What made Charlie Munger so great? Certainly, his investment track record at Berkshire Hathaway alongside Warren Buffett was outstanding, however what is an even bigger legacy is his lessons, advice and analogies which are not only applicable to investing but also for life itself.
His book, Poor Charlie’s Almanack is essentially made up of 11 separate talks/addresses/speeches that Munger has done over the years. There are lessons for anyone and everyone contained within, which are intertwined with a very healthy dose of ‘matter of fact’. One common thread seen throughout is that of building a series of mental models which can be used in conjunction with each other and have applicability across different decision-making areas. For investors, this is very much a foundational read that can be beneficial within your own investment process.
Side note: For those wondering about the peculiar name of this book? It comes from the yearly publishing of Benjamin Franklin called Poor Richard’s Almanack in the mid-1700s. Franklin’s almanac (which is a publishing similar to a calendar) was very popular at the time as it included his musings and proverbs which were seen as wise life lessons. Sounds a lot like Charlie Munger.
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