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25 Cognitive Biases - "The Psychology of Human Misjudgment"
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WHAT?
Charlie Munger talks about the 25 cognitive biases that dictate how people make decisions. You can use these 25 cognitive
biases in your favor.
Basic/Easy to understand
Sofisticated t put in in process
BOOKS
Getting More: How You Can Negotiate to Succeed in Work and Life Paperback – August 14, 2012
by Stuart Diamond (Author)
Thinking, Fast and Slow Paperback – April 2, 2013
by Daniel Kahneman (Author)
Next level->
Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers Paperback – July 25, 2006
by Geoffrey A. Moore (Author), Regis McKenna (Foreword)
LIST
http://25cognitivebiases.com/tag/charlie-munger/
https://quizlet.com/64609959/charlie-munger-25-cognitive-biases-flash-cards/
https://en.wikipedia.org/wiki/List_of_cognitive_biases
https://25iq.com/2013/02/09/how-thinking-like-charlie-munger-may-have-saved-my-life/
http://awealthofcommonsense.com/2014/05/charlie-munger-human-misjudgement/
http://www.rbcpa.com/Mungerspeech_june_95.pdf
The Psychology of Human Misjudgment
https://manwithhammer.wordpress.com/category/series/the-psychology-of-human-misjudgment/
Charlie Munger on The Psychology of Human Misjudgment
https://25iq.com/2013/02/02/charlie-munger-on-the-psychology-of-human-misjudgment/
https://25iq.com/2013/02/09/how-thinking-like-charlie-munger-may-have-saved-my-life/
--- 25 COGNITIVE BIASES IN YOUR MARKETING - Brain TRICKS (so people buy things from you ) ---
1:reward and benefit bring interest (create dopamine) - focus on the benefits (emotion that product gives you)
copy from the best, give a % to ur sellers, give discount to your customers
2:social proof (testimonial, reviews, case study...)
3:contrast/adquering - give options but focus in the one you want then to focus
4:available (easy/clear/nice words, clear call to action, easy to find, easy funel(less friction/rebound), clear wot u r
selling)
5:authority - know your conversion rates (use seals,logos, brand, simetries, profesioanl looking, seen on, visa, security)
6:urgency n scarcity
7:lollapoloooza - mix 3 or more of the above (ex:kim kardasian website)
* VIDEO REVIEW
https://www.youtube.com/watch?v=V-7tDTJ-Nvo&index=1&list=PLdECGQUWSsoY_UvtjYP6iYPQA3x7Cr0JW
https://www.youtube.com/watch?v=0l5PVWMGmuI&list=PLdECGQUWSsoY_UvtjYP6iYPQA3x7Cr0JW&index=8
18:Availability-Misweighing Tendency - We overweight what's easily available
19: Use-It-or-Lose-It Tendency - learn slow lose slow/came back faster (try to integrate im your live) - Skills attenuate
with disuse.
20:Drug-Misinfluence Tendency - stay away from big mistakes
21:Senescence-Misinfluence Tendency - As we age there is a natural loss of certain skills and abilities. Continuous
thinking and learning helps to slow the decay.
22:Authority-Misinfluence Tendency - nazi madness -> you associate with someone powerfull so you have some authority, you
follow aleader
23:Twaddle Tendency - miss usa -> give useless information, nothing of value been said - If you have nothing to say, say
nothing.’
24:Reason-Respecting Tendency - the cashier queu jump - escuses to do something (Give me a reason just one reason.?)
25:Lollapalooza Effect/Tedency - 3 or more prsented to you, you most likely loose the logical control
* How You Can Use Marketing To Be Millionaire In 3 Weeks ?
https://www.youtube.com/watch?v=rJmPGiDngxg
10. Association or Likability Bias.
60% of what makes people decide is not what you think or say, it’s about how people perceive you (person/entity/company).
30% is the process you use - the order that you present things. This is the strategy part.
10% is what you’re actually selling, which makes up a minor part of how people decide.
