Summary of Poor Charlie’s Almanack by Charles T. Munger and Peter D. Kaufman: The Essential Wit and Wisdom of Charles T. Munger: The Essential Wit and Wisdom of Charles T. Munger
By Justin Reese
()
About this ebook
DISCLAIMER
This book does not in any capacity mean to replace the original book but to serve as a vast summary of the original book.
Summary of Poor Charlie's Almanack by Charles T. Munger and Peter D. Kaufman: The Essential Wit and Wisdom of Charles T. Munger: The Essential Wit and Wisdom of Charles T. Munger
IN THIS SUMMARIZED BOOK, YOU WILL GET:
- Chapter astute outline of the main contents.
- Fast & simple understanding of the content analysis.
- Exceptionally summarized content that you may skip in the original book
Poor Charlie's Almanack is a compilation of eleven talks delivered by Berkshire Hathaway vice-chairman Charles T. Munger between 1986 and 2007. The book offers lessons in investment strategy, philanthropy, and living a rational and ethical life. Edited by Peter D. Kaufman, the book is a touchstone for a generation of investors and entrepreneurs seeking to absorb Munger's enduring wisdom. The abridged Stripe Press edition features a new foreword by Stripe cofounder John Collison.
Read more from Justin Reese
Summary of How to Be the Love You Seek by Nicole LePera: Break Cycles, Find Peace, and Heal Your Relationships Rating: 0 out of 5 stars0 ratingsSummary of A Court of Silver Flames by Sarah J. Maas Rating: 5 out of 5 stars5/5Summary of Discipline Is Destiny by Ryan Holiday: The Power of Self-Control (The Stoic Virtues Series) Rating: 5 out of 5 stars5/5Summary of Four Thousand Weeks by Oliver Burkeman: Time Management for Mortals Rating: 2 out of 5 stars2/5Summary of Feel-Good Productivity by Ali Abdaal: How to Do More of What Matters to You Rating: 4 out of 5 stars4/5Summary of Million Dollar Weekend by Noah Kagan and Tahl Raz: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours Rating: 0 out of 5 stars0 ratingsSummary of Oath and Honor by Liz Cheney: A Memoir and a Warning Rating: 5 out of 5 stars5/5Summary of Rich AF by Vivian Tu: The Winning Money Mindset That Will Change Your Life Rating: 0 out of 5 stars0 ratingsSummary of The Hunger Habit by Judson Brewer: Why We Eat When We're Not Hungry and How to Stop Rating: 5 out of 5 stars5/5Summary of Choose Your Enemies Wisely by Patrick Bet-David: Business Planning for the Audacious Few Rating: 1 out of 5 stars1/5Summary of The In-Between by Hadley Vlahos R.N.: Unforgettable Encounters During Life's Final Moments Rating: 1 out of 5 stars1/5Summary of The Age of AI And Our Human Future By Henry A Kissinger, Eric Schmidt and Daniel Huttenlocher Rating: 3 out of 5 stars3/5Summary of Read Write Own by Chris Dixon: Building the Next Era of the Internet Rating: 0 out of 5 stars0 ratingsSummary of Younger for Life by Anthony Youn: Feel Great and Look Your Best with the New Science of Autojuvenation Rating: 0 out of 5 stars0 ratingsSummary of Calm Your Mind with Food by Uma Naidoo MD: A Revolutionary Guide to Controlling Your Anxiety Rating: 0 out of 5 stars0 ratingsSummary of How to ADHD by Jessica McCabe: An Insider's Guide to Working with Your Brain (Not Against It) Rating: 0 out of 5 stars0 ratingsSummary of Rethinking Diabetes by Gary Taubes: What Science Reveals About Diet, Insulin, and Successful Treatments Rating: 0 out of 5 stars0 ratingsSummary of End Times by Peter Turchin: Elites, Counter-Elites, and the Path of Political Disintegration Rating: 0 out of 5 stars0 ratingsSummary of Fight Right by Julie Schwartz Gottman PhD and John Gottman PhD: How Successful Couples Turn Conflict into Connection Rating: 0 out of 5 stars0 ratingsSummary of Everyone Who Is Gone Is Here by Jonathan Blitzer: The United States, Central America, and the Making of a Crisis Rating: 0 out of 5 stars0 ratingsSummary of Woke Racism How a New Religion Has Betrayed Black America by John McWhorter Rating: 1 out of 5 stars1/5Summary of Filterworld by Kyle Chayka: How Algorithms Flattened Culture Rating: 0 out of 5 stars0 ratingsSummary of Learning to Love Midlife by Chip Conley: 12 Reasons Why Life Gets Better with Age Rating: 0 out of 5 stars0 ratings
Related to Summary of Poor Charlie’s Almanack by Charles T. Munger and Peter D. Kaufman
Related ebooks
