Credentials

In Munger’s worldly-wisdom lecture, credentials are framed as something you must sometimes have the confidence to override: when a more-credentialed person’s cognition is impaired by incentive-caused bias or similar psychological force, deferring to the credential is a mistake — though Munger balances this with recognizing the cases where you have no wisdom to add.

Where this appears

• Charlie Munger — A Lesson on Elementary Worldly Wisdom, Revisited — “you must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias.”