The “My City” Planitorium: Forces at Work
THE KEY TO OUTSTANDING RESULTS (AND AVOIDING EXTREMELY BAD RESULTS)
The word lollapalooza describes something outstanding. Originating in the 1890s, a lollapalooza is “an extraordinary or unusual thing, person, or event; an exceptional example or instance” Wiki. The word lollipop is a derivation. Today, most associate lollapalooza with a music festival. Lollapalooza is also a word Charlie Munger likes to use. Mister Munger is Warren Buffet’s partner at Berkshire Hathaway. He attended Caltech and resides in Pasadena. Known for possessing a wise intellect, Charlie Munger uses “Lollapalooza Effect” to describe combining influences that can lead to magnificent results. Google the phrase with the word Munger and 22 pages follow describing both its upside and downside. On the upside, the Motley Fool’s wiki offers “A lollapalooza effect is a combination of factors, filtered through multidisciplinary models, that lead to an outstanding result.” Crossfit enthusiasts use the phrase, “as personified by Charles Munger, the critical mass obtained via a combination of concentration, curiosity, perseverance, and self-criticism, applied through the prism of multidisciplinary mental models.” In describing the success of his partnership with Warren Buffett, Mister Munger is quoted as saying “If that success in investment isn’t the best in the history of the investment world, it’s certainly in the top five. It’s a lollapalooza.” He elaborates,“the turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.”
Dean Damon’s “My City” approach of a century ago is an example both of a positive version of the effect and a learning machine, aiding the public “in choosing the best out of the good; in deciding what shall be done first, and of proving to them that it is within their power to do anything they please.” as the Pasadena Star-News would write. In building the momentum needed to create an ambitious and magnificent civic center, Pasadena created yet another positive Lollapalooza Effect, their investment paying great dividends to the value of every parcel of land that persists to this day. In a talk titled “The Psychology of Human Misjudgment,” Charlie Munger also describes how the stacking of multiple biases can lead to bad decisions. A live auction is an example, the bias of ticking clock urgency, a sense of competition and the potential of feeling of loss leads people to sometimes buy when they would otherwise not. For Pasadena of the 1970s, the draw of nearby malls made it invest nearly $100 million into a mall that’s failing now for the second time. The negative bias of irrational exuberance was also fueled by a sense of loss of the downtown along with an insider mentality that pushed out public involvement. In addition to being a Learning Machine, a “My City” Planitorium has the potential to become something of a Lollapalooza machine as well. It is uniquely positioned to help insure positive outcomes by creating a more authentic invitation to engage and enhance public participation to once again create outstanding results.
Google the phrase lollapalooza and Munger and 22 pages of content will follow including this image.
"My City" tells the story of Pasadena’s City Beautiful Movement and the century that followed, exploring how this proven approach can be rev...