Practical Psycholgoy lessons from Warren Buffet's business partner. Ideas used to create rational thinking and build a Trillion-Dollar empire.

Today we dissect the best lessons from "Poor Charlies Almanac" A blueprint for rational thinking and sensible investing.

Charlie Munger loved Psychology and wanted there to be a course on Practical Psychology to be taught at all universities. He believed it would make the world a better place.

His book combines his favourite tools from psychology as well as other lessons and mental models he found to build worldly wisdom and the best investing record in history.

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Chapters:

00:00 Introduction to Mastering Wisdom

00:23 Charlie Munger's Influence

01:13 The Growth Mindset Psychology Podcast

02:07 Exploring Poor Charlie's Almanac

03:54 #1 - Interdisciplinary Thinking

06:40 Understanding Circle of Competence

07:50 Opportunity Costs in Decision Making

08:45 The Inversion Principle

11:39 #2 - Cognitive Biases

12:47 Confirmation Bias and Clear Thinking

14:34 Authority Bias and Independent Thought

16:26 Social Proof and Individuality

17:51 Arguing Against Your Own Beliefs

18:49 # Weaknesses

19:20 Lack of Emotion and suspension of belief

20:41 Binary thinking and Fixed Mindset

21:30 Arrogance and assumption that others are stupid

25:46 #3 - Rational Decision Making

26:59 First Principles Thinking

28:47 Probabilistic Thinking and Risks

30:22 The Margin of Safety

31:37 Chauffeur Knowledge vs. True Understanding

33:51 Applying Mental Models in Real Life

34:39 Sharing Wisdom and Building Community

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