2.The story in people's heads
1:All humans are like a movie theater and they are projecting a movie in their minds. It’s their perception of life.
2:To move people and actually convince them is difficult and takes a lot much money.
3:You must market your vision to the story that’s already playing in people’s heads. It’s important to find people with a
story that’s aligned with what you do. Show them you are in the same page.
* CRITICAL THINKING - Cognitive Biases: Alief [HD]
https://www.youtube.com/watch?v=TCBALVumrUQ&list=PLtKNX4SfKpzVgBHC2buGxvQNaspGxdMQY
* Science Of Persuasion
https://www.youtube.com/watch?v=cFdCzN7RYbw
6 shortcuts to avoid overload information when taking decisions.
1:Reciprocity - give what you recieved - Waiter n mints -> 1st to give, personalized and anexpected
2:Scarcity - more of u wcant have less - concorde flight -> benefits, unique,loose
3:Authority - credible knowlede of experts - secretary introduccition -> increase your credibilirty from others
4:Consistency - comintment that can be made - dentist appoitment ->voluntary active + public cominmente
5:Liking - similarity (common ground), compliments, cooperate - mba student getting agrrements ->
6:Consensus - check behaviours of other - sign in the barthoroom -> point what others (similars) are doing
* The Psychology of Human Misjudgement - Charlie Munger Full Speech
BuffettMungerWisdom
https://www.youtube.com/watch?v=pqzcCfUglws
https://www.youtube.com/watch?v=cTN18Ghg2nU
* The Ultimate Marketing Machine
https://www.youtube.com/watch?v=ZBhKPQGFDA8
* 8 Advanced Marketing Hacks: How To Get People To Pay Attention To Your Idea
https://www.youtube.com/watch?v=9sQHj91fkG4
* 163 Purpose Mindset and Marketing with Tai Lopez
https://www.youtube.com/watch?v=lKrp7ygDuck
* Cognitive Biases & Their Effects
https://www.youtube.com/watch?v=oqCuQqwtu_4
* Cognitive Bias: Hot-Wiring Your Brain’s Instinctual Defaults - Tai Lopez | London Real
https://www.youtube.com/watch?v=y_3whMWMSQs
* Popular Videos – Cognitive Psychology & Cognitive bias
https://www.youtube.com/watch?v=3Ux3pm6UfCo&list=PL3LriXanC07bRgsR1Foj7YIy1KpgW4B82
self confident
easy = true
sunk cost - aversion to lost (exaMPLE 20$ SHIT MOVIE)
CONFIRMATION BIAS = ONLY LOOK FOR THINGS THAT WILL CONFIRM HOW WE THINK (framing of th equestion)
* Critical Thinking: Cognitive Biases
https://www.youtube.com/watch?v=TCBALVumrUQ&list=PLtKNX4SfKpzVgBHC2buGxvQNaspGxdMQY
* THINKING, FAST AND SLOW
PRIMING, HALO EFFECT, HINDSIGHT BIAS - THINKING, FAST AND SLOW (PART 3)
priming (german music = more german wine)
halo effect - if you like someone you will be more complain with them
hidsight bias - expert in evne that has happend
* Neuromarketing - The Brain Science of Web Marketing
https://www.youtube.com/watch?v=aY0RS3uhvPA
---
67 Steps to Finding the Good Life
https://www.youtube.com/watch?v=tDmgjoyt94M
The Shocking Science Behind Big Brands
https://www.youtube.com/watch?v=lSUdLGOyX30
colors for the brand
PHILOSOPHY - Epistemology: Introduction to Theory of Knowledge [HD]
https://www.youtube.com/watch?v=r_Y3utIeTPg
---
* CANDY CRUSH
Game Theory: Candy Crush, Designed to ADDICT
https://www.youtube.com/watch?v=_BTGgCEFuQw
Why Candy Crush Is So Addictive
https://www.youtube.com/watch?v=kORDVsYYJpg
https://www.youtube.com/watch?v=Pm2da8CAB6M
https://www.theguardian.com/science/blog/2014/apr/01/candy-crush-saga-app-brain
http://business.time.com/2013/11/15/candy-crush-saga-the-science-behind-our-addiction/
simply (easy to learnd - dificult to master)
one handed play/use
adictive
you dont choose when to play (hedonic trendmill - hapiness equilibrium) -
This means you can never be completely satiated when playing and always leaves you wanting more
the rewards array are unexpected - ilusion of control
challenging
competing aganins your friends
spam (you become spamers) - how to force user to invite their friends?
