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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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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
...and when comes to common sense, Poor Charlie's Almanack delivers in spades.
This book is big, but that makes it an excellent coffee table/waiting room book. It's also the kind of book that one can flip through.
Highly recommended for millennials. It's good to be mindful about your health and your relationships...do likewise with your finances!
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