Charlie Munger: Mental Models for the Rest of Your Life (PART 2) - Deepstash

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Opportunity Cost

The main definition of opportunity cost is that every decision you make there is a trade off to it

Not all trade offs are equal though so throughout your day you need to examine the trade offs you are making and figure out whether they work or not

53

599 reads

Paramutal Betting Or “Pool Betting”

This is a mental model that states you want to get things that are higher in quality but lower in investments or money. It states that when you bet on something most people don’t usually think will win your return on investment or ROI is incredibly large

46

489 reads

Specialization Is Key

This is a strong mental model to have especially if you are going into a field that is already well established

When you specialize you give people a reason to want to follow you or buy from your business. Specialization can help you gain more customers

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435 reads

Margin Of Safety and Trus

Don’t go into business or marry someone you cannot trust that is a recipe for disaster

When you say you trust someone then you need to show it by your actions as well that is important

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408 reads

The Superpower Of Incentives

Incentives are one of the strongest influences in humankind

Incentives help push workers to be more productive but you need to be careful because of the over justification effect

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400 reads

Follow Me For Part 3

Follow me if you want a part 3 and figure out a key way that you can build trust with anyone

45

396 reads

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Part 2 as I promised the Incentives mental model was especially interesting

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