Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger
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Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger
knew, bad behavior is intensely habit-forming when it is rewarded.
The strong tendency of employees to rationalize bad conduct in order to get rewards requires many antidotes in addition to the good cash control promoted by Patterson.
reward. For instance, some people use money to buy status, and others use status to get money, while still others sort of do both things at the same time.
Well, he will like and love being liked and loved. So
Demosthenes, parsed out, was thus saying that man displays not only simple, pain-avoiding psychological denial but also an excess of optimism, even when he is already doing well.
have a strong incentive to prevent all waste in operations within their ownership.
What Keynes was reporting is that the human mind works a lot like the human egg. When one sperm gets into a human egg, there’s an automatic shut-off device that bars any other sperm from getting in. The human mind tends strongly toward the same sort of result. And so, people tend to accumulate large mental holdings of fixed conclusions and attitude
... See moreEspecially important examples of these models include the redundancy and backup system models from engineering; the compound interest model from mathematics; the breakpoint, tipping moment, and autocatalysis models from physics and chemistry; the modern Darwinian synthesis model from biology; and cognitive misjudgment models from psychology.