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Peter Kaufman

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Charlie Munger has been called “one of the great minds of the 20th century.”He is Warren Buffet’s partner and co-chairman of Berkshire Hathaway. Charlie describes himself as a “multidisciplinary thinker.” The Farnam Street blog notes that Charlie draws “heavily from the study of psychology, economics, physics, biology, and history, among other disciplines, in developing his system of ‘multiple mental models’ to cut through difficult problems in complex social systems. It is a system like no other.”…

“The basic axiom of clinical psychology reads, ‘If you could see the world the way I see it, you’d understand why I behave the way I do,’” says Peter Kaufman, the editor of Poor Charlie’s Almanack, the Wit and Wisdom of Charlie Munger. This week we are looking at some of Peter’s wisdom. “Now there’s two corollaries to that axiom,” he continues. “They’re logical extensions. They’re undeniable.” Corollary number one: “If you want to understand the…

“The three hallmarks of a great investment are superior returns, low risk, and long duration,” Peter Kaufman observes. “The whole world concentrates on category one. But if you’re a leader of any merit at all, you should be treating these three as what?” asks Peter. Co-priorities. “How do you get low risk and long duration?” Win-win. “This is the biggest blind spot in business. People are actually proud of a win-lose relationship. ‘Yeah, we really…

There a simple, two-word description that describes how everything in the world works, Peter Kaufman tells us. Mirrored reciprocity. “Your entire life… Every interaction you have with another human being is merely mirrored reciprocation,” Peter observes. “You’re going to get back whatever you put out there,” Peter comments. We get what we give. Yesterday, we looked at Peter’s 98-2 principle, which he calls “the elevator model.”  Upon entering an elevator and encountering a complete stranger, if…

“I know what everybody in the world is looking for,” says Peter D. Kaufman. The answer to this question is also a “22-second course in leadership,” suggests Peter, who is the editor of Poor Charlie’s Almanack, the Wit and Wisdom of Charlie Munger. Peter doesn’t shy away from big statements. So far this week, we’ve looked at his answers to two big questions: Is there a simple two-word description that accurately describes how everything in the…