Kantian Fairness Tendency
Number 24 Of The 25 Cognitive Biases...
We know life isn't fair but we can't come to terms with this truth.
A small amount of unfairness can make an entire ecosystem function more efficiently.
Examples Of The Kantian Fairness Tendency Bias
Life isn’t fair, but many can’t accept this. Tolerating a little unfairness should be okay if it means a greater fairness for all. The example Munger uses is letting in other drivers on the freeway knowing they will reciprocate in the future.
How To Avoid Falling Victim To The Kantian Fairness Tendency Bias
Tolerate a small amount of unfairness from time to time with the hope you'll be repaid in the near future.
This may mean letting a driver merge in-front of you or perhaps carrying more physical load for a short amount of time to benefit your group.
Want To Know More About Charlie Munger's Cognitive Biases & How To Dominate Life?
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…these are the same people that spend hundreds of dollars on junk food and alcoholic beverages on Friday and Saturday night.
Delay The Instant Gratification
Don’t adopt the epicurean mentality of “eat, drink and be merry for tomorrow we die.”
You must think long term, you must delay the instant gratification we’re so used to experiencing in this life and invest for tomorrow (stoicism).
“Don’t invest in things that’ll rust, rot or depreciate, invest in things that’ll be worth more later or make you be worth more later”.
The information in this book is worth well over $65 if read and implemented, the information on investing and cognitive biases is worth its weight in gold.
But remember, It’s the application of knowledge that counts, not just the acquisition (read it and take action!)