This is part 2 of our series on Mental Models. In it, we’re bringing you the most useful and applicable models we’ve encountered in everything we’ve read, heard or seen over the years! In part 2 we unpack models from Bayesian reasoning, calibration, and expected value. We also cover fat-tailed distributions, counterfactual reasoning, inversion, and red-teaming. Throughout, we build up each model with examples and motivations, and often found ourselves making previously unseen (by us) links to other models which gave us several new insights. We hope this conversation will do the same for you!