Charlie Munger: Mental Models for the Rest of Your Life (PART 6)

Описание: Charlie Munger, the vice chairman of Berkshire Hathaway and one of the most successful investors ever, is said to have the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you can even finish the sentence.

How does he do it? Through observing reality and running it against his mental models. In this series of videos, you’ll learn some of the most important models which Charlie Munger uses, which he has talked about publicly. These mental models have helped Munger to conquer the stock market, but they are so diverse that they have applications within many other areas too. For example, they have allowed Munger to be a successful Chairman at a large hospital, and they have allowed him to overcome devastating personal losses.

The series will cover a total of 35 of Charlie’s mental models. He says he has some 100 models in his head at all times, but he also says that a few of them carry most of the freight. I think that we’ll cover the most important ones in this series, which will be divided into 7 parts, will 5 models in each one. The models will primarily be related to investing, but also to associated subjects such as economics, entrepreneurship & career. Hope you enjoy.

Part 7:    • Charlie Munger: Mental Models for the Rest...  

The mental models covered in this episode are:
00:00 Intro
0:51 Limits
03:23 Non-linearity
06:12 Manage Expectations
08:40 The Iron Prescription
10:03 The 5 Ws

The mental models that were covered in part 1 (   • Charlie Munger: Mental Models for the Rest...   ):
The Swiss Army Knife Approach
Make Friends With the Eminent Dead
Invert, Always Invert
Compounding
Crush Your Cherished Beliefs

Part 2 (   • Charlie Munger: Mental Models for the Rest...   ):
Opportunity Costs
Parimutuel Betting
Survival of the Fittest
Margin of Safety
The Superpower of Incentives

Part 3 (   • Charlie Munger: Mental Models for the Rest...   ):
Independent Thinking
Simplicity
Technology as a Problem
The World’s Most Intelligent Question
Circle of Competence

Part 4 (   • Charlie Munger: Mental Models for the Rest...   ):
Filters
The Fat-Pitch Strategy
Because You are Worth it
Probability Mindset
The Bell Curve

Part 5 (   • Charlie Munger: Mental Models for the Rest...   ):
Physics Envy
Vaguely Right Beats Precisely Wrong
Secondary and Tertiary Effects
The Cancer Surgery Formula
Scale

My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.