Is this speech available in a plaintext format for ease of reading? I couldn't seem to locate it.
The Psychology of Human Misjudgment (2005) [pdf]
31–40 of 42 posts
Re: The Psychology of Human Misjudgment (2005) [pdf]
#32Although this scan is quite readable, I did a cursory search for a cleaner PDF. Failed, but the first hit was a nice transcript of the original talk: http://www.rbcpa.com/mungerspeech_june_95.pdf It's interesting that the material was heavily rearranged for 2005 version (submitted PDF scan), which is acknowledged at the end to be a combination and enhancement of three talks.
I think this fills the bill:
Re: The Psychology of Human Misjudgment (2005) [pdf]
#33Earlier quoted context omitted.
That's like not reading reviews before going to a restaurant.
And there are good reasons to not read them, either. I happen to like many ethnic foods and like exploring restaurants that I believe might be authentic. Those restaurants often have poor reviews because of customers who were there more for the dining experience than the food quality. Or they are expecting something that doesn't jive with the cuisine (eg. "that Filet Mignon was totally undercooked, and when they brou…
I mean, that's why you read them reviews, instead of just looking at the overall score. For the cases when the thing reviewed is actually shitty according to criteria you share, saving you the time and money.
Re: The Psychology of Human Misjudgment (2005) [pdf]
#34Thank you for posting this. I've read dozens of psychology books and articles. Even though they repeat the same principles, they are always a fun read. But I never apply them. Do people have guidance on how to start using this knowledge?
Best by taking failures honestly. Almost always psychological stuff can be discerned. Any failure will do, but bigger ones tend to be more edifying.
Re: The Psychology of Human Misjudgment (2005) [pdf]
#35Here's a web article version of this PDF, which I had converted some time back. There are some minor hyphenation issues, but otherwise I have fixed the formatting so that it shows up good on web and mobile displays.
Obviously, all credit goes to Charlie Munger. https://t27.github.io/to-read/MungerMisjudgement.html
I'll be glad to take PR's on the github repo for fixes to any errors that may have come up in the conversion of the PDF article
Re: The Psychology of Human Misjudgment (2005) [pdf]
#36Earlier quoted context omitted.
Main thesis is that people's behavior is not rational in specific ways, and can be better understood through a list of various "Tendencies" that people are subject to. There's a list of them on the bottom of page 4. Supporting anecdotes are provided, but they don't prove anything. Best case, this paper will help you organize, crystallize and clarify things you yourself have always known or noticed, but never had a na…
The anecdotes leave me feeling that a person simply needs to ask, "is my behavior going to become a good or bad anecdote?"
I read a great comment once in response to a post about parental advice - roughly:
"When I was young, my father said to me, 'Son, don't be an asshole.' Since then, before doing anything, I ask myself, 'Would an asshole do this?' And if they would, I don't do it."
Re: The Psychology of Human Misjudgment (2005) [pdf]
#37Here's a web article version of this PDF, which I had converted some time back. There are some minor hyphenation issues, but otherwise I have fixed the formatting so that it shows up good on web and mobile displays. Obviously, all credit goes to Charlie Munger. https://t27.github.io/to-read/MungerMisjudgement.html I'll be glad to take PR's on the github repo for fixes to any errors that may have come up in the conver…
Oh that's much better.
How'd you do the conversion?
Re: The Psychology of Human Misjudgment (2005) [pdf]
#38Earlier quoted context omitted.
Charlie influences Warren's style for sure. He edits the rough drafts and gives feedback to Warren.
And the amusing thing is during the meetings, while Warren is going to town on the podium, he just sits back and eats candy with this wry smile on his face...
"Nothing to add..."
Re: The Psychology of Human Misjudgment (2005) [pdf]
#39This is by Charlie Munger, Warren Buffett's less-public partner. https://en.wikipedia.org/wiki/Charlie_Munger There are two great books collecting his thoughts: https://sivers.org/book/SeekingWisdom https://www.poorcharliesalmanack.com/pca.php His main quip is, "All I want to know is where I'm going to die, so I'll never go there." It's meant metaphorically, in that his approach to success is mainly to just avoid mis…
Thanks Derek.
Here's more information about Charlie Munger:
He lost his three year old son to cancer.
He has a glass eye due to a botched surgery.
He didn't start accumulating wealth until his late thirties.
He owns a huge catamaran boat: http://sbsail.com/wp-content/uploads/2015/11/011-IMG_0019.jp...
Also, Charlie frequently mentions inversion as one of the most powerful mental models.
Another powerful model says the models themselves can combine to have a multiplicative, "lollapalooza" effects.
In that, he stresses being multidisciplinary. To the man with a hammer, everything's a nail.
Combining ideas from philosophy, psychology, economics, finance, and even chaos theory--rationality is Charlie's highest virtue.
Here's a list of books Charlie recommends you read to gain insight into the Munger System.
http://www.mymentalmodels.info/charlie-munger-reading-list/
Poor Charlie's Almanac is fantastic. There's a story about Coca-Cola being a 2 trillion dollar company one day that will raise your eyebrows and give you insight into how they think about investments.
If you're like me and you can't get enough, kill a few hours with these:
https://www.youtube.com/watch?v=4ibabROYccs
Re: The Psychology of Human Misjudgment (2005) [pdf]
#40Here's a web article version of this PDF, which I had converted some time back. There are some minor hyphenation issues, but otherwise I have fixed the formatting so that it shows up good on web and mobile displays. Obviously, all credit goes to Charlie Munger. https://t27.github.io/to-read/MungerMisjudgement.html I'll be glad to take PR's on the github repo for fixes to any errors that may have come up in the conver…
Oh that's much better. How'd you do the conversion?
I found a pdf version which, unlike the link above, was not a scanned copy. It had the proper text. Used a web based pdf to doc converter, fixed some formatting and converted the .doc to html using libre office. To fix artifacts, fonts and other extra html, I used plain old regex based find and replace on Atom. Finally used the stackedit css for the fonts and styles.