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Dialogue. A New Mental Model: The Piton Network
The Synopsis
Understanding the Limitation of Copying Successful Businesses
Successful businesses are not often exactly copied because people believe they can improve on the original model or don't fully comprehend why it works. Charlie Munger noted the infrequency of outright copying and highlighted the difficulty of executing someone else's successful business model. An example of misunderstanding a successful system's elements is illustrated with a South American tribe's treatment of a poisonous tuber, where explorers misunderstood their method, resulting in the failure to eliminate the poison. This tendency to believe we know better, despite incomplete understanding, is cited as a likely reason for the scarcity of business copycats.
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