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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition Hardcover – 2005
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EXPANDED THIRD EDITION includes Charlie's 2007 USC Law School Commencement address. Edited by Peter D. Kaufman. Brand New.
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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.
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
The book combines much of his wisdom and insights and summarizes them in a highly readable format.
I have two issues with this book which prevents it from becoming a must read.
1)The book is made up of expensive glossy paper with lot of pictures and drawings with large typeface. The result is a book that is needlessly large, very heavy, and expensive and meager in content relative to a more normal autobiography. The book was not designed and priced to sell, and it seems to have sold poorly.
2)Charlie Munger praises himself (or have others praise him) way too much in this book. About 15-30% of this book is dedicated to the "Great Charlie". He calls himself "genius" at least couple of times. He also has many endorsement of his greatness and genius by other talented people such as Bill Gates. That's too bad, because Charlie is not only a great intellectual with awesome insights into practically everything, but he is also seemingly a man of great integrity and charity.
I am a great fan of Charlie Munger and I am glad to have read this book and absorb much of Charlie's wisdom. I just think the two major flaws of this book made it less than great.
Most recent customer reviews
The cover didn't fall off from the first flip because I opened the book carefully.Read more
I learned a thing or two here and there from his stories and talks.
I particularly loved the chapter on modes of thinking.Read more