Munger’s classic speech in 1995 (PDF) at the Harvard Law School is a blast to read (or listen to), the quintessential example of the multitude of his mental models. In it Mr. Munger describes 24 “standard causes for human misjudgement” in separate, but then reminds us that these can combine to create potentially multiplied consequences – what he calls the “lollapalooza effect”. Since it can happen for good or bad, we’re better off informed and much smarter for the effort.
We can’t stress enough how great the book “Poor Charlie’s Almanack” is, since it gathers this speech and nine other talks Mr. Munger gave throughout the years. Some are classics in their own merits. You can find links to most of them in the Wikipedia page, but to have it all in one place saves a lot of time.
Buysiders.com post on the book Think Twice – Mental traps are also discussed in this video with Michael Mauboussin.
Whitney Tilson reviews the speech – Motley Fool, 2002