
Bonus Episode-The Psychology of Human Misjudgement-Charlie Munger
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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The Human Mind Is a Lot Like the Human Egg
Human nature, with its version of what I call incentive-caused bias, causes this terrible abuse. People who create things like cash registers, which may misbehave your heart, are some of the effective saints of our civilization. The human egg has a shut-off device. Women's firm gets in, it shuts down, so the next one can't get in. So this is a huge important thing. If you read the psychology text, you will find that if there are a thousand pages long, there's one sentence about incentives. Somehow incentive-causing bias has escaped the standard survey course in psychology.
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