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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition Hardcover – January 1, 2005
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- Publisher : Walsworth Publishing Company; 3rd edition (January 1, 2005)
- Language : English
- Hardcover : 548 pages
- ISBN-10 : 1578645018
- ISBN-13 : 978-1578645015
- Item Weight : 5.53 pounds
- Dimensions : 10 x 1.5 x 10 inches
- Best Sellers Rank: #9,982 in Books (See Top 100 in Books)
- Customer Reviews:
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Reviewed in the United States on April 15, 2021
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Top reviews from the United States
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You can't afford to not read this. Think of it as a gift to humanity from a higher more intelligent species - Its something you don't want to go through life having missed.
I spend about 16 hours a day researching financial markets/value investing.
I have read over 50 books on related subjects - No book has influenced my thought process more that this one. It is simply amazing.
You will not get the value from this book when you close the last page, but when you see the world relate in the ways Munger lays out for you. This is one of the greatest minds and business and he tells you his secrets. The last chapter on the psychology of human misjudgment will live on past Munger's days. It is his greatest work and is invaluable information. The way your brain fires and works will literally physically change over time from the things this book teaches you. Its a mind trainer - it teaches you how to look at problems. It is worth its weight in platinum.
I don't care who you are. You need to buy this and pound his ideas in your head. You won't even think its that great as you read it and might even wonder why it is praised so much. Over time, you'll see things how Munger does and start to think like Munger does. Whatever field you are in, this book will help you to look and analyze problems and the world as a whole in a different more intelligent manner. Again, I cannot praise or recommend this book enough. When your done with it and look back years later, this odd review I just wrote will make crystal clear sense to you. Your welcome.
I must admit, i've always found the "faux folksiness" (eg, we never dine in fancy restaurants) of Buffett and Munger highly annoying. However, Munger is obviously way more talented than me, so I decided to read this book
Dislikes: First half of book is hero worship from his friends and family. This is pretty useless content (wow, who knew that Mungers family and business associates love the guy?). The design of the book is also very lower middle class -- lots of wasted space, cheezy graphics.
Likes: The latter half of the book contains copies of Mungers speaches, and some of these have wonderful tidbits of "common sense" advice. The book is worth buying for this content and only this content.
Let's be clear, this is not a book that you can quickly skim through, but rather a book you spend quality time with every day; for a good couple of months. This way you're giving yourself the best change of retaining all of Charlie's tidbits of wisdom. One of the great things about this book is the plethora of quotes from successful entrepreneurs, historians, philosophers alike whose ideas and writings have survived the test of time.
Suffice to say, this is one of those books I'm going to re-read, reference and quote for the rest of my life. Well worth a purchase!
Three Key Takeaways from the book:
1. Charlie knows no wise people who didn't read all the time. It is more than just reading though, one has to grab ideas and do sensible things. Most people do not identify ideas, and if they do, they do not know what to do with them
2. Diversification in investing is something that Charlie doesn't believe in. His recommendation is to choose three good company stocks and invest accordingly. Interesting approach given most financial advisors typically recommend the opposite
3. Self-pity is always counter-productive, It's the wrong way to think. And when you avoid it you get a great advantage over everybody else or almost everybody else, because self-pity is a standard response. And you can train yourself out of it
Top reviews from other countries
The book covers all of the lectures and speeches given by Charlie Munger over his storied career. There is a wealth of content that covers investing, history, psychology, science and much more.
I would encourage everyone to read Poor Charlie’s Almanack as they would learn and gain so much from a man with a vast experience of wealth and intellect.
When buying books I look for successful smart people from whom I may learn and thus hopefully become a better person.
This book so far is full of wisdom that anyone would benefit and for me it is a privilege to read.