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Notes From Charlie Munger and Models You Should Know

11/27/2018

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  • You can't really know anything if you just remember isolated facts and bang 'em back
  • You've got to have models across a fair array of disciplines
    • Fermat/Pascal System
    • Decision Tree Theory
    • Elementary Psychology
    • The engineering idea of breakpoints
    • Notion of critical mass
    • Cost-Benefit Analysis 
    • Gaussian and Normal Distribution
    • Advantages of Scale
    • Pavlovian Association
    • Efficient Market Theory
    • Pari-Mutuel System 
    • Sector Rotation
    • Psychological Denial Mode
  • The 5 W's: you have to tell who was going to do what, where, when and why
  • The mind of man at one and the same time is both the glory and the shame of the universe
  • The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you
  • If you play games where other people have the aptitudes and you don't, you're going to lose
  • You have to figure out where you've got an edge
  • Getting incentives right is a very, very important lesson
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