- 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: 4.5 out of 5 stars See all reviews (20 customer reviews)
- Amazon Best Sellers Rank: #552,015 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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Top Customer Reviews
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 ›
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.Read more ›
Simply, the book imparts the wisdom of Charlie Munger, from the dinner table to the boardroom.
Now to the bad: as marvelously as the book portrays Munger's wisdom, graphically it is one of the silliest books I have ever seen. The illustrations and pictures range from trite to dreadful. They are poorly chosen, poorly reproduced, sophomoric at best: a picture from Star Trek to illustrate second order consequences, inane caricatures of Munger and Buffett, etc. Visually, it is ghastly.
Nevertheless, this is still a 5 star book. So, here is a new Franklinesque proverb: Don't judge a book by its illustrations.
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.
Most Recent Customer Reviews
This is a book packed with wisdom. Charlie shared his insights in very broad array of topics, including education, running business and investing. Read morePublished 10 months ago by pykehe
This book is just awesome. Every marketer should have it. Learning and understanding the 25 cognitive biases alone are worth 100 times what I paid for the book. Read morePublished on February 27, 2014 by C. A. T.
ONE GOOD IDEA FROM A BOOK WILL ALWAYS BE WORTH 10 TIMES WHAT YOU PAID FOR IT.
FROM CHARLIE'S MUNGER ALMANACK I AM SURE ONE GOOD IDEA WILL BE WORTH 1000 TIMES
WHAT I PAID... Read more
This is not a bad book, but it doesn't deserve the 5 stars given it by the gushing fans in previous reviews. Most of what I found in the book I have seen elsewhere. Read morePublished on June 9, 2008 by Frank J. Oslick
A collection of Mr. Munger's must sought after investing ideas and public speeches. Don't expect the answer to any life long questions but do expect more reading ideas. Read morePublished on May 4, 2008 by RJW
I'm not gonna praise Munger's wisdom again. Other reviewers did the job very well. After having read both books, Poor Charlie's Almanack and Seeking Wisdom, I highly recommend... Read morePublished on March 10, 2008 by Franco Arda