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161 " The fear of losing something motivates people more than the prospect of gaining something of equal value. "
― Rolf Dobelli , The Art of Thinking Clearly
162 " Excel spreadsheets might well be one of the most dangerous recent inventions. "
163 " This effect is called “stage migration” or the Will Rogers phenomenon, named after an American comedian from Oklahoma. He is said to have joked that Oklahomans who pack up and move to California raise both states’ average IQ. "
164 " Survivorship bias means this: people systematically overestimate their chances of success. Guard against it by frequently visiting the graves of once-promising projects, investments and careers. It is a sad walk, but one that should clear your "
165 " OUTCOME BIAS "
166 " FRAMING "
167 " ACTION BIAS "
168 " THE PROBLEM WITH AVERAGES "
169 " A mild form of effort justification is the so-called IKEA effect. "
170 " PARADOX OF CHOICE "
171 " Charlie Munger: “We’ve got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active—discipline in avoiding just doing any damn thing just because you can’t stand inactivity. "
172 " MOTIVATION CROWDING "
173 " Why You Should Visit Cemeteries Survivorship Bias "
174 " Groups use effort justification to bind members to them—for example, through initiation rites. "
175 " Warren Buffett successfully avoids the action bias: “We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely. "
176 " be on the lookout for chauffeur knowledge. Do not confuse the company spokesperson, the ringmaster, the newscaster, the schmoozer, the verbiage vendor or the cliché generator with those who possess true knowledge. How do you recognise the difference? There is a clear indicator: true experts recognise the limits of what they know and what they do not know. If they find themselves outside their circle of competence, they keep quiet or simply say, ‘I don’t know.’ This they utter unapologetically, even with a certain pride. From chauffeurs, we hear every line except this. See "
177 " The law of small numbers is not something we understand intuitively. "
178 " People like autonomy but dislike making highly consequential decisions. "
179 " In conclusion: In new or shaky circumstances, we feel compelled to do something, anything. Afterward we feel better, even if we have made things worse by acting too quickly or too often. So, though it might not merit a parade in your honor, if a situation is unclear, hold back until you can assess your options "
180 " It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.” Charlie Munger, "