TIP616: The Godfather of Influence w/ Dr. Robert Cialdini

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 22 March 2024

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 - Intro 01:53 - 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 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out Influence at Work & the Cialdini Institute. Dr. Cialdini’s books: Influence, Pre-Suasion, Yes!: 50 Scientifically Proven Ways to Be Persuasive Related Episode: MI091: Warren Buffett’s #3 & Charlie Mungers #1 Business Book Of All-time w/ Robert Cialdini | YouTube Video Related Episode: TIP022: Influence – Robert Cialdini’s Psychology Of Persuasion w/ Preston & Stig | YouTube Video Follow Robert on Twitter. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Wise NetSuite Fidelity CI Financial TurboTax Linkedin Marketing Solutions Fundrise NDTCO Vacasa NerdWallet Babbel Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:03.0	On today's episode, I'm joined by Dr. Robert Chaldini to discuss Charlie Munger's favorite book,
0:08.0	which is titled, Influence the Psychology of Persuasion.
0:11.6	Dr. Chaldini is a New York Times best-selling author of influence and
0:15.4	persuasion and is frequently regarded as the godfather of influence.
0:20.0	During this episode we cover the story of what led Charlie Munger to give a Berkshire a share to Dr. Chaldini,
0:26.6	how Buffett and Munger use reciprocity to enrich not only themselves but the world.
0:31.4	What Chaldini learned in his personal interactions with
0:34.2	Munger, how the commitment and consistency bias can affect us as investors, why
0:39.4	trust is at the foundation of all great business relationships, how we can utilize the principles of influence in an honest and ethical way, why the principle of scarcity is so powerful even in a world full of abundance, how we can guard ourselves against the liking
0:55.5	bias when assessing management and much more.
0:58.4	It was such an honor having Dr. Chaldini on the show and I hope you enjoy this conversation as much as I did.
1:07.0	Celebrating 10 years and more than 150 million downloads.
1:11.0	You are listening to the Investors Podcast Network. Since
1:14.4	2014 we studied the financial markets and read the books that influence self-made
1:19.4	billionaires the most. We keep you informed and prepared for the unexpected. Now for'm your host Clay Fink and boy do we have a special
1:40.6	guest teed up for the audience today as I'm joined by Dr. Robert
1:44.5	Robert Chaldini? Robert, thank you so much for joining me today. Well I'm very
1:49.8	happy to be with you. I'm looking forward to our conversation.
1:53.6	Now Robert, you had a very close relationship with Charlie Munger who
1:58.0	passed away on November 28th of last year. And in a post you wrote, I have never had heroes except for Charlie Munger.
2:08.0	So I was curious to start this interview off if you could tell the story of how you met Charlie and what led to him
	...

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