Charlie Munger: Mental Models for the Rest of Your Life (PART 2)
Curated from: The Swedish Investor
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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
664 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
47
553 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
50
497 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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472 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
48
460 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
46
460 reads
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CURATOR'S NOTE
Part 2 as I promised the Incentives mental model was especially interesting
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