
Bonus Episode-The Psychology of Human Misjudgement-Charlie Munger
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
00:00
Bias From Envy Jealousy
People do not react symmetrically to loss and gain. Envy Jealousy made what? Two out of the 10 commandments? People think that if they have committed to it, it has to be good. Bias from chemical dependency is a very powerful and important thing. Gambling compulsion can ruin a civilization. Consistency and commitment are partly subconscious. And these four or five tendencies combine to create this man with a hammer syndrome.
Transcript
Play full episode