A decade later in 2005, Munger revised and updated The Psychology of Human Misjudgment speech transcript for the book Poor Charlie’s Almanack (Amazon).
This post is a summary of all 25 psychological tendencies from the revised and updated version of The Psychology of Human Misjudgment that’s included in the book. Munger says:
- “The tendencies are probably much more good than bad. Otherwise, they wouldn’t be there, working pretty well for man, given his condition and his limited brain capacity. So the tendencies can’t be simply washed out automatically, and shouldn’t be. Nevertheless, the psychological thought system described, when properly understood and used, enables the spread of wisdom and good conduct and facilitates the avoidance of disaster. Tendency is not always destiny, and knowing the tendencies and their antidotes can often help prevent trouble that would otherwise occur.”
Quick Housekeeping:
- All quotes in quotation marks are from the original author unless otherwise stated.
- I’ve added emphasis in bold for readability/skimmability.
Summary Contents: Click a link here to jump to a section below
- Reward and Punishment Superresponse Tendency
- Liking/Loving Tendency
- Disliking/Hating Tendency
- Doubt-Avoidance Tendency
- Inconsistency-Avoidance Tendency
- Curiosity Tendency
- Kantian Fairness Tendency
- Envy/Jealousy Tendency
- Reciprocation Tendency