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Over his 70-year career, Charlie Munger (Warren Buffett’s long-time business partner) has been recognizing cognitive biases and applying them to his decision-making. The end result are the biases below, which we excerpted and condensed from several of Munger’s speeches.
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Bridgewater Associates is the largest hedge fund in the world ($150 billion assets under management). It was founded by billionaire investor Ray Dalio who founded the company in 1975. Bridgewater has 1,500+ employees and in the document linked below you can find the “dictionary” of principles used in this organization.
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Rather than write Musk off for his troubled recent behavior, perhaps we should instead ask ourselves what mental models he uses to dream big, stay resilient, and supercharge his learning to reach so many seemingly crazy goals.
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Is a long-term time horizon is actually a universally powerful and foundational life and business strategy that we should all adopt? To get a deeper answer, I read every shareholder letter that Bezos has written, every annual report from Amazon.com, and nearly every interview that Bezos has done over the last 20 years.
Nassim Taleb is an important person to read and follow right now because, for his entire career, he predicted, prepared for, and has helped others prepare for events like the ones we've been experiencing for the past few years.