I sought good judgment mostly by collecting instances of bad judgment, then pondering ways to avoid such outcomes... I became so avid a collector of instances of bad judgment that I paid no attention to boundaries between professional territories. After all, why should I search for some tiny, unimportant, hard-to-find new stupidity in my own field when some large, important, easy-to-find stupidity was just over the fence in the other fellow's professional territory? Besides, I could already see that real-world problems didn't neatly lie within territorial boundaries. They jumped right across. And I was dubious of any approach that, when two things were inextricably intertwined and interconnected, would try and think about one thing but not the other. I was afraid, if I tried any such restricted approach, that I would end up, in the immortal words of John L. Lewis, "with no brain at all, just a neck that had haired over."
- Charlie Munger (Warren Buffet's partner) in Poor Charlie's Almanack (The Psychology of Human Misjudgment section)
I would love to see Munger's list of Bad Judgment Episodes. Or maybe we could have a LW thread enumerating historical examples of bad judgment.
Another month, another rationality quotes thread. The rules are: