Charlie Munger is one of the smarted persons ever lived. In his famous lecture in Harvard in 1995 describes the most common cause of human misdujement. This is something you have to watch.

I have watched the lecture myself dozens of times because I find it so useful. I printed the transcipt in order to understand it better, and lastly I translated it into Greek, my first language, in order to full understand it.

I re-upload the lecture here, with improved audio and embedded captions to help you understand better this amazing content.

I hope you find it useful.