One thing Charlie Munger and his Berkshire Hathaway partner Warren Buffet say is that the foundation of their success has been avoiding bullshit rather than trying to act really smart. It’s something that sounds great at first glance, but you don’t jump to immediate conclusions if you don’t spend a little time on what’s behind it.
The mental model of returning it
I didn’t make the effort to find the correct translations for the mental models that were presented in the video so you have to stick with my descriptions for the moment. Maybe with a quick Google search you can find it quickly in case you want to know more about it.
The example they presented is of how to be happily married in the long run. The question is complex and not so easy to answer. That’s why you have to return it. How do you get your partner to separate from you? You could say that being unfaithful, taking drugs, having financial problems, not being present, being irresponsible, etc. they could be part of the reasons why relationships fail. That’s why I have to avoid these points so as not to risk losing my partner.
This is something that you can for example easily apply to Amazon. To not sell on Amazon, you need to have bad ratings, high prices, a product with little demand, not following the platform’s rules, etc. If you do the exact opposite, you might be successful in selling on Amazon. In our case, at least, that strategy worked. Now I understand what Munger and Buffet meant. Wanting to find the perfect strategy for Amazon is not necessary. Avoiding anything that will cause you to fail may be enough.
Limitations of this mental model
In the end, it’s like everything in life. Applying this mental model will not guarantee you success in life, just as you will not get up at 4 a.m. every day. In my own experience, it’s the mixture of doing a lot of things well. It’s a question of ingredients but also of finding the recipe itself. Copying verbatim what others are doing can help, but it’s not a strategy that can work in the long run. Ultimately, you have to find something that works for you. Fortunately or unfortunately we are all different. What works and / or works for one does not work the same for another.
The subject of the mental model seems curious to me to continue studying it. I hope that YouTube tomorrow will give me further recommendations in this regard. Let’s see if we get something new or if we finally understand a phrase that we have heard in the past but haven’t figured out how to apply it in our own context. It’ll be fun.