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Name: Poor Charlie's Almanack
Rating: 4.3 (260 reviews)
Author: Peter D. Kaufman

Peter D. Kaufman

The Wit and Wisdom of Charles T. Munger

4.3 (260 Bewertungen)

26 Min.

Kurz zusammengefasst

Poor Charlie's Almanack by Peter D. Kaufman is a collection of Charlie Munger's speeches and essays. It provides insights into his philosophy and approach to life, business, and investing.

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Memoiren Kapitalanlagen Kapitalismus & Freie Marktwirtschaft

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Poor Charlie's Almanack
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What’s in it for me? Learn how to be a principled and savvy investor.

You’ve probably never heard of Charles T. Munger. In the age of Instagram and flashy displays of wealth, this is, in itself, remarkable. Munger is one of the world’s wealthiest businessmen, but you won’t find any photos of him cruising the Caribbean en route to a