News From Press ‘Everyone does it’ is a risky strategy

‘Everyone does it’ is a risky strategy

Source: Mint Dec 21, 2016

Charles Munger, partner of Warren Buffett and an extremely smart and wise man, talks a lot about avoiding a trap called “social proof”. We, as humans, are extremely prone to this psychological phenomenon. “Social proof” drives us to do what others are doing, consciously and unconsciously. This is why a crowd behaves in a similar way. If the people in the crowd are emotionally connected to us (family, friends, peers), then the social proof is even stronger.

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