Charlie Munger, Warren Buffett’s partner and vice chairman of Berkshire Hathaway, stresses the importance of having a broad theoretical toolbox – not to be a good academic, but to have a good, pragmatic grip on reality. He regularly explains to students which mental models have proven most useful to help him understand markets and human behaviour. He advocates looking out for the most powerful concepts in every discipline and to try to understand them so thoroughly that they become part of our thinking. The moment one starts to combine these mental models and attach one’s experiences to them,
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