← People and their mental models
7 claims Ray Dalio made fit 5 mental models. Most often: Learning machine, Your own biases, Margin of safety. Everything they said here.
Keep learning after school, and learn from other people's mistakes as well as your own.
Their wordsmaking a mistake is not a problem that um not learning from mistakes is a problem
Their wordsan expression pain plus reflection equals progress
Your mind jumps to conclusions and defends them; look for the evidence against you and use checklists.
Charlie MungerDaniel KahnemanShane ParrishDerek SiversHenrik KarlssonPatrick Collison
Open the model pageTheir wordsI think the greatest tragedy of mankind and the greatest tragedy of most people is to hold opinions in their head that are wrong that they're attached to and that they don't stress test it's so easy to take those ideas and properly put them out there in an idea meritocratic way and have them stress tests which raises the probabilities of being right
Their wordsI went from thinking you know I'm right to asking myself how do I know I'm right in other words how do I triangulate it gave me the humility I needed to balance with my audacity and so then it gave me an open-mindedness
Leave room for being wrong, because sometimes you will be.
Morgan HouselBill AckmanBrian PotterChamath PalihapitiyaDario AmodeiJamie Dimonand 3 more
Open the model pageTheir wordswhenever I was surprised and I think whenever most people it's surprised it's because of something that never happened in their lifetime before but it happened before so it doesn't happen in their context but it happens so you don't see it so you don't think about it
Set up your situation, rules and defaults so the good choice is the easy one, instead of relying on willpower.
Their wordsI developed an exercise that I would write down my criteria for making those decisions so that would be my principles
Think in odds, not certainties, and bet heavily only when the odds are clearly yours.
Shane ParrishCharlie MungerDaniel KahnemanMorgan HouselIsaiah TaylorJason Cohenand 3 more
Open the model pageTheir wordsI learned how to balance risks better right so I learned that if um how I could reduce my risks without reducing my returns by being able to literally structure my bets in a more Diversified way