Warren Buffett and Charlie Munger: Biography of the Greatest Investing Duo Ever Rating: 5 out of 5 stars5/5Charlie Munger Biography Rating: 0 out of 5 stars0 ratingsSummary of William Thorndike's The Outsiders Rating: 0 out of 5 stars0 ratingsSummary of Howard Marks, Paul Johnson & Bruce Greenwald's The Most Important Thing Illuminated Rating: 0 out of 5 stars0 ratingsSummary of Gregory Zuckerman's The Man Who Solved the Market Rating: 0 out of 5 stars0 ratingsSummary of Business Adventures: by John Brooks | Includes Analysis Rating: 5 out of 5 stars5/5The Buffett Essays Symposium: A 20th Anniversary Annotated Transcript Rating: 5 out of 5 stars5/5Meditations Rating: 4 out of 5 stars4/5Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life Rating: 5 out of 5 stars5/5The Dhandho Investor: The Low-Risk Value Method to High Returns Rating: 5 out of 5 stars5/5The Anthology of Balaji: A Guide to Technology, Truth, and Building the Future Rating: 4 out of 5 stars4/5Summary of The Black Swan by Nassim Nicholas Taleb: Impact of the Highly Improbable: (In My Own Words) Rating: 5 out of 5 stars5/5Summary of Karl A. Pillemer's 30 Lessons for Living Rating: 0 out of 5 stars0 ratingsSummary of The Black Swan: by Nassim Nicholas Taleb | Includes Analysis Rating: 5 out of 5 stars5/5Summary: The Snowball: Review and Analysis of Schroeder's Book Rating: 0 out of 5 stars0 ratingsWarren Buffett: 43 Lessons for Business & Life Rating: 0 out of 5 stars0 ratingsSummary of Greg Crabtree's Simple Numbers, Straight Talk, Big Profits! Rating: 0 out of 5 stars0 ratingsSummary of Henry Hazlitt's Economics In One Lesson Rating: 0 out of 5 stars0 ratingsSummary of Felix Dennis's How to Get Rich Rating: 5 out of 5 stars5/5Summary of David Deutsch's The Beginning of Infinity Rating: 0 out of 5 stars0 ratingsSummary of Shane Parrish's The Great Mental Models Rating: 5 out of 5 stars5/5The Warren Buffett Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting Rating: 0 out of 5 stars0 ratingsSummary of Gautam Baid's The Joys of Compounding Rating: 4 out of 5 stars4/5The Warren Buffett Way Rating: 4 out of 5 stars4/5Summary of Clear Thinking By Shane Parrish: Turning Ordinary Moments into Extraordinary Results Rating: 3 out of 5 stars3/5Only the Paranoid Survive (Review and Analysis of Grove's Book) Rating: 0 out of 5 stars0 ratingsThe Almanack of Naval Ravikant: A Book Review Rating: 4 out of 5 stars4/5Think Remarkable: 9 Paths to Transform Your Life and Make a Difference Rating: 5 out of 5 stars5/5
Book Notes For You
Summary of The 48 Laws of Power by Robert Greene Rating: 4 out of 5 stars4/5The 5 AM Club Summary: Business Book Summaries Rating: 4 out of 5 stars4/5The Invisible Life of Addie LaRue by V. E. Schwab: Conversation Starters Rating: 3 out of 5 stars3/5Summary of Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear Rating: 5 out of 5 stars5/5Gavin de Becker’s The Gift of Fear Survival Signals That Protect Us From Violence | Summary Rating: 4 out of 5 stars4/5Chaos: Charles Manson, the CIA, and the Secret History of the Sixties by Tom O'Neill: Conversation Starters Rating: 2 out of 5 stars2/5Caste: The Origins of Our Discontents by Isabel Wilkerson: Conversation Starters Rating: 4 out of 5 stars4/5Summary of The Anxious Generation by Jonathan Haidt: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness Rating: 0 out of 5 stars0 ratingsThe Midnight Library: A Novel by Matt Haig: Conversation Starters Rating: 4 out of 5 stars4/5Summary of Good Energy by Casey Means:The Surprising Connection Between Metabolism and Limitless Health Rating: 0 out of 5 stars0 ratingsBreath: The New Science of a Lost Art by James Nestor: Conversation Starters Rating: 3 out of 5 stars3/5Summary of 12 Rules For Life: An Antidote to Chaos by Jordan B. Peterson Rating: 4 out of 5 stars4/5Summary: The Subtle Art of Not Giving a F*ck by Mark Manson Rating: 4 out of 5 stars4/5Summary of Ichiro Kishimi's and Fumitake Koga's book: The Courage to Be Disliked: Summary Rating: 4 out of 5 stars4/5Invisible Women: Data Bias in a World Designed for Men by Caroline Criado Perez: Conversation Starters Rating: 4 out of 5 stars4/5The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy: Conversation Starters Rating: 5 out of 5 stars5/5Workbook for The Subtle Art of Not Giving a F*ck: A Counter intuitive Approach to Living a Good Life Rating: 5 out of 5 stars5/5Eight Dates: Essential Conversations for a Lifetime of Love by John Gottman: Conversation Starters Rating: 1 out of 5 stars1/5Untamed by Glennon Doyle: Conversation Starters Rating: 4 out of 5 stars4/5Workbook & Summary of Becoming Supernatural How Common People Are Doing the Uncommon by Joe Dispenza: Workbooks Rating: 0 out of 5 stars0 ratings
Reviews for Summary of Poor Charlie’s Almanack by Charles T. Munger and Peter D. Kaufman
0 ratings0 reviews
Book preview
Summary of Poor Charlie’s Almanack by Charles T. Munger and Peter D. Kaufman - Justin Reese
BUFFETT ON MUNGER
From 1733 to 1758, Ben Franklin emphasized virtues like thrift, duty, hard work, and simplicity in Poor Richard's Almanack. Over the years, Charlie Munger, a disciple of Ben, shifted the focus from saving pennies to being prompt and early. Charlie consistently practiced Ben's advice, creating two philanthropic funds to teach compound interest. He chose to become a living lesson in compounding, avoiding frivolous expenditures. However, Charlie has not sought to improve on Ben's thinking, such as in his Advice on the Choice of a Mistress
essay.