money
no end
the reality - what hav eyou achived?
use the candy - make the game more fun and relaxing. - It Taps Into Our Inner Child
Positive rewards are the main reason people become addicted to things,
play with one hand
there is always more
you can not loose
free - but if u wnat to is easy
It’s Social
It’s an Escape (relaxing exercise + music (15s + loop))
It Grows on You - lots of details of the feedback of the users
dopamine
hedonic trendmill
gambler felacy
rosey retrospection
10% population easily adected - out of does many are gamers
grinding,completionisting, social isolation
ios + facebook at he same time
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DAY
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* The Secret to Making Money by starting a small business.
https://www.youtube.com/watch?v=aMIESSL6W60
Think out of the box (the story of the cow)
Focus on your strengs
Reduce anything you need to the minimun
Think in the scalability
* Why You Should Love Conflict
https://www.youtube.com/watch?v=O4iu4NQkcVM
1:War Father everything - ???eµ?? pat?? p??t?? (polemos patir padon), ?????e?t??? (Heraclitus)
2:Peace is unestable equilibrium
It has to be a bit of conflit in your live
Tai Lopez, Owen Cook, Elliot Hulse, Brandon Carter
* Should You Kill One Innocent Person To Save One Thousand?
https://www.youtube.com/watch?v=RdkcOhxoxXc
Eye in the Sky (2015)
--- BOOK ---
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger (Abridged) Hardcover – Abridged, 2005
by Charles T. Munger (Author), Peter D. Kaufman (Editor), Warren E. Buffett (Foreword)
Salt, Sugar, Fat: How the Food Giants Hooked Us (Inglés) Tapa blanda – 2 ene 2014
de Michael Moss (Autor)
http://www.goodreads.com/book/show/15797397-salt-sugar-fat
Business Adventures: Twelve Classic Tales from the World of Wall Street Paperback – August 12, 2014
by John Brooks (Author)
Recomended books
http://valueinvestingjourney.com/recommened-reading/
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BOOKS
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* Ogilvy on Advertising Paperback – March 12, 1985
by David Ogilvy (Author)
* How To Set-Up Your Business For Under $1000 Paperback – March 15, 2016
by Dan Fleyshman (Author), Branden Hampton (Contributor), & 1 more
http://buythisbook.com/
https://www.reddit.com/r/Entrepreneur/comments/4ba4x6/how_to_set_up_your_business_for_under_1000_free/
https://buythisbook.com/reddit/how-to-set-up-your-business-for-under-1000.pdf
* The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Hardcover – October 23, 2012
by William N. Thorndike (Author)
"Warren Buffett says, "It's almost impossible to overpay the truly extraordinary CEO… But the species is rare."
The key in life is to be sure that other people describe you as extraordinary."
* Why We Buy: The Science of Shopping--Updated and Revised for the Internet, the Global Consumer, and Beyond Paperback –
December 30, 2008
by Paco Underhill (Author)
SHOOPING
"The author's company has spent decades videotaping shoppers and tracking their habits. The funniest part is the
difference between men and women.
65% of men who try clothes on in the dressing room buy. Only 25% of female shoppers who try things on buy.
Women like to browse. Men like to conquer.
86% of women look at price tags. Only 72% of men do.
Men are more easily upgraded. The author says, "For a man, ignoring the price tag is almost a measure of his virility."
