People will do crazy things for money, status, and even just for an adrenaline rush. It’s irrational behavior. Because in most cases it’s not going to produce satisfactory results and will likely be repeated regardless.

Charlie Munger says he believes it’s every person’s moral duty to be as rational as he or she can be. I think that’s basically true. Because it prevents a lot of foolish behavior. Much of which isn’t intentional, but still damaging. Being intentionally rational prevents unintentional folly.

One of the problems with being a fool is that it doesn’t just hurt you—your actions affect other people too.