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Hey, guys!
For the second episode of the podcast, I choosed the great Charlie Munger and the heuristics (biases) he teached us from The Psychology of Human Misjudgement, a lecture he gave back in 1995 to Harvard students.
These 25 biases causes us, the humans, to make poor decisions in business, investing and life.
So, be aware of them gonna help us make few "misjudgements" (hopefully).
Tendencies are probably much more good than bad. Otherwise, they wouldn’t be there, working pretty well for man, given his condition and his limited brain capacity. So the tendencies can’t be simply washed out automatically and shouldn’t be. … Tendency is not always destiny, and knowing the tendencies and their antidotes can often help prevent trouble that would otherwise occur.
—CHARLIE MUNGER
The 25 biases (tendencies, as Charlie calls them) mentioned in the episode are the following:
Reward and Punishment Superresponse Tendency
Liking/Loving Tendency
Disliking/Hating Tendency
Doubt-Avoidance Tendency
Inconsistency-Avoidance Tendency
Curiosity Tendency
Kantian Fairness Tendency
Envy/Jealousy Tendency
Reciprocation Tendency
Influence-from-Mere-Association Tendency
Simple, Pain-Avoiding Psychological Denial
Excessive Self-regard Tendency
Over-Optimism Tendency
Deprival Super-Reaction Tendency (also called loss aversion)
Social-Proof Tendency
Contrast-Misreaction Tendency
Stress-Influence Tendency
Availability-Misweighing Tendency
Use-It-or-Lose-It Tendency
Drug-Misinfluence Tendency
Senescence-Misinfluence Tendency
Authority-Misinfluence Tendency
Twaddle Tendency
Reason-Respecting Tendency
Lollapalooza Tendency
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