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Bonus Episode-The Psychology of Human Misjudgement-Charlie Munger

Berkshire Hathaway Annual Shareholder Meetings (since 1994)

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Pavlovian Association - A Sixth Bias From Pavlov

Pavlovian Association is an enormously powerful psychological force in the daily life of all of us. Practically, I'd say three quarters of advertising works on pure Pavlov. The Persians really did kill the messenger who brought the bad news to Bill Paley. In economics, we wouldn't have money without so-called secondary reinforcement - a pure psychological phenomenon demonstrated in the laboratory.

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