They also found that the man almost always pays. They explain, "While the man may not love the experience of shopping, he
insists on whipping out his wallet and forking it over, lest the cashier mistakenly think it's the woman of the house
who's bringing home the bacon... He gets a definite thrill from the experience of paying."
This book was written in 1999. Do you think this is still true?"
* Business Adventures: Twelve Classic Tales from the World of Wall Street Kindle Edition
by John Brooks (Author)
2014
"For today's Book-of-the-Day, I was reading Bill Gates' favorite book, Business Adventures by John Brooks, during lunch.
The book was recommended to him by Warren Buffet.
Want to guess what today's book will teach you?
The average human is usually tricked into doing the wrong thing with their money...
When people are buying, you should probably be selling. When people are selling, you should probably be buying.
You can't follow the masses. If you do what everybody does, you will have what everybody gets.
Think about it. What areas in your life are you buying when you should be selling, and selling when you should be buying?"
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OTHER
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PAYMENT METHODS
https://stripe.com/es/pricing
https://memberful.com/blog/stripe-vs-paypal/
MEMBERSHIP SW
https://memberful.com/
How To Write Your Book In 5 Minutes: Joel Salatin, Tai Lopez's First Mentor
https://www.youtube.com/watch?v=bTpRrAiJHM4
How I literally started an Amazon business in about 1 month for about $1K
https://www.reddit.com/r/Entrepreneur/comments/3lltwu/how_i_literally_started_an_amazon_business_in/
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How To Build A Millionaire Advisory Board (2016.04.03)
Tai Lopez
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https://www.youtube.com/watch?v=Z4VSTlFV_28
How to get a millioner mentor?
1:you need help
a-bargain to get it
b-money you can pay fot help and save you money and
c-time
2:habit
a-status(90%) n secrets (10%)
b-mind
3:exchange self-test (somedy in the top will change for you?)
a-direction
b-biography
--->
Knowledge changes teh world
precision beat power, timing beat speed
you get paid in proporstion of the problems you solve
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PERSUATION
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01 The Accelerator Persuasion Overview
Dificult to go up in the pyramid
1:RA (reciprocal astruision)
2:Create vs Capture
create cool staff - sell it
Inovate + Marketing (persuasion)
Q1.why you havent been so persuasive - kowledge
Q2.something that you do that is persuasive - pick up lines
Q3.wat will you consider winning - becoem good in 95% of cases
BOOK
The Self-made Billionaire Effect: How Extreme Producers Create Massive Value Hardcover – December 30, 2014
by John Sviokla (Author), Mitch Cohen (Author)
""
https://www.youtube.com/watch?v=rwpXHsOuxfA
https://www.youtube.com/watch?v=qYdQRTG2pDc
Habits of mind
Leadership/partnership - optimise the buss with performance
Empatheticimagination
Invention/Execution - unluck new value reach new market
Realtively view of risk - concentrate more in want you can loose if you dont do it.
Patient/urgency -> prepare for when the market is ready, wait for the market
Producer work with performance
invision something new
sell to the pooeple teh resources theu need
and split the parts
Oportunities are there
Value is the organization and can be energise to deliver that value
""
02 The Framework for Persuasion and Sales
Regreta Minimalisation Framewok
1:Framework (cassanova chamaleon)
Homogeneous - we are not the same
Heterogenous -
2:Psicrometrics (4 personality types - PASE)
modulate beween the 4 types
q1.what are you
q2.situation where you use one type fits all approach and fail - traininh p90x
q3.lavel your family - anita aeps
03 The PASE System Understanding Personality Types
Essential thesys -> Personal Types
Types of sales:
Force of Will
Persystant
Empathetic
Practise (you know all the details)
Which tools i need to a be good for modulation and understand psycometrics?
