Tag archives for Charlie Munger

  1. Multi-Level Thinking

    In poker, there is a concept called leveling or multi-level thinking.  The basic idea is that you consider the consequences (and consequences of consequences, and consequences of consequences of consequences, and so on) of what your opponents are thinking.  Here’s the basic idea from a poker site: Level 0: What do I have? Level 1:…

  2. A Slot Machine Riddle

    Here is a riddle I came across while reading a speech by the wise Charlie Munger (transcribed by Whitney Tilson): “You own a small casino in Las Vegas. It has fifty standard slot machines. Identical in appearance, they’re identical in the function. They have exactly the same payout ratios. The things that cause the payouts…