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In his article “A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management & Business,” Charles Munger (1995) wrote about tools, techniques, and critical skills that great managers need to develop.

Consider Munger’s thoughts on the importance of mental models. Respond to the following:

• In your own words, describe what Munger means by mental models.
• Examine how Munger’s concept of mental models has changed your ideas of decision making in investment management and business.
• Describe at least one example from your own experience where your perspective or experience provided a mode of thought that brought new light to a discussion or a tough decision.
• Explain how this experience has affected your decision-making process.

Munger, C. T. (1995). A lesson on elementary, worldly wisdom as it relates to investment management & business. Outstanding Investor Digest, 1, 49–63.