Post: #1

This is an awesome talk by Charlie Munger at the Harvard Law School.
If you're interested in why people make some of the dodgy/tragic/fatal choices they do this hour won't be a waste of your time!
It applies to life in general/relationships and business.
He can be bloody funny while he imparts some wisdom.
He cites a book "influence" by a guy called Cialdini which he highly recommends .
Listen and learn! Enjoy.

Post: #2

Highly recommended reading: http://www.amazon.com/Poor-Charlies-Alma...578645018/

Post: #3

Good post. I had never checked out video/audio of this before, but here's the pdf if anyone wants to read or print it off:

http://www.rbcpa.com/Mungerspeech_june_95.pdf

Post: #4

Thanks,good to have it in print,and I'll check out the almanac!

Post: #5

I love Munger's sense of humor. His 'worthless' bridge partner is Richard Zeckhauser who's no slouch:
http://www.hks.harvard.edu/fs/rzeckhau/u...le_PUP.pdf

From wikipedia:

Quote:He holds a BA (summa cum laude) and a PhD in economics from Harvard University. Early in his career he was one of the "whiz kids" assembled by Defense Secretary Robert S. McNamara to apply cutting-edge analysis to Cold War military strategy.

I think the most useful idea to come out of that talk is the notion that creating bad incentives is a sin itself. When the system is setup to be easily gamed then it's just a matter of time before someone is going to game it. If somebody figures out how to game your system (and they always will) then you have to immediately shut it down. If people took more responsibility for the incentives they create for others the world would be a better place.