In "Chapter 4 Talk 11: The Psychology of Human Misjudgment", Munger details his theory on the psychology of human misjudgment. Munger argues that humans are prone to a variety of cognitive biases, which often lead to poor decision-making. He describes these biases in detail, using vivid examples and anecdotes to illustrate their power. The chapter also examines the potential for these biases to be overcome, suggesting various strategies and techniques for improving judgment. Munger ultimately emphasizes that understanding these psychological tendencies is crucial for achieving wisdom and success in life.

In "Chapter 4 Talk 10: USC Gould School of Law Commencement Address", Munger delivers a series of insights on the importance of lifelong learning, emphasizing the acquisition of wisdom across multiple disciplines. He draws on historical figures like Confucius, Cicero, and Epictetus to illustrate his points, highlighting the dangers of ideology and self-serving biases. Munger also shares a cautionary tale of a successful canoeist who underestimated the danger of whirlpools, drawing a parallel to the dangers of intense ideology. He argues for the importance of intellectual humility, stating that true wisdom requires the ability to articulate opposing viewpoints effectively. Munger concludes by advocating for a world where people are chosen for their genuine knowledge and expertise rather than superficial appearances.

In "Chapter 4 Talk 9: Academic Economics: Strengths and Faults after Considering Interdisciplinary Needs", Munger criticizes the field of academic economics, arguing that it is too insular and suffers from a lack of multidisciplinary thinking, particularly in terms of incorporating psychology and recognizing the importance of second-order effects. He highlights the importance of recognizing the influence of both virtue and vice on economic systems and the danger of clinging to flawed ideas. Munger shares anecdotes and examples from his own experiences and the lives of others to illustrate his points, demonstrating the importance of critical thinking, embracing complexity, and being willing to challenge conventional wisdom.