If you aren’t familiar with the name Munger, Charles “Charlie” Munger has been Warren Buffet’s #2 for the majority of the Oracle’s Berkshire Hathaway Fund’s meteoric rise.
Buffet has often credited Munger with a great deal of keeping him in-check before choosing to take on a deal or to not.
Munger knows his stuff. I’ve watched and read a great deal of material featuring him and I love his common sense approach, as evidenced by the quote above.
Misjudgment: The Main Cause Of Investor Loss
Well it is to me. I came across this video somewhat recently and it reminded me of a ton of errors I made as an earlier trader. I highly recommend it. I always advise learning from masters of their fields.
From the YouTube description
In 1995, Charlie Munger gave a speech about how the human mind tricks itself into making poor decisions. This is an abridged and animated version of that speech.
With that said, here’s the abridged version. You don’t need to watch the video if you don’t have time, listening is good enough. Enjoy “Charlie Munger: The Psychology of Human Misjudgement”