Mayer Base
Hexaco
PASE
P - logical
A - Energeric, agresive
S - like to chat to veryone
E - who sensitive are you?
q1.what ur dominate, why do you think is ur dominate - PSAE/PSEA - i love planing
q2.your weakest and why? it takes make for ever to start something and i usually dont feel (dont really care about
things)
q3.your cousin what are they and why?mom epas
04 Closing The Sale
Persuation -> social -> sales -> closing n marketing (open)
1:Cool under preasure ->
2:you let them freak out (fear)
3:and them you bring them back to emotional reality (why the want to do it)
q1.one situation where yo were not cool under presuare - fottball coaching wed
q2.what is an example to bring people why they came to you (visualitation of the benefits) -
05 Binary Decision-Making The Lollapalooza Effect
25 cognitive biases (common for all humans) - how they brain things
decision making tree - the crossroad
you need to bring more than one
1:reward - action
2:pain/fear ---> emotional
q1.more reward or more pain, Which ones dominated you? - big reward
q2.lollapoloza that affect you? - p90x
q3.reaction or not given the 25 cog bias? i feel i need more info -practical
BOOK
Attached: The New Science of Adult Attachment and How It Can Help YouFind - and Keep - Love Paperback – January 5,
2012
by Amir Levine (Author), Rachel Heller (Author)
s
06 To Know Is To Sell
Systems (startegy - Frameworks) -> Tactics (tricks)
1:casanova
2:personality type
3:modularity
4:KofP (lnowledge of Product)
a-specifics (70% of the sales - PA)
bconviction (you have to belive wot u r selling - SE)
c -institual (tested )
5:25 cog bias
q1.whot number are you and how can you improve - 25%
q2.convition wise how convince are you - 100%
q3.how can institual are you - 50%
NOTES
author - Tony Robins
Money is the 97% or above
My reptilian part of my brain is off!
My logical part of th ebrain is working well
07 Strength Based Persuasion
You been you |-------------*---------------|You blending to the enviroment (Modeling to customer)
Strenth -
Strenght:
authority = autheticity to yourself - you
warmth = empaty - blend
GOOD for sales:Phone, imperson, stage
DIFICULT:Website is diferent to personalise.
q1.which you gravity more - me been me
q2.your personality fire back at you - in my work negotiations
q3.you need to work to go to middle grown - me been less my, have less principles and more selfiness
i dont do it if a see its not worthy
Emotional -
Actio - AS
NOTES
you get paid in proporstion of the problems you solve
BOOK
Compelling People: The Hidden Qualities That Make Us Influential Paperback – May 27, 2014
by John Neffinger (Author), Matthew Kohut (Author)
08 Never Be Closing - (they know that they can buy from you but dont thougu it in their thoghu)
If you would buy it, dont do it
Integrated
1.dont be percive as taker - be a giver (ratio give/take---> 3:1 or 5:1 or 10:1)
evene if they dont buy they are glad they vist ur site/ us eyour progreamme
you have to be above the 60% of the correlation
2:integrate trought the all thing
begining -1 min aluded to the close (ex:vacun cleaning)
medium - reason + value
end - close
3:seduce - sell themself
4:first sales NO - Reteion (no refund) Repeat (most of the money - you dont spend money in adverstament)
q1.example of wait the closing to the end and didnt work -
q2.how can u integrate begining in middel in what you are doing - tell the hard true at the begining + give all the
benefit/case studies...
q3.how can you increase your ratio of GvT - i need to learn how to take, dont be sacre to ask
NOTE
make the sale thought emotion
BOOK
No One Understands You and What to Do About It Paperback – April 14, 2015
by Heidi Grant Halvorson (Author)
60% percent correlation how we percive ourself and the rest of the people - easy to be msipercive
---
===================================================================
How To Build A Millionaire Advisory Board (2016.04.03)
Tai Lopez
===================================================================
https://www.youtube.com/watch?v=Z4VSTlFV_28
How to get a millioner mentor?
1:you need help
a-bargain to get it
b-money you can pay fot help and save you money and
c-time
2:habit
a-status(90%) n secrets (10%)
b-mind
3:exchange self-test (somedy in the top will change for you?)
a-direction
b-biography
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