The author shares his advice on choosing a partner, focusing on finding someone smarter and wiser, not flaunting their superiority, never second-guessing, generous, and constantly adding to the fun. Charlie Munger, who has been partners for 45 years, meets Ben's eighth criterion of being grateful.
MUNGER ON BUFFETT
The speaker criticizes the myth of being Warren Buffett's great enlightener, stating that he hasn't needed much enlightenment and that he gets more credit than he deserves. They argue that Warren's performance is improving each year, and Berkshire is drowning in money. They believe the top guy won't be as smart as Warren, but it's silly to complain about a world where Warren Buffett has been successful for 40 years.The speaker criticizes the myth of being Warren Buffett's great enlightener, stating that he hasn't needed much enlightenment and that he gets more credit than he deserves. They argue that Warren's performance is improving each year, and Berkshire is drowning in money. They believe the top guy won't be as smart as Warren, but it's silly to complain about a world where Warren Buffett has been successful for 40 years.
INTRODUCTION
Charlie Munger's multidisciplinary approach to life, learning, decision-making, and investing is a self-developed model for clear and simple thinking. His observations and conclusions are based on fundamental human nature, basic truths, and core principles from a wide range of disciplines. Munger's encyclopedic knowledge allows him to cite references from classical orators, 18th- and 19th-century European literati, and pop culture icons. He uses humor, inversions, and paradox to provide sage counsel about life's toughest challenges.
Charlie also employs historical and business case studies to make his points with subtlety and texture, often using a story-like context instead of abstract statements of theory. His lessons hang together in a coherent latticework of knowledge, available for recall and use when needed. It is clear throughout these talks and speeches that Charlie places a premium on life decisions over investment decisions. His mental models, drawn from every discipline imaginable, recur repeatedly and focus on fundamental truth, human accomplishment, human foibles, and the arduous path to wisdom.
The book opens with a portrait biography of Charlie Munger and summarizing his unconventional way of thinking and extraordinary work ethic. The expanded third edition of the book includes a new talk Charlie delivered at the USC Gould School of Law Commencement on May 13, 2007. Each talk is well worth your time not only for the enjoyment it will provide but also for what you can absorb from the rich assortment of ideas and practices that Charlie relies on.
A Portrait of Charles T. Munger
Berkshire Hathaway is a story of two financial geniuses, Warren Buffett and his silent partner,
Charlie Munger. Charlie is Warren's friend, lawyer, adviser, and devil's advocate, and one of the largest stockholders in one of the most successful publicly traded companies in American business history. Since 1964, when Warren and Charlie assumed management of Berkshire, its market value has increased an astonishing 13,500 times, from $10 million to roughly $135 billion.
Charlie was born on January 1, 1924, in Omaha, Nebraska, and has shared many notables with his Midwestern roots. He crossed paths with the Buffett family during his formative years when he worked at Buffett & Son, an upscale grocery store in Omaha. His parents encouraged reading and encouraged him to read medical journals belonging to Dr. Ed Davis, a close friend and family physician. Charlie developed a fondness for raising hamsters and eventually attended Central High School, a large public school recognized as a good college preparatory school.
In the 1920s, Omaha was a melting pot with different races and religions mixed socially and commercially. Charlie's observations of the plight of those less fortunate made a lasting impression, leading him to find a boring job counting passersby, which paid 40¢ an hour. This experience allowed Charlie to recognize and seize opportunities that other businessmen consistently overlook.
Charlie Munger, a respected federal judge and lawyer, was a key figure in his family's financial struggles during the Depression. His grandfather, Al Munger, helped rescue a small bank owned by Charlie's uncle Tom, who had been defaulting on loans due to the economy. Munger also supported his daughter's husband, a musician, in pharmacy school, which helped secure the future for Charlie's aunt.
During the Depression, Munger's law practice prospered, and he was paid a substantial fee to step aside and take over a case involving a small soap-making company. This allowed him to keep the Mungers comfortable during the depression. Charlie also worked to earn his own spending money, learning the value of financial independence.
In 1941, Charlie graduated from Central High School and pursued a career in mathematics and physics. He joined the Army Air Corps and later studied at the California Institute of Technology before being discharged from the Army Air Corps in 1946. He