- 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 (20 customer reviews)
- Amazon Best Sellers Rank: #100,878 in Books (See Top 100 in Books)
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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger Hardcover – Illustrated, December 30, 2005
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Poor Charlie's Almanack contains the wit and wisdom of Charlie Munger: his talks, lectures and public commentary. And, it has been written and compiled with both Charlie Munger and Warren Buffett's encouragement and cooperation. So pull up your favorite reading chair and enjoy the unique humor, wit and insight that Charlie Munger brings to the world of business, investing and life itself. With Charlie himself as your guide, you are about to embark on an extraordinary journey toward better investment, decision making, and thinking about the world and life in general. Charlie's unique worldview, what he calls a 'multidisciplinary' approach, is a self-developed model for clear and simple thinking while being far from simplistic itself.
Throughout the book, Charlie displays his intellect, wit, integrity, and rhetorical flair. Using his encyclopedic knowledge, he cites references from classical orators to eighteenth- and nineteenth-century European literati to pop culture icons of the moment while simultaneously reinforcing the virtues of lifelong learning and intellectual curiosity.
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Top Customer Reviews
Study this book if you are interested in the character, discipline, focus, thought processes, and wit Charlie Munger and those closest to him. This is a wonderful biography of an important and admirable man, written from many perspectives. It is funny, touching, thoughtful, honest and truly well done. It leaves you with a desire to read or re-read books from every topic ranging from thermodynamics to psychology. This book truly leaves you wanting more, and that is the most powerful sentiment that a book can leave a reader.
I was struck by Charlie's story about star businessman Jack Welch stating that he did not have any special skill or insight that would allow him to explain why one of Apple's ventures failed. Charlie holds that up as an exemplary example of the realistic humility of a superstar. And yet he proceeds to fill hundreds of pages with his own opinions on a variety of subjects that stray far from his own core competence, which seems to have been attaching himself remora-like to Warren Buffett.
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...Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more" - Benjamine Franklin
"If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along you pounced on them with vigor." - Munger
On page 61 - 64 there is an investment checklist that is a must read!
"There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn't awash in cash and I don't want to go back. - Munger
"The wisdom of the wise, and the experience of ages, may be preserved by quotations" - Isaac Disraeli
"It is a good thing for an uneducated man to read a good book of quotations" - Sir Winston Churchill
Pg. 88 - "You need to have a passionate interest in why thing are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have that cast of mind your destined for failure even if you have a high I.Q." - Munger
"Our game is to recognize a big idea when it comes along, when it doesn't come along very often. Opportunity comes to the prepared mind." - Munger
A good portion of the book is focused on the importance of multiple mental models and the lack of them in academia.
Another hot topic that shows up more than once is the importance of reading.
"In my whole life, I have known no wise people who didn't read all the time-none, zero. You'd be amazed at how much Warren reads-and at how much I read. My children laugh at me, they think I'm a book with a couple of legs sticking out" Munger
On page 136 the book moves into 10 talks at schools, clubs and foundations that are packed with so much insight and tips on living a happy, healthy and prosperous life that I can't even go into it without adding another 10 pages to this review.
There are close to 50 books mentioned and referenced that I will list and provide links (and some comments) to on my Blog- The Real Estate Investors Blog at Bloglines
This book should be read and studied and kept as a reference tool. It may very well take several years for all the powerful concepts to be fully understood and another few years to work your way through Charlie's reading list, but trust me it will be a worth wile adventure and you will be a changed person shortly after commencing.
By Kevin Kingston, author of A 20,000% Gain in Real Estate
As I read, "Choose clients as you would friends," and "Read all of the time," I became ready to connect with who Charlie Munger and Warren Buffet really are.
Choose Clients as you would Friends:
That makes sense, because if you love whatever you're in business to do, and you're talking to a prospect, objections would be minimal, and you both would know that you have provided your client something that would make his or her life better.
Read All of the Time:
I'd have to say, "Go beyond just reading. Be a demanding reader, and be willing to reread your books, more than once, because if you've read them well, you are in a different place, and you deserve to continue to grow."
This is a great book for those who are sincerely asking, "How did he become who he is?"
Influenced by Cicero, Benjamin Franklin, Tom Sawyer, Charlie Munger's, "Poor Charlie's Alamanac" should appeal to those who prefer:
2. Social Commentaries; or,
3. Business Tools.