Liking/Loving Tendency Bias
Number 2 Of The 25 Cognitive Biases...
The tendency to especially like oneself, one’s own kind and one’s own idea structures, and the tendency to be especially susceptible to being misled by someone liked.
The most common form of liking tendency you'll see is toward individual people and brands or organizations.
Examples Of The Liking/Loving Tendency Bias
We tend to turn a blind eye to the poor decisions and shady actions performed by individuals and companies we like or love.
For example if Microsoft released a product that didn't have _____ feature we might patronize them, but if Apple did the same thing many wouldn't pay any attention to it or may even justify why they don't need ____ feature.
This is simply brand loyalty displaying the liking tendency bias.
If a personal trainer told us to do ____ exercise even though we knew that it was ineffective or broscience but we liked them we'd dismiss what we'd previously heard and do it anyway (this is also a form of authority bias).
How To Avoid Falling Victim To The Liking/Loving Tendency Bias
Look at the information, the advice, the object or the product you're receiving irrespective of the brand or person that you're getting it from.
If the product you were buying was from a generic brand (not your favorite brand) would it still be so great? Would you still see beyond its flaws?
Want To Know More About Charlie Munger's Cognitive Biases & How To Dominate Life?
I recently purchased Charlie Munger’s flagship book, Poor Charlie’s Almanack – a book filled with hundreds of pages of wisdom from a billionaire and master of mindset and mental frameworks to improve your life..
This book cost me $65 USD. To most this will seem absurd…
“$65 for a book?! What a waste of money”
…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!)