Chauffeur Knowledge

Chauffeur Knowledge

The story of Max Planck and his knowledgeable chauffeur poignantly reminds us of the distinction between real knowledge and what Charlie Munger calls “chauffeur knowledge.” News anchors often fall into the latter category when it is increasingly...
Overconfidence Effect

Overconfidence Effect

Johann Sebastian Bach, the maestro of the Baroque era, was no fleeting phenomenon. His oeuvre was vast, a testament to his prodigious talent and unwavering dedication. To appreciate the scope of his genius, consider this: how many concertos do you think Bach composed?...
Reciprocity

Reciprocity

Not so long ago, as you navigated the bustling terminals of an airport or the hurried ambiance of a train station, you might have encountered the disciples of the Hare Krishna sect. Dressed in their iconic saffron-colored robes, they proffered small flowers...
Sunk Cost Fallacy

Sunk Cost Fallacy

In both personal and professional domains, we often find ourselves trapped by the weight of past investments. The sunk cost fallacy, a cognitive bias that clouds our decision-making, tempts us to persist with failing endeavors simply because we have already invested...