Poor Charlie's Almanack
Poor Charlie Munger's wit and wisdom are captured in Charlie's Almanack, which includes his presentations, lectures, and public commentary. It was also prepared and compiled with the encouragement and participation of both Charlie Munger and Warren Buffett. So settle into your favorite reading chair and enjoy Charlie Munger's distinct sense of humour, wit, and insight into the worlds of business, investing, and life itself. You are about to start on an astonishing trip toward improved investment, decision making, and thinking about the world and life in general, with Charlie himself as your guide. Charlie's distinct worldview, which he refers to as a "multidisciplinary" approach, is a self-developed model for clear and straightforward thinking that is far from simplistic. Charlie demonstrates his knowledge, wit, integrity, and rhetorical flair throughout the novel. He identifies references ranging from antique orators through eighteenth- and nineteenth-century European literati to pop culture.
Poor Charlie's Almanack is one of the best books on cognitive biases. The following are three key takeaways from the book:
- Charlie knows no wise people who do not read constantly. But it is more than just reading; one must collect ideas and act on them. Most individuals do not recognize ideas, and if they do, they are unsure what to do with them.
- Charlie does not believe in diversification when it comes to investing. His advice is to pick three good firm stocks and invest accordingly. Interesting idea, given that most financial gurus usually advise the opposite.
- Self-pity is always counter-productive; it is the incorrect way of thinking. And avoiding it gives you a significant advantage over everyone else, or almost everyone else, because self-pity is a common response. You can also teach yourself out of it.
Author: Charles T. Munger
Link to buy: https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018/
Ratings: 4.8 out of 5 stars (from 1112 reviews)
Best Sellers Rank: #10,107 in Books
#114 in Investing (Books)
#1,390 in Reference (Books)
