Most people believe they think logically. Charlie Munger said that is not true. Human beings are driven by incentives, emotions, and habits. Not by pure reason. If you want to understand why smart people make bad decisions, look at incentives first. People don’t do what is right. They do what is rewarded. Another mistake is social proof. When everyone believes something, the brain stops questioning it. That is why bubbles form. And that is why people panic together. Charlie Munger believed the goal is not to be brilliant. The goal is to avoid being stupid. If you understand your own psychology, you gain an unfair advantage. Because the biggest enemy is not the market. It is your own mind.
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