On today’s episode, Clay is joined by Dr. Robert Cialdini to discuss Charlie Munger’s favorite book – Influence: The Psychology of Persuasion.Dr. Cialdini is a New York Times Best Selling Author of Influence and Pre-Suasion.He is also CEO and President of Influence at Work where they focus on ethical training, corporate keynote program, and the Cialdini Method Certified Trainer program. He received his PhD from the University of North Carolina and post-doctoral from Columbia University. In acknowledgment of his outstanding research achievements and contributions in behavioral science, he is frequently regarded as the “Godfather of Influence.”IN THIS EPISODE YOU’LL LEARN:00:00 - Intro01:53 - The story of what led Charlie Munger to give a Berkshire A share to Dr. Cialdini.03:57 - How Buffett and Munger use reciprocity to enrich the world and themselves.10:36 - What Cialdini learned in his personal interactions with Munger.18:55 - How the commitment & consistency bias can affect us as investors.23:04 - How we can utilize the principles of Influence in an honest and ethical way.26:28 - Why trust is at the foundation of all great business relationships.40:23 - Why the principle of scarcity is so powerful even in a world full of abundance.58:54 - How we can guard ourselves against the liking bias when assessing management.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul>
<li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">TIP Mastermind Community</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
<li>Check out <a href="https://www.influenceatwork.com/">Influence at Work</a> & the <a href="https://cialdini.com/">Cialdini Institute</a>.</li>
<li>Dr. Cialdini’s books: <a href="https://www.amazon.com/NEW-Influence-Psychology-Persuasion-New-Expanded/dp/B09VQ3XCZV?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.pHPOVcZYsLttz9Xicg4LIUIaenUTcIHGC-pRG1t8P2SHMQ_4q3jEH5Z6-fAvBjYs5elVwEt4-I7MLfkOJQJO78V0loz-L86a0xIXWuGPz1YYmFcfMjs0vkpL355bBJ8D6774Q1Sq6M_GeKVGdEcgXiJqy82lUnGQ4jpOZ0Sg6BCKk0RsB0ZVVDlr3ymHPxHiia5rrwer68SfNl6gP_-z3A-fo0PIJjOnbbCTg6eY7Cc.adJUd2CfT-1_U7MPeB2AoMooQD7yoyU3aY7c7KjgsFA&qid=1711007970&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=9c93cd90df6d7384c07b5ca5acb25cf5&language=en_US&ref_=as_li_ss_tl">Influence</a>, <a href="https://www.amazon.com/Pre-Suasion-Revolutionary-Way-Influence-Persuade/dp/1501109804?_encoding=UTF8&qid=&sr=&linkCode=ll1&tag=tipnetwork-20&linkId=40281be72c99c91a2b68d443f77389cb&language=en_US&ref_=as_li_ss_tl">Pre-Suasion</a>, <a href="https://www.amazon.com/Yes-Scientifically-Proven-Ways-Persuasive/dp/1416576142?dib=eyJ2IjoiMSJ9.mgwbACQLBgdIBR46A7vXEzAiOhZ4FZxM_MBcdud5YKA.lWwE7htfjX1KxtXO_-1qYDML9TD8xuJFkUE-6GPDaLE&dib_tag=se&qid=1711008066&refinements=p_27%3ARobert+Cialdini+Ph.D.&s=books&sr=1-2&text=Robert+Cialdini+Ph.D.&linkCode=ll1&tag=tipnetwork-20&linkId=a53542fa29da6dbb7abc88a5558c92ca&language=en_US&ref_=as_li_ss_tl">Yes!: 50 Scientifically Proven Ways to Be Persuasive</a>
</li>
<li>Related Episode: <a href="https://link.chtbl.com/MI091">MI091: Warren Buffett’s #3 & Charlie Mungers #1 Business Book Of All-time w/ Robert Cialdini</a> | <a href="https://www.theinvestorspodcast.com/millennial-investing/buffett-munger-influence-book/">YouTube Video</a>
</li>
<li>Related Episode: <a href="https://link.chtbl.com/WSB022">TIP022: Influence – Robert Cialdini’s Psychology Of Persuasion w/ Preston & Stig</a> | <a href="https://www.theinvestorspodcast.com/episodes/influence-robert-cialdinis-psychology-of-persuasion/">YouTube Video</a>
</li>
<li>Follow Robert on <a href="https://twitter.com/RobertCialdini">Twitter</a>.</li>
<li>Follow Clay on <a href="https://twitter.com/Clay_Finck">Twitter</a>.</li>
<li>Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/wsb">here</a>.</li>
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TIP616: The Godfather of Influence w/ Dr. Robert Cialdini

We Study Billionaires - The Investor’s Podcast Network