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 the CEO and President of Influence at Work, which focuses on ethical training, corporate keynote programs, and the Cialdini Method Certified Trainer program. In recognition of his outstanding research achievements and contributions to behavioral science, he is frequently regarded as the “Godfather of Influence.” IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:00:37 - How Dr. Cialdini met Charlie Munger 00:03:05 - How Warren Buffett and Charlie Munger utilize reciprocity 00:09:31 - What Cialdini learned from Charlie Munger 00:15:14 - The commitment and consistency bias 00:21:14 - Behaving ethically and honesty to win in life 00:25:10 - How trust is the foundation of the best relationships 00:28:16 - The scarcity principle 00:52:19 - The liking bias 00:59:54 - How to overcome the liking bias 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/mastermind 💬 Be a better you in 2024 by learning a new language. Get 50% off on a one-time payment for a lifetime Babbel subscription today. https://babbel.com/wsb 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - Influence New and Expanded: The Psychology of Persuasion w/ Dr. Robert Cialdini: https://youtu.be/QeFi1m5jmbA - Influence - By Robert Cialdini: https://youtu.be/g9yH06XbDLU - Unveiling the Genius: Unforgettable Life Lessons From Investing Legend Charlie Munger: https://youtu.be/6WQn7_eXLzk - Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis: https://youtu.be/uZFB3EVCBbw 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/the-godfather-of-influence-w-dr-robert-cialdini/ 📖  BOOKS MENTIONED: - Influence by Robert Cialdini: https://amzn.to/3Pr3efC - Pre-Suasion by Robert Cialdini: https://amzn.to/3PqrazA - Yes!: 50 Scientifically Proven Ways to Be Persuasive by Noah Goldstein, Steve Martin, & Robert Cialdini: https://amzn.to/43mmCAa Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.