MI REWIND: WARREN BUFFETT’S #3 & CHARLIE MUNGER’S #1 BUSINESS BOOK OF ALL-TIME

W/ ROBERT CIALDINI

27 May 2022

Robert Leonard chats with Dr. Robert Cialdini to discuss his book, Influence, New and Expanded: The Psychology of Persuasion. Dr. Cialdini is a New York Times Best Selling Author of Influence and Pre-Suasion.

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IN THIS EPISODE, YOU’LL LEARN:

  • What influence is and why there is so much psychology in persuasion.
  • What the levers of influence are.
  • How the world of digital business is impacted by influence.
  • What makes our cell phones addicting?
  • How do we spot phony online reviews and why this is important?
  • Why personalizing gifts increases the returns of gifts.
  • Which psychological principle Coca-Cola missed that led to a disastrous marketing decision.
  • Why Amazon offers to pay each of its fulfillment employees up to $5,000 if they quit.
  • The question can job candidates ask at the start of an interview to increase their chance of success.
  • What the unity principle of influence is.
  • And much, much more!

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CONNECT WITH DR. CIALDINI

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Robert Leonard (00:02):
On today’s show, I chat with Dr. Robert Cialdini to discuss his book Influence, New and Expanded: The Psychology of Persuasion. Dr. Cialdini is a New York Times best-selling author of Influence and Pre-Suasion, CEO and president of Influence at Work, where they focus on ethical training, corporate keynote programs, and the CMCT, Cialdini Method Certified Trainer program. He received his PhD from the University of North Carolina, and postdoctoral from Columbia University.

Robert Leonard (00:34):
In acknowledgement of his outstanding research achievements and contributions in behavioral science, he is frequently regarded as the godfather of influence. During this interview, we talked in-depth about the concepts found in his updated book that you can use in your daily life. Dr. Cialdini gave insight on how impactful psychology is in business, what makes our phones so addicting, how we can spot phony reviews online, and he even shares a story about how Warren Buffett and Charlie Munger gifted him a share of Berkshire Hathaway’s A stock because the book impacted them both so much.

Robert Leonard (01:13):
Warren Buffett actually ranks Cialdini’s book as his number three best business book of all time, and Charlie Munger ranks it as number one. I feel so honored to have Dr. Cialdini on the show with me today and to have the opportunity to speak with him. His books are some of my favorites. So without further delay, let’s get right into today’s fantastic episode with Dr. Robert Cialdini.

Intro (01:37):
You’re listening to Millennial Investing by The Investor’s Podcast Network, where your host, Robert Leonard interviews successful entrepreneurs, business leaders, and investors to help educate and inspire the millennial generation.

Robert Leonard (01:59):
Hey, everyone, welcome back to the Millennial Investing Podcast. As always, I’m your host, Robert Leonard and with me today, I have a guest that I am super, super excited for, Dr. Robert Cialdini. Welcome to the show.

Robert Cialdini (02:14):
Well, thank you, Robert. Glad to be with you.

Robert Leonard (02:17):
My guess is that a lot of people listening to the show today have read your book, one or multiple of them, or have at least heard of you but for those who haven’t, please tell us a bit about yourself and how you got to where you are today.

Robert Cialdini (02:32):
Well, I’m a behavioral scientist, and I have always been intrigued by the study of influence and persuasion, what got people to move in a particular direction. So that has been my commitment. It’s been my passion for over 35 years now, and I’ve acquired a lot of information on the topic. So I thought it was a good time to do an update of my book, Influence where I consider these issues, one that takes into account a lot of the new research that’s been done.

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BOOKS AND RESOURCES

  • Robert and Clay’s tool for picking stock winners and managing our portfolios: TIP Finance.
  • Robert Cialdini’s Book Influence, New and Expanded: The Psychology of Persuasion.
  • John Rulin’s Book Giftology.
  • Gary John Bishop’s book Do the Work.
  • Support our free podcast by supporting our sponsors.
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  • Get insights on how to plan for your financial goals with The Globe and Mail. Listeners get a special digital subscription rate for unrestricted access to everything.

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