What I Learned About Investing From Darwin

Insight: Charlie Munger recommends the Selfish Gene by Richard Dawkins as one of his favourite books.

Insight: Charlie Munger was able to spot a number of dishonest business practices by Valeant, and that it's debt fueled acquisiation spree was a recipe for disaster. Many smart people were fooled by Mike Pearson's sales skills to invest in Valeant. Charlie Munger turned down a face-to-face meeting as he knew that any face-to-face meeting is a dishonest signal (people are putting on a show).

• Definition: The irrational mindset that places a disproportionately high value on what one owns.
• Example: Investments. Before making an investment we are usually entirely rational, but after investing we tend to become emotionally attached to what we own.