Charlie Munger: Mental Models for the Rest of Your Life (PART 7)

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Charlie Munger, the vice chairman of Berkshire Hathaway and one of the most successful investors ever, is said to have the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you can even finish the sentence.

How does he do it? Through observing reality and running it against his mental models. In this series of videos, you’ll learn some of the most important models which Charlie Munger uses, which he has talked about publicly. These mental models have helped Munger to conquer the stock market, but they are so diverse that they have applications within many other areas too. For example, they have allowed Munger to be a successful Chairman at a large hospital, and they have allowed him to overcome devastating personal losses.

The series will cover a total of 35 of Charlie’s mental models. He says he has some 100 models in his head at all times, but he also says that a few of them carry most of the freight. I think that we’ll cover the most important ones in this series, which will be divided into 7 parts, will 5 models in each one. The models will primarily be related to investing, but also to associated subjects such as economics, entrepreneurship & career. Hope you enjoy.

Can’t get enough of mental models? Check out Nassim Taleb’s Incerto Series:

The mental models covered in this episode are:
00:00 Intro
01:04 The Two-Track Analysis
04:01 Psychology of Human Misjudgement
07:56 Checklists
10:23 Lollapalooza Effect
13:34 Chauffeur Knowledge

The mental models that were covered in part 1 ( ):
- The Swiss Army Knife Approach
- Make Friends With the Eminent Dead
- Invert, Always Invert
- Compounding
- Crush Your Cherished Beliefs

Part 2 ( ):
- Opportunity Costs
- Parimutuel Betting
- Survival of the Fittest
- Margin of Safety
- The Superpower of Incentives

Part 3 ( ):
- Independent Thinking
- Simplicity
- Technology as a Problem
- The World’s Most Intelligent Question
- Circle of Competence

Part 4 ( ):
- Filters
- The Fat-Pitch Strategy
- Because You are Worth it
- Probability Mindset
- The Bell Curve

Part 5 ( ):
- Physics Envy
- Vaguely Right Beats Precisely Wrong
- Secondary and Tertiary Effects
- The Cancer Surgery Formula
- Scale

Part 6 ( ):
- Limits
- Non-linearity
- Manage Expectations
- The Iron Prescription
- The 5 Ws

My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.
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