查理·芒格的运作系统：How do we live a life that really works?

1. To get what you want, deserve what you want. Trust, success, and admiration are earned.

2. Learn to love and admire the right people, live or dead.

3. Acquiring wisdom is a moral duty as well as a practical one.

4. Learn to fluency the big multidisciplinary ideas of the world and use them regularly.

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The Farnam Street Latticework of Mental Models

Human Psychology

Biases emanating from the Availability Heuristic: – Ease of Recall – Retrievability

Biases emanating from the Representativeness Heuristic – Bias from insensitivity to base rates – Bias from insensitivity to sample size – Misconceptions of chance – Regression to the mean – Bias from conjunction fallacy

Biases emanating from the Confirmation Heuristic – Confirmation bias – Bias from anchoring – Conjunctive and disjunctive-events bias – Bias from over-confidence – Hindsight Bias

Others – Bias from incentives and reinforcement – Bias from self-interest – Bias from association – Bias from liking/loving – Bias from disliking/hating – Commitment and Consistency Bias – Bias from excessive fairness – Bias from envy and jealousy – Reciprocation bias – Over-influence from authority – Deprival Super-Reaction Bias – Bias from contrast – Bias from stress-influence – Bias from emotional arousal – Bias from physical or psychological pain – Fundamental Attribution Error – Bias from the status quo – Do something tendency – Do nothing tendency – Over-influence from precision/models – Uncertainty avoidance – Not invented here bias – Short-term bias – Tendency to avoid extremes – Man with a Hammer Tendency – Bias from social proof – Over-influence from framing effects – Lollapalooza

Business – Price Sensitivity – Scale – Distribution – Cost – Brand – Improving Returns – Porters 5 Forces – Decision Trees – Diminishing Returns – Double Entry Accounting

Investing – Mr. Market – Circle of competence

Ecology – Complex adaptive systems – Systems Thinking

Economics – Utility – Diminishing Utility – Supply and Demand – Scarcity – Elasticity – Economies of Scale – Opportunity Cost – Marginal Cost – Comparative Advantage – Trade-offs – Price Discrimination – Positive and Negative Externalities – Sunk Costs – Moral Hazard – Game Theory – Prisoners’ Dilemma – Tragedy of the Commons – Bottlenecks – Time value of Money

Engineering – Feedback loops – Redundancy – Margin of Safety – Tight coupling – Breakpoints

Mathematics – Bayes Theorem – Power Law – Law of large numbers – Compounding – Probability Theory – Permutations – Combinations – Variability – Standard Deviation and normal distribution – Regression to the mean – Inversion – Multiplicative Systems

Statistics – Outliers and self fulfilling prophecy – Correlation versus Causation – Mean, Median, Mode – Distribution

Chemistry – Thermodynamics – Kinetics – Autocatalysis

Physics – Newton’s Laws – Momentum – Quantum Mechanics – Critical Mass – Equilibrium

Biology – Natural Selection

More Models: – Asymmetric Information – Occam’s Razor – Deduction and Induction – Basic Decision Making Process – Scientific Method – Process versus Outcome – And then what? – The Agency Problem – 7 Deadly Sins – Network Effect – Gresham’s Law – The Red Queen Effect

5. Learn to think through problems backwards as well as forward.

6. Be reliable. Unreliability can cancel out the other virtues.

7. Avoid intense ideologies. Always consider the other side as carefully as your own.

8. Get rid of self-serving bias, envy, resentment, and self-pity.

9. At the same time, allow for the self-serving bias in others who haven’t removed it.

10. Avoid being part of a system with perverse incentives.

11. Work with and under people you admire, and avoid the inverse when at all possible.

12. Learn to maintain your objectivity, especially when it’s hardest.

13. Concentrate experience and power into the hands of the right people – the wise learning machines.

14. You’ll be most successful where you’re most intensely interested.

15. Learn the all-important concept of assiduity: Sit down and do it until it’s done.

16. Use setbacks in life as an opportunity to become a bigger and better person. Don’t wallow.

17. The highest reach of civilization is a seamless system of trust among all parties concerned.