Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom" - a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management - allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.
Munger's system has steered his investments for 40 years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.
©2015 Columbia University Press (P)2015 Brilliance Audio, all rights reserved
The story itself is great, informative and insightful.
Detailing how Munger draws from other disciplines to help shape strategies. I'm a sucker for a good analogy.
The biggest downside was the constant footnote references for the quotes. "Charlie Munger, Westco Annual Meeting, 1994", ... that broke up the pace of the story and ideas.
Cut out the footnote references in the performance. Add a PDF for the Berskshire math section.
I've read the book and understand that it is a collection of quotes strung together to paint an overall picture of the man we all know as Charlie the great. But, I found myself losing the story-flow because of all the citations when listening. i cannot offer a solution because of the way the book was written, but it was a tough listen.
Interesting book ruined by the constant references to the date and place of every single quote. We KNOW all the quotes are by Munger and whether it was in the Berkshire annual report or at a Harvard lecture is completely irrelevant. It just spoils the flow of the story. What a pity.
You would think that a book with Charlie Munger's name in the title would have at the very least new insights into what influenced his investing philosophy. Perhaps there would even be a discussion of how he influenced Warren Buffett's thinking, and vice versa. Of course this would require interviewing the subject and delving into primary source material, which appears not to have been done. Instead the work trots out quips and quotes, which most value investors have heard many times before, with the authors commentary.
If it weren't for the constant citations throughout the book it would be a much more pleasant listen/read. Literally every other sentence is cited. Can't these be saved for the end? It makes the reading/listening process twice as long plus sidetracks your train of thought while trying to learn. Decent content, poorly presented.
This book is very condensed with wisdom and advice. Take your time. Read through the lines and take notes. Needs a lot to digest and take more time to research keywords that can open many educational information.
The book was great in its discussion on rationality. Very few value-investment books pick up on the importance of temperament. This book clearly highlights the importance of self-awareness. Worth a listen.
"I like stocks when undervalued"-CM
"Rewards can dictate behavior"-CM
Were these quotes useful to you?
More useful to you if I add several sentences of my own commentary before offering another banal quote from a great businessman? Then buy this book.
Author really lost credibility when he started to introduce quotes from the manifestly terrible teacher, poor investor, but great promoter, Nicolas Taleb.
Better solution than this book? The original munger transcripts of speeches and writings. This book was a waste of time for both the author and the reader.
"An excellent book."
Absolutely love it. Very straightforward and clear message to anyone related to all aspects of the way Mr Munger thinks and invests. A great job from the author
"Good collection of quotes from Charlie Munger "
Good collection of quotes from Charlie Munger. The writer fails to bring these quotes together in a cohesive manner though. Narration is somewhat irritating, mainly because of several quotations.
"Anything Charlie Munger I'm reading"
In this book Tren Griffin gives a great break down of how Charlie Munger thinks and see his investment philosophy
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