TIP571: Charlie Munger & The Psychology of Human Misjudgment

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We Study Billionaires - The Investor’s Podcast

Guest
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 understanding 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.



IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro

4:11 - Many of the human misjudgments that Charlie Munger has spoken about extensively.

4:34 - What bias by mere association is.

8:41 - How rewards and punishments influence our behavior.

14:51- How self-interest and incentives drive decision-making.

24:40 - The bias of self-deception and denial.

26:00 - The bias of being consistent with our prior actions.

30:11 - The status quo bias.

31:42 - How investors can exploit the tendency of humans to be incredibly impatient.

36:58 - The anchoring bias.

43:51 - What reciprocity is, and it’s effects on human behavior.

48:29 - The bias of social proof.

51:01 - How authority bias effects our investment decisions.

51:53 - How to combat our desire minimize uncertainty.

55:07 - Why the simple solution is oftentimes the best solution.



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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