- Hardcover: 512 pages
- Publisher: Donning (2005)
- Language: English
- ISBN-10: 1578643031
- ISBN-13: 978-1578643035
- Product Dimensions: 10.3 x 10 x 0.9 inches
- Shipping Weight: 2.8 pounds
- Average Customer Review: 4.4 out of 5 stars See all reviews (27 customer reviews)
- Amazon Best Sellers Rank: #101,063 in Books (See Top 100 in Books)
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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger (Abridged) Hardcover – Abridged, 2005
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Top Customer Reviews
This book gives us the opportunity to learn how one of the greatest financial minds of our day views the world. Amazingly Charlie shares not only his opinions but his thought process and belief system. The book walks you through how Charlie arrives at the decisions that have made him a billionaire. I continually study both Charlie Munger and Warren Buffett , including reading the Berkshire Hathaway annual letter to shareholders which is packed with so much timely insight I'm surprised they don't charge for it.
Some of my favorite thoughts and quotes, which are elaborated on in the book are:
Pg 6 - "Read all the time"
Pg 45 - The Lollapalooza Effect - Charlie coined this phrase as a way of describing an idea, concept or business strategy that literally grows exponentially due to favorable coinciding events.
Pg. 40 -"Be prepared, act promptly, in scale, on a few major opportunities."
Pg 48- Jessy Livermore, "Big money is made in the waiting"
Charlie then goes on to explain that he would sit on 10-20 million at a time in T-Bills just waiting.
Pg 49 - "It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities"
- "It's like looking for a horse that pays 50/50 and has a 3-to-1 chance of winning."
Pg 60 - "The man who doesn't read good books has no advantage over the man who can't" - Mark Twain
On Coumpound Interest:
"Compound interest is the eighth wonder of the world" - Einstein
"Never interrupt it unnecessarily" - Munger
"...'tis the stone that will turn all your lead into gold...Read more ›
This book was not even close to what Cunnningham produced and I returned it. The book is a coffee-table style book that is presented like a middle-school textbook, with odd illustrations (in one instance, when the text referred to General Electric, they inserted a giant GE logo on the page). The book has excellent content in the form of original letters and transcripts of talks that Munger has given. But it reads much more like a tribute or toast to his accomplishments instead of a digest of his beliefs. Instead. why not focus on what he has said and done so that we can all learn from his example?
Certainly others have liked this book and, again, I am a huge fan of Munger, but this book disappointed me and I would not recommend buying it without first browsing through it in person.
In addition, the recommended readings (if adhered to) are an education in themselves and are primarily the basis for many of the Mental Models presented, but entail so, so much more. Whether you are interested in investing, or not, one can learn many life lessons from the mental model teachings in Poor Charlie's Almanack.
It also gives a great insight into the personality that made Charlie, along with Warren one of the finest investors ever.
As Charlie said at the recent Berkshire shareholder's meeting "considering we've been so successful as a company I'm amazed that no-one copies our example"
Companies may not imitate Berkshire Hathaway but investors can follow the simple rules laid down by Warren & Charlie. "It doesn't take a great IQ to be successful, most of all it takes a good temperament"
Simply an outstanding book which will be treasured in our household.
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Most Recent Customer Reviews
Great advice, although it's a little dated and therefore doesn't contain some of his newest advice. The pictures and annotations with this book are stupid though, and we could all... Read morePublished on March 3, 2014 by Alex
A very big book but well worth the reading. has many stories that I have head before but a lot of the speaches I had not had the pleasure of reading about. Read morePublished on February 28, 2014 by R. Brown
Munger is no non sense, no BS guy and this book is full of the zippy wit that he has displayed throughout his life. Must read for any serious investor and a great read in general.Published on November 11, 2013 by Steve
I spent a week with this book (around the average time for me reading most >300 page books) and I've never felt less awkward about carrying a book around bigger than my head... Read morePublished on June 14, 2013 by Shane Ayers
It is great bedtime reading from a wise man!! It contains bite-sized pieces of advice for money and life. I love it!Published on May 22, 2013 by Marcus Lien