her groundbreaking method of novelistic narration in order to give life to the empathy that Smith believed essential to humanity. More than anyone, the great writers can offer economists something they need—a richer appreciation of behavior, ethics, culture, and narrative. Original, provocative, and inspiring, Cents and Sensibility demonstrates the benefits of a dialogue between economics and the humanities and also shows how looking at real-world problems can revitalize the study of literature itself. Featuring a new preface, this book brings economics back to its place in the human conversation. |
| charlie munger 25 cognitive biases: On Being Certain Robert A. Burton, 2008-02-05 “In his brilliant new book, Burton systematically shows that certainty is a mental state . . . that doesn’t dependably reflect object truth.” —Forbes You recognize when you know something for certain, right? You “know” the sky is blue, or that the traffic light had turned green, or where you were on the morning of September 11, 2001—you know these things, well, because you just do. In On Being Certain, neurologist Robert Burton challenges the notions of how we think about what we know. He shows that the feeling of certainty we have when we “know” something comes from sources beyond our control and knowledge. In fact, certainty is a mental sensation, rather than evidence of fact. Because this “feeling of knowing” seems like confirmation of knowledge, we tend to think of it as a product of reason. But an increasing body of evidence suggests that feelings such as certainty stem from primitive areas of the brain, and are independent of active, conscious reflection and reasoning. The feeling of knowing happens to us; we cannot make it happen. Bringing together cutting-edge neuroscience, experimental data, and fascinating anecdotes, Robert Burton explores the inconsistent and sometimes paradoxical relationship between our thoughts and what we actually know. Provocative and groundbreaking, On Being Certain, will challenge what you know (or think you know) about the mind, knowledge, and reason. “If there’s anything you think you’re certain of, read this book and you may change your mind.” —Skeptical Inquirer “Burton provides a compelling and thought-provoking case that we should be more skeptical about our beliefs.” —Seed Magazine |
| charlie munger 25 cognitive biases: Maxims for Thinking Analytically Dan Levy, 2021-06-25 The goal of this book is to help you think more analytically, which can lead you to better understand the world around you, make smarter decisions, and ultimately live a more fulfilling life. It is based on the ideas of Richard Zeckhauser, a legendary Harvard professor who has helped hundreds of students and colleagues progress toward this goal. It is organized around maxims, one-sentence nuggets of wisdom, illustrated with practical examples from Richard's colleagues and students. Learn how one of Richard's colleagues saved money on her wedding by thinking probabilistically, how Richard and his wife Sally made an agonizing health decision that significantly enhanced Sally's survival probabilities, and how the prime minister of Singapore, Lee Hsien Loong, used a maxim he learned from Richard 40 years ago to understand and deal with COVID-19 in his country. The book is for anyone who wants to think more effectively about the world. |
| charlie munger 25 cognitive biases: A Few Lessons for Investors and Managers Peter Bevelin, Warren Buffett, 2012 |
| charlie munger 25 cognitive biases: Happier Hour with Einstein Melissa Hughes, 2018-09-20 Happier Hour with Einstein: Another Round is an expansion of the original book, Happy Hour with Einstein, designed to illuminate those factors which impede or enhance learning, creativity, communication and collaboration for greater understanding of how the brain works and how to make it work better. Happier Hour with Einstein is a fascinating collection of neuroscientific discoveries and studies that explain how the human brain manages our experiences, knowledge, emotions, decisions, achievements, and failures which shape the mental models we create for ourselves and the world around us.Why do we make irrational decisions or jump to illogical conclusions? Why do some people avoid challenges while others embrace them? Why does rejection hurt so much?Why does laughter feel so good?How does failure make us smarter?Why are optimists more successful than pessimists?Armed with advanced technology, scientists have discovered the answers to these questions and additional explanations about how we learn and think. |
| charlie munger 25 cognitive biases: A Passion for Success Kazuo Inamori, 1995 A Passion for Success provides insight into spiritual, business and personal success uncommon in most Western literature. This wonderful book is filled with wisdom on overcoming adversity and pursuing your dreams. Along the way, Inamori reveals how he developed his powers of concentration and ability to penetrate the most perplexing business problems - skills that he believes can be acquired by anyone who acts passionately and selflessly. He offers advice on making the right decisions, developing a mindset that attracts profitability, and overcoming the fear of failure. Above all, he guides the reader to develop a desire so strong that it reaches and even permeates the subconscious mind - a state he refers to as passion. Throughout this book, Inamori focuses on the individual as opposed to the organization, for it is individuals who work, innovate, manage, and lead. His re-examination of the role of enterprises should be read by anyone who aspires to succeed in business. |
| charlie munger 25 cognitive biases: The Doctor's Dilemma Bernard Shaw, 2021-01-01 The renowned dramatist George Bernard Shaw's play 'The Doctor's Dilemma' is a problem play about the moral dilemmas created by limited medical resources, and the conflicts between the demands of private medicine as a business and a vocation around the Europe in the early twentieth century. This play was first staged in the year 1906. |
| charlie munger 25 cognitive biases: Influence Robert B. Cialdini, 1985 |
| charlie munger 25 cognitive biases: Security Analysis: Sixth Edition, Foreword by Warren Buffett Benjamin Graham, David Dodd, 2008-09-14 A road map for investing that I have now been following for 57 years. --From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets. The contributor list includes: Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P. J. Ezra Merkin, Managing Partner, Gabriel Capital Group . Bruce Berkowitz, Founder, Fairholme Capital Management. Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School David Abrams, Managing Member, Abrams Capital Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing—more relevant than ever in the tumultuous 21st century markets. |
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