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Charles Munger: A Lesson on Elementary, Worldly Wisdom.

This transcribed speech, given by Charlie Munger at USC Business School, discusses the 80–90 important mental models that cover 90% of the decisions he makes.

"You’ve got to have models in your head. And you’ve got to array your experience—both vicarious and direct—on this latticework of models. You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. You’ve got to hang experience on a latticework of models in your head."

Models need to define our thinking.

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