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Poor Charlie’s Almanac: The Essential Wit & Wisdom of Charlie Munger

The Security Analysis Podcast

CHAPTER

Understanding the Lala Palooza Effect

This chapter explores the Lala Palooza effect, where multiple cognitive biases converge to influence collective behaviors and market dynamics. It examines how social proof, authority, and emotional dependencies, including envy, can drive irrational decision-making and create financial bubbles.

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