Following up on the recent post linking to Warren Buffet's annual report, here is a blog post summarizing some points made by Charlie Munger, his long-time partner and Vice President of Berkshire Hathaway. You can find the post by clicking here. It written by Mark Andreessen, a very well known entrepreneur from Silicon Valley, who, among other projects, co-founded Netscape.
This post analyzes some of the basic biases and tendencies of humans and applies them to the business world. Although it is primarily directed at entrepreneurs, it also talks about risk management and some other behavioral economics stuff.
I highly recommend the piece, it's been saved to the bookmark site del.icio.us over 300 times. You usually have to pay for writing like this.
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