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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger Hardcover – Illustrated, December 30, 2005

4.4 out of 5 stars 48 customer reviews

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Product Details

  • Series: Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger | Foreword by Warren E. Buffett | Edited by Peter D. Kaufman | Expanded Second Edition | 2006 | The Donning Company Publishers - Walsworth Publishing Company
  • Hardcover: 512 pages
  • Publisher: Donning Co Pub; 2nd Expanded edition (December 30, 2005)
  • Language: English
  • ISBN-10: 157864366X
  • ISBN-13: 978-1578643660
  • Product Dimensions: 10 x 9.9 x 1.9 inches
  • Shipping Weight: 4.8 pounds
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (48 customer reviews)
  • Amazon Best Sellers Rank: #593,434 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
Poor Charlie's Almanack; The Wit and Wisdom of Charles T. Munger

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...
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Format: Hardcover
Poor Charlie's Almanack; The Wit and Wisdom of Charles T. Munger

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 ›
Comment 57 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover
I am an ardent follower of Charlie Munger and have the utmost respect for his accomplishments. His investment record is nearly without parallel and his broad understanding of subjects beyond investing requires no further elaboration to those that are familiar with him. I bought this book hoping that it would be the Munger equivalent of the excellent compilation by Lawrence Cunningham, "The Essays of Warren Buffett: Lessons for Corporate America."

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.
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Format: Hardcover
This book took me a looong time to read, but that's because its nearly 500 pages are so saturated with information and original ideas, you will have plenty to learn and will want to fully explore and take advantage of all Charlie has to offer. You MUST be an active reader to derive any benefit from the framework he has laid out. I don't think a quick skim will do it any justice, or even be worth your time.

The whole purpose of this book is to provide you with a strong mental foundation for success in life... I call it the "inner game." Only then are you truly ready to take on the world in business or make astute investment decisions. For specific investment advice, look no further than Buffett. What you get from Munger is both harder to obtain, and more important to master. Application of investment technique should be the easy part. Key teachings I found important were:

the importance of using the multi-disciplinary approach and interrelated mental models formed from the big (often elementary but rarely used), important ideas of various disciplines

realizing your mental circle of competence, and specializing

the lollapalooza effect

avoiding the man-with-the-hammer problem, and many other psychological tendencies he discusses

his emphasis on ethical behavior (where else do you find this?)

comparison of the stock market to the pari-mutuel betting system

the idea of betting big when the odds are in your favor (Buffett's idea as well)

What I like most is that he has a no-nonsense attitude, and this quality of genuineness makes him more likeable, and easier to learn from.
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