{"id":14985,"date":"2017-03-18T22:41:14","date_gmt":"2017-03-19T02:41:14","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14985"},"modified":"2017-03-18T22:41:14","modified_gmt":"2017-03-19T02:41:14","slug":"charlie-munger-the-psychology-of-human-misjudgement","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/","title":{"rendered":"Charlie Munger: The Psychology of Human Misjudgement"},"content":{"rendered":"<p>From Warren Buffett&#8217;s partner and vice-chairman of Berkshire Hathaway:<\/p>\n<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/pqzcCfUglws?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Warren Buffett&#8217;s partner and vice-chairman of Berkshire Hathaway:<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[53],"tags":[643],"class_list":["post-14985","post","type-post","status-publish","format-standard","hentry","category-investor-psychology","tag-charlie-munger"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Charlie Munger: The Psychology of Human Misjudgement - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charlie Munger: The Psychology of Human Misjudgement - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Warren Buffett&#8217;s partner and vice-chairman of Berkshire Hathaway:\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-19T02:41:14+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Charlie Munger: The Psychology of Human Misjudgement\",\"datePublished\":\"2017-03-19T02:41:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/\"},\"wordCount\":20,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"Charlie Munger\"],\"articleSection\":[\"Investor Psychology\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/\",\"name\":\"Charlie Munger: The Psychology of Human Misjudgement - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2017-03-19T02:41:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/18\\\/charlie-munger-the-psychology-of-human-misjudgement\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Charlie Munger: The Psychology of Human Misjudgement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Charlie Munger: The Psychology of Human Misjudgement - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Charlie Munger: The Psychology of Human Misjudgement - the patient investor","og_description":"From Warren Buffett&#8217;s partner and vice-chairman of Berkshire Hathaway:","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2017-03-19T02:41:14+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Charlie Munger: The Psychology of Human Misjudgement","datePublished":"2017-03-19T02:41:14+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/"},"wordCount":20,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Charlie Munger"],"articleSection":["Investor Psychology"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/","name":"Charlie Munger: The Psychology of Human Misjudgement - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2017-03-19T02:41:14+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/18\/charlie-munger-the-psychology-of-human-misjudgement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Charlie Munger: The Psychology of Human Misjudgement"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-3TH","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":3527,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/20\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\/","url_meta":{"origin":14985,"position":0},"title":"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture","author":"ColinTwiggs","date":"February 20, 2012","format":false,"excerpt":"In a bureaucracy, you think the work is done when it goes out of your in-basket into somebody else\u2019s in-basket. But, of course, it isn\u2019t. It\u2019s not done until AT&T delivers what it\u2019s supposed to deliver. So you get big, fat, dumb, unmotivated bureaucracies. They also tend to become somewhat\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63059,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/13\/how-the-srf-could-blow-up-the-treasury-market\/","url_meta":{"origin":14985,"position":1},"title":"How the SRF could blow up the Treasury market","author":"Colin Twiggs","date":"November 13, 2025","format":false,"excerpt":"Key Points The Fed's Standing Repo Facility (SRF) is designed to provide backup funding to the repo market during periods of liquidity stress. The $12 trillion repo market is secured by government securities, normally USTs, and has largely replaced unsecured interbank lending. However, hedge funds are taking advantage of the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"SOFR-FFR","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-12-sofr-ffr.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":11113,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/14\/charlie-brown\/","url_meta":{"origin":14985,"position":2},"title":"Charlie Brown","author":"ColinTwiggs","date":"October 14, 2014","format":false,"excerpt":"https:\/\/twitter.com\/Peanuts_comics\/status\/521522533367951361","rel":"","context":"In &quot;Humor&quot;","block_context":{"text":"Humor","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/humor\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16804,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/04\/inactivity-warren-buffett\/","url_meta":{"origin":14985,"position":3},"title":"Inactivity | Warren Buffett","author":"Colin Twiggs","date":"August 4, 2018","format":"quote","excerpt":"\"Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.\" ~ Warren Buffett","rel":"","context":"In &quot;Investor Psychology&quot;","block_context":{"text":"Investor Psychology","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/investor-psychology\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9260,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/19\/the-key-to-success-is-focus-clean-the-slate-video\/","url_meta":{"origin":14985,"position":4},"title":"The key to success is focus: Clean the slate [video]","author":"ColinTwiggs","date":"February 19, 2014","format":false,"excerpt":"Rob Booker discusses the importance of focusing on what really works [at 3:30] http:\/\/youtu.be\/RwZHSE6O1Kc","rel":"","context":"In &quot;Investor Psychology&quot;","block_context":{"text":"Investor Psychology","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/investor-psychology\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/RwZHSE6O1Kc\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":61534,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/04\/24\/why-trumps-tariffs-wont-work\/","url_meta":{"origin":14985,"position":5},"title":"Why Trump&#8217;s tariffs won&#8217;t work","author":"Colin Twiggs","date":"April 24, 2025","format":false,"excerpt":"Summary The global trading system is flawed President Trump complains that the United States is being \"ripped off\" by its trading partners The system permits countries like China to run persistent trade surpluses that damage their global trading partners This is not a design flaw but a feature The Bretton\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"US Net International Investment Position","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-04-22-niip.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-04-22-niip.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-04-22-niip.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14985"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14985\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}