(June 1995) The Psychology of Human Misjudgment, a speech given in 1995 by legendary investor Charlie Munger, opened my eyes to how behavioral psychology can be applied to business and problem-solving.

Charlie Munger, for those of you who haven’t heard of him, is the irreverent partner of Warren #Buffett at Berkshire Hathaway. He’s offered us such gems as: a two-step process for making effective decisions and the work required to have an opinion.

And this talk on The Psychology of Human Misjudgment is one of the best you’ll ever hear.

Charlie Munger made extensive revisions to The Psychology of Human Misjudgment in Poor Charlie’s Almanack because he “thought he could do better at eighty-one than he did more than ten years earlier when he (1) knew less and was more harried by a crowded life and (2) was speaking from rough notes instead of revising transcripts.”

Chapters:
00:00 Introduction
02:19 24 Standard Causes of Human Misjudgement
02:59 The Federal Express Case
13:33 Persian Messenger Syndrome
14:57 Economics
22:08 Consistency and Commitment Tendency
24:04 Efficient Market Theory
24:54 The Power of Reinforcement
29:50 Milgram Experiment
52:51 Stress Induced Mental Change
57:24 McDonnell Douglas Airliner Evacuation
01:04:29 The Harvard Business School's Emphasis on Decision Trees
01:15:02 The Reward System

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