1) On the worst human behaviour that leads to bad decision-making
Well, what.. If I had to name one factor that dominates human bad decisions, you would be what I call denial. If the truth is unpleasant enough, people kind of, their mind plays tricks on them...The venerable Charlie Munger is one of my investing heroes. On 15 February 2023, he participated in a 2.5 hour Q&A session during the annual shareholder’s meeting for Daily Journal Corporation (he’s a shareholder and board member of the company). Munger’s already 99, so I count it a blessing for the world that he’s still able to share his thoughts publicly.
Shortly after Munger’s Q&A ended, my friend Thomas Chua posted a transcript and video of the session at his excellent investing website Steady Compounding. The italicised passages between the two horizontal lines below are my favourite pieces of Munger’s wisdom after I went through Thomas’s article.
