Charlie Munger, the vice chairman of Berkshire Hathaway and one of the most successful investors ever, is said to have the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you can even finish the sentence.
How does he do it? Through observing reality and running it against his mental models. In this series of videos, you’ll learn some of the most important models which Charlie Munger uses, which he has talked about publicly. These mental models have helped Munger to conquer the stock market, but they are so diverse that they have applications within many other areas too. For example, they have allowed Munger to be a successful Chairman at a large hospital, and they have allowed him to overcome devastating personal losses.
The series will cover a total of 35 of Charlie’s mental models. He says he has some 100 models in his head at all times, but he also says that a few of them carry most of the freight. I think that we’ll cover the most important ones in this series, which will be divided into 7 parts, will 5 models in each one. The models will primarily be related to investing, but also to associated subjects such as economics, entrepreneurship & career. Hope you enjoy.
Part 3: https://youtu.be/p8VK5iajWyw
The mental models covered in this episode are:
00:00 Intro
00:39 Opportunity Costs
04:40 Parimutuel Betting
07:24 Survival of the Fittest
11:25 Margin of Safety
14:01 The Superpower of Incentives
The mental models that were covered in part 1 (https://youtu.be/ywyQ_eNNCJU ):
- The Swiss Army Knife Approach
- Make Friends With the Eminent Dead
- Invert, Always Invert
- Compounding
- Crush Your Cherished Beliefs
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.
Early 3D printers usually had a microswitch that let you know when the Z axis was at the zero point. There was usually an adjustment screw so you could tune for just the right layer height. But these days, you most often see some sort of sensor. There are inductive sensors that work with a metal bed and a few other styles, as well. However, the most common is the “BL touch” style sensor that drops a probe below the nozzle level, measures, and then retracts the probe. However, nearly all of these sensors work by detecting a certain height over the bed and that’s it. A new probe called BDsensor is inductive but can read the height over the bed in real time. According to information from the developer, it achieves a resolution of 0.01 mm and a repeatability of +/- 0.005mm. We don’t know if that’s true or not, but being able to take real-time soundings of the nozzle height leads to some interesting possibilities such as real-time adjustments of Z height, as seen in the video below. The device does require calibration. You essentially touch the nozzle down to the bed and the machine measures 7 mm, building a calibration curve as it goes. Recent versions of Marlin support the probe and provides a real-time display of the measured height on the LCD. You do need two free I/O pins, but since the BL Touch does too, you probably have a port you could use. In use, you can watch the real-time display to help you manually level, or use the device as a traditional probe to autolevel. You can also set up for dynamic leveling as seen in the video. Bed sensors don’t have to be expensive, but there’s something attractive about constantly measuring the bed height that seems mostly unique to this probe.