Jul 13, 2020

The Wit and Wisdom of Charles by T. Munger

Looking for a great book click on the link

About the Author:
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner.

This book has many interesting and great piece of advice of how to live happy, meaningful, memorable and successful life!

The Author explained the 25 Rules for happy, Successful life and Investing
1.     Reward and Punishment Superresponse Tendency — incentives
2.     Liking/Loving Tendency
3.     Disliking/Hating Tendency
4.     Doubt-Avoidance Tendency — we reach conclusion then don’t have doubts
5.     Inconsistency-Avoidance Tendency
6.     Curiosity Tendency
7.     Kantian Fairness Tendency — we expect fairness
8.     Envy/Jealousy Tendency
9.     Reciprocation Tendency
10. Influence -from-Mere-Association Tendency — ie aspirational advertising
11. Simple, Pain-Avoiding Psychological Denial
12. Excessive Self-Regard Tendency — we think too highly of ourselves
13. Overoptimism Tendency
14. Deprival- Superreaction Tendency — loss hurts more than win feels good
15. Social-Proof Tendency
16. Contrast-Misre action Tendency
17. Stress- Influence Tendency — social proof becomes stronger
18. Availability-Misweighing Tendency
19. Use-It-or-Lose-It Tendency — need to keep using your skills or you forget
20. Drug-Misinfluence Tendency
21. Senescence-Misinfluence Tendency — cognitive decay with age
22. Authority-Misinfluence Tendency
23. Twaddle Tendency — just chitchat and procrastinate
24. Reason-Respecting Tendency — we learn better if we now the reason
25. Lollapalooza Tendency-The Tendency to Get Extreme Consequences from Confluences of Psychological Tendencies Acting in Favor of a Particular Outcome


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