We Study Billionaires - The Investor’s Podcast Network

TIP616: The Godfather of Influence w/ Dr. Robert Cialdini

61 snips
Mar 22, 2024
Guest
Robert Cialdini
Joining the discussion is Dr. Robert Cialdini, a New York Times bestselling author known as the Godfather of Influence. He shares insights from his acclaimed book, highlighting how principles like reciprocity and commitment bias shape our financial decisions. Cialdini emphasizes the ethical application of influence in business, exploring the significance of trust and the allure of scarcity. He also delves into personal anecdotes involving investment legends like Charlie Munger, showcasing how psychological factors can enhance or hinder decision-making.
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ANECDOTE

Munger's Gift

  • Charlie Munger gifted Robert Cialdini a Berkshire Hathaway "A" share after reading Cialdini's book, Influence.
  • Munger's note said the book had made Berkshire a lot of money, so Cialdini was entitled to reciprocation.
INSIGHT

Openness and Trust

  • Warren Buffett and Charlie Munger openly share their investment strategies and mistakes.
  • This builds trust and credibility with investors, making their successes more believable.
INSIGHT

Inclusive Capitalism

  • Charlie Munger viewed accumulating wealth as a way to help those in need.
  • He believed in "inclusive capitalism", using wealth to benefit society.
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