Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition

Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition

Posted by jack_miller | Published 7 months ago

With 356 ratings

By: Peter D. Kaufman, Ed Wexler, et al.

Purchased At: $57

EXPANDED THIRD EDITION includes Charlie's 2007 USC Law School Commencement address. Edited by Peter D. Kaufman. Brand New.
Poor Charlie's Almanac has been on my reading list for the last couple of years. It took me a six-month sabbatical (and then some) to get through it. This is a testament to the information, lessons, references and stories from Charlie Munger. Fundamentally, this book is an encyclopedia of information on what it takes to be successful and to achieve greatness in what it is you want to do in life; all from a very successful and extremely well read (and connected) 90-ish year old billionaire!

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

- julissa_morales

Price is what you pay and Value is what you get - this book’s value outweighs its seemingly expensive price by hundred and thousands.
Don’t waste time reading books and articles about Charlie: just go to this original source for his thinking process.

What I found most beneficial are:
- the original speeches included in this book provide a comprehensive list, examples, and elaborations on his “lattice of mental models”
- the wisdom you can glean from this book can be applied amply to both life in general and investment specifically
- his multidisciplinary approach and constant reminder for you to raise these learning to fluency through usage can be absolutely exhilarating for any life learner

The list can go on, but the takeaway is this: buy it, read it, truly learn it and make it your own. My only regret is that I didn’t come across this book earlier, and when I did, the price of the book put me off a few years from purchasing it.

- lane_long

If you just *love* Charlie Munger, Warren Buffett, or Berkshire Hathaway - then buy this book. Otherwise - wait for them to come out with a 70 page version of it. This is a monster of a book designed to go on a coffee table - over 500 pages of rambling transcripts of repetitive speeches with lots of full color photos, asides on historical characters and other items that look like blatant attempts by a high schooler to fill up the page count on a report.

There are nuggets of wisdom in the book. No one can question Munger has achieved a lot. The book is incredibly repetitive. If you want classic financial wisdom - go read any of the Wiley Investment Classics before this. If you want life advice - this is not the place to find it - and if you do find it, you'll find the same aphorism repeated page after page.

There is a reason that there is no 'sneak peak' function for this book - anyone who clicked through it would dismiss it as not being very in depth on the financial side and also disappointingly weak in the style of writing. Spend your time elsewhere.

- dakota_allen

While reading through these talks I kept seeing Munger refer back to psychological factors and psychological checklists. He talked of his personal studies into psychology and how valuable it has been in his decision-making. And i grew frustrated because in all of the Munger book recommendation blog posts I found online, there was very little in the way of psychology. And then I got to the 11th (final) talk in this book and found why. Munger was so dissatisfied with psychology reference texts that in his final talk he basically wrote one of his own. And if you can only read one essay in this book this should be the one. Munger goes through a list of common thinking tendencies that in isolation or in conjunction are responsible for all kinds of errors of misjudgment. Each of these thought heuristics are results of evolution and in general can be useful, but they also can lead to errors and bad decisions. This is the kind of essay that it is worth to re-read prior to every big decision one faces, and I definitely intent to revisit!

- jaelyn_taylor

My son had asked for this as a gift. I wasn't sure it would fit the budget, it seemed expensive. When he opened it, it was well worth it. He read it everyday and shared bits of wisdom and information with us. He rarely put the book down during his extended visit. He insisted it was the best book he ever read.

- junior_morales

The book is full of gems and insights that are vintage Munger, such as: “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group... then to hell with them.”. There is something magical about taking complex, high level concepts and boiling them down to their most essential elements and that’s what this book does. Also, the seller is phenomenal. I ordered the standard, free shipping and they had it delivered next day. I’m very impressed and would recommend this purchase to anyone who wants to understand more about making rational decisions.

- lucia_james

great book I would recommend to anyone who is interested in learning how the mind of greats really think. I have wanted the book for so long and I am only 70 pages in but the book is fantastic full to the brim with information, a great read and I would recommend to anyone thinking about purchasing it to go ahead

- aaden_mendoza

This book is both monsterous and a complete pleasure to read. It's as thick as a doorstep and coffee table sized. Housed inside you'll find anything and everything you want or need to know about Charlie Munger and his approach to life and investment. It's not a quick read but each time you pick it up you'll find some sort of gem you can apply to your own situation. At first glance it looks like an expensive purchase but the hours of insight and pure pleasure you'll get from this makes it one of my best value purchases this year.

- kailee_baker

Overated for the price. Half of the book is covered with pictures of the old man his wife and children. Apparently, the man plans to give the proceeds from this book to charity. That seems disingenuous to me since he is already one of the richest Americans and doesn't need the clutches of the book to impact charity. I love the old man and his annedotes, he has a vast array of knowledge repotire at his disposal, however considering the fact that he only had 1% of the partnership in Berkshire Hathaway one might be inclined to assume that he was at best a sidekick of Warren Buffett. Warren got the old man because it makes him look collaborative while continuing to make his own decisions. He hardly consults Charlie for any investment anymore according to Warren himself. For the price of one book you can buy several other gems out there. If you are collector of books or you want to show it off to your friends then be my guest but I would honestly not be bothered with owning this expensive a book. Knowledge should be free or atleast cheap imo.

- remington_campbell

Most of the battle when you invest is not sabotaging yourself or letting other people or market information scare you. Charlie's advice equips investors with the psychological skills to required to keep investing simple and easy. It's a wealth of advice from someone whose investing philosophy has always been similar to buffett's, but he's not afraid to be blunt about it. He calls his method "sit on your ass investing", and I think that's quite a good name. He is frank, witty, at times crass, and it's a really good read.

- reyna_evans

Great book, which contains all kind of acquired wisdom of Charlie Munger, Warren Buffet business compagnon. Well done, a joy to look at and a joy to read...! I got myself an autographed copy (see the picture).

- danica_cooper

Being a huge fan of Charlie I love this book, but it is really a coffee table book.

- susan_morales

Great read. Contains reference to other valuable books that gives worldly wisdom about life.

- makenzie_myers

One of the must have books on business and psychology. Worth buying. The almanac contains three parts:
The biography of Charlie Munger with annotations and references explained.
Transcripts of lectures Munger gave at various periods in different places.
The talks with checklists of mental models he uses in the checklist, the psychology behind every models and ‘antidotes ‘ he found that helps to control influence caused by particular models.

- logan_jones

One of the best books I have read till now . It's the largest collection of wisdom from a living legend. Worth buying and re reading . The price one pays for this may be returned several times over if concepts applied appropriately .

- haley_nelson

A book which, we can used life long. It’s like a bible, should select a page randomly and start reading.. has lot of wit and wisdom(title) in it

- harley_johnson

If you don't know who Charlie Munger is, you should. This is a coffee table book that is chock full of wisdom that you can effectively integrate into your personal and professional lives.

- lea_rodriguez

The book was very well packed by M.M Mukhi. One of the best books to get some wisdom. A collectors book which should be in every readers library.

- marcos_white

Really enjoyed learning about Charlie's life and thoughts; this one is definitely a keeper

- laurel_long

Forget trying to use this book as an investment manual, it is not. This is an eclectic gathering of thoughts, ideas & idioms that really highlight what living and thinking is like in life with integrity. The inclusion and acknowledgment to other thinkers and achievers is amazing and makes you realise the value of humility no matter your station in life. Thoroughly enjoyable.

- vivian_long

Useless book. No meaningful content.

- enoch_stewart

Customers Also Bought