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Today's episode serves as a comprehensive guide to cognitive biases, reflecting on the 25 biases Charlie Munger highlighted in his famous Psychology of Human Misjudgment speech. We discuss in depth how these biases affect our personal and business lives, and propose frameworks to combat some of our most vicious cognitive errors. We cover incentives, inconsistency, envy/jealousy, reciprocation, addiction, over-optimism, loss aversion, sunk costs, social proof, relativity, authority bias, hindsight bias, and much more. This is an enlightening episode that covers many foundational ideas across the cognitive thinking realm.
The Psychology of Human Misjudgment - Charlie Munger
The Multidisciplinary Approach to Thinking - Peter Kaufman
