Inspired by Berkshire Hathaway Vice Chairman Charlie Munger’s “list of [decision-making] mistakes”, this highly interactive lecture has universal applications but is especially useful for managers, economists, and anyone who participates in financial decisions.
Developed from techniques and examples Professor George Siedel of the University of Michigan, this lecture will examine the psychological tools and traps that affect people when making rational decisions.
No-one is ever fully immune to irrational heuristics but by the end of this lecture you'll be able to recognise and counter bad habits. Stop being your own worst enemy and become your own best ally.
THESE LECTURES ARE HIGHLY INTERACTIVE AND RECOMMENDED FOR OPEN-MINDED, SELF-AWARE INDIVIDUALS WITH A SENSE OF HUMOUR.
Tools and Techniques to Improve Decision Making
"[V]ery smart people do very dumb things, and we wanted to know why and who, so we could avoid them."
- Charlie Munger
In these lectures, students will discover the “rules of thumb” that blind us to proper decision-making. They will discover how to overcome their own biology and make logical decisions based on sufficient information. This checklist will instantly improve their ability to lead, estimate, and understand the perceptions (and mistakes) of others.
Students will develop mental tools for the following situations:
Why 100% isn’t always the limit: how to avoid reactive devaluation and maximise outputs
The cost of everything and the value of nothing: how to estimate more accurately
How “Yes” is the enemy: why disagreement is your most valuable tool
Why words matter: how choosing the right phrase is the difference between life and death
Statistics and Risk: what you don’t know will hurt you
Perception Gaps: why British people know nothing about Britain (and what this means for Brexit)
Escalation: the real value of $20
Contrast and Brightness: How black is black?