{"id":21664,"date":"2023-02-21T14:30:29","date_gmt":"2023-02-21T09:00:29","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=21664"},"modified":"2023-08-03T15:04:58","modified_gmt":"2023-08-03T09:34:58","slug":"charlie-mungers-cognitive-biases-for-investment","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/","title":{"rendered":"Charlie Munger\u2019s cognitive biases for investment\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e7502e73165\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e7502e73165\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_1_-_Over-Optimism_Tendency\" title=\"Bias 1 \u2014 Over-Optimism Tendency\">Bias 1 \u2014 Over-Optimism Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_2_-_Social_Proof_Tendency\" title=\"Bias 2 \u2014 Social Proof Tendency\">Bias 2 \u2014 Social Proof Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_3_-_Stress-Influence_Tendency\" title=\"Bias 3 \u2014 Stress-Influence Tendency\">Bias 3 \u2014 Stress-Influence Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_4_-_Excessive_Self-Regard_Tendency\" title=\"Bias 4 \u2014 Excessive Self-Regard Tendency\">Bias 4 \u2014 Excessive Self-Regard Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_5_-_Inconsistency_and_Avoidance_Tendency\" title=\"Bias 5 \u2014 Inconsistency and Avoidance Tendency\">Bias 5 \u2014 Inconsistency and Avoidance Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_6_-_Liking_and_Loving_Tendency\" title=\"Bias 6 \u2014 Liking and Loving Tendency\">Bias 6 \u2014 Liking and Loving Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_7_-_Disliking_and_Hating_Tendency\" title=\"Bias 7 \u2014 Disliking and Hating Tendency\">Bias 7 \u2014 Disliking and Hating Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_8_-_Doubt_and_Avoidance_Tendency\" title=\"Bias 8 \u2014 Doubt and Avoidance Tendency\">Bias 8 \u2014 Doubt and Avoidance Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Bias_9_-_Deprival-Superreaction_Tendency\" title=\"Bias 9 \u2014 Deprival-Superreaction Tendency\">Bias 9 \u2014 Deprival-Superreaction Tendency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/charlie-mungers-cognitive-biases-for-investment\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p><span data-preserver-spaces=\"true\">Charlie Munger is a man with many hats. Before joining Warren Buffett and managing the conglomerate Berkshire Hathaway, he was a real estate attorney after graduating from Harvard Law School and before that he was an Army meteorologist during world war 2.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Apart from that he studied psychology extensively and wrote books on them. One of his books, The psychology of human misjudgment talks about various unconscious biases that humans have which affect their decision-making process.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-21475\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-300x300.jpg\" alt=\"\" width=\"400\" height=\"400\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-300x300.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-1024x1024.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-150x150.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-768x768.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9-96x96.jpg 96w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/02\/9.jpg 1080w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">In this article, we are going to look at some of these biases and see how these biases can affect your investing decisions. Let\u2019s start:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_1_-_Over-Optimism_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 1 \u2014 Over-Optimism Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">This bias shows that we tend to be more optimistic in any situation than we have reasons to be. In the world of investment, this is a common bias where investors believe that their investments will recover once the market starts going up but that doesn\u2019t happen. The term \u2018bull trap\u2019 is a perfect example of this.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">It happens when a share is declining in value and then shows some signs of improvement and optimist investors think that it is going upward and start investing in it only to find out that it\u2019s a temporary improvement and they got tricked.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_2_-_Social_Proof_Tendency\"><\/span><strong>Bias 2 \u2014 Social Proof Tendency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">You look at other people, their status, and their group to think and act as they do.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Social proof is a powerful bias in all aspects of life. We are always looking around us to see what others are doing and also to validate our own decision-making.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Investment intrinsically is personal, your financial needs, goals, and background is not the same as others and therefore looking at how other people are investing can lead to wrong decisions and losses. Many investors fall victim to this bias and experience losses.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"aligncenter wp-image-20958 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg\" alt=\"latest fixed deposits\" width=\"600\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg 600w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-300x75.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-150x38.jpg 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_3_-_Stress-Influence_Tendency\"><\/span><strong>Bias 3 \u2014 Stress-Influence Tendency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We will act faster and get more extreme reactions if adrenaline is running through our bodies. Stress can cause us to take unwise and unnecessary decisions. And since the world of investment is so heavily influenced by external factors, the stress in investment can be significant.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">This can cause many investors to take the wrong decision. Managing stress and panic is a crucial part of a successful investment journey.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_4_-_Excessive_Self-Regard_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 4 \u2014 Excessive Self-Regard Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We all think we\u2019re above average. We\u2019re smarter, more attractive, and more persuasive than we really are. This is where overconfidence comes from. And overconfidence makes us take decisions that we know might not be wise.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">There are many examples of investors who lost a great deal of money because they did not act according to the market and had complete confidence in their analysis of the market.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_5_-_Inconsistency_and_Avoidance_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 5 \u2014 Inconsistency and Avoidance Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We have the reluctance to change ourselves and our habits. Our brain tries to conserve energy by being reluctant to change, which is a way of avoiding inconsistency.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">In investing this can mean not learning about the newer forms of investments and various ways you can save taxes by investing in them. This can also mean being stubborn in old ways of investing even though they are not helpful anymore.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Being flexible is also a crucial part of investing.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_6_-_Liking_and_Loving_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 6 \u2014 Liking and Loving Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We ignore the faults and flaws of people or products if we like or love them. Even if the mistake is unforgivable, we\u2019re easier to accept it if it\u2019s done by our favorite brand or an attractive person.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">This is very common in the world of investing, we see a person\/founder\/CEO that we like and invest in their company\/brand. We also might see a finance influencer talk about something and because we like the, we might want to invest in the same things that they have.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_7_-_Disliking_and_Hating_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 7 \u2014 Disliking and Hating Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We ignore the virtues and positive aspects of people we dislike. This is the opposite of the above. We might not like a person for any number of reasons and because of that, we might avoid investing in places or ways that they have invested. This can gain lead to unwise investing decisions.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_8_-_Doubt_and_Avoidance_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 8 \u2014 Doubt and Avoidance Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">We hate uncertainty. If we are unsure about a decision, we try to quickly remove any doubt by making a hasty decision so that we could be certain again. And the stock market is inherently uncertain. Many people do not invest because they don\u2019t like the uncertain aspect of it.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bias_9_-_Deprival-Superreaction_Tendency\"><\/span><strong><span data-preserver-spaces=\"true\">Bias 9 \u2014 Deprival-Superreaction Tendency<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">This is loss aversion. You much rather prefer to avoid losing something than gain something.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is the main reason why many Indians don\u2019t invest. The fear of experiencing financial loss is greater than the prospect of wealth building and this stops them from investing.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong><span data-preserver-spaces=\"true\">Conclusion<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Biases are everywhere but understanding psychological biases can help you identify them and prevent you from making biased decisions.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Watch here:<\/strong> Kuvera insights with industry experts.<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/TMhMi8iIojU\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/app.kuvera.in\/\">Kuvera.in<\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\">Direct Plans<\/a> and <a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and <a href=\"https:\/\/kuvera.in\/user\/login\">start investing today.<\/a>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Charlie Munger is a man with many hats. Before joining Warren Buffett and managing the conglomerate Berkshire Hathaway, he was a real estate attorney after graduating from Harvard Law School and before that he was an Army meteorologist during world war 2.\u00a0 &nbsp; Apart from that he studied psychology extensively and wrote books on them. 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