In 1995, Charlie Munger gave a speech at Harvard on The Psychology of Human Misjudgment. It was filled with the research he had done later in life on human psychology, matched with real-life examples that he had observed in his work. The result was a succinct list of the top cognitive biases grounded in real-life experiences. I’ve summarized the biases here, but it’s worth giving the entire speech a listen to hear the stories behind each. I’ve tried to keep Charlie’s language and numbering when possible.
Fascinating. Strange how we can understand how to assign a certain bias to a certain person or group of people; however, it is difficult to identify our own biases.
RIP Charlie ❤️
Fascinating. Strange how we can understand how to assign a certain bias to a certain person or group of people; however, it is difficult to identify our own biases.
Is there a difference between bias 12 and bias 13, or are they evidence of reinforcement bias?
I love Munger's wisdom. I've probably read everything he ever chose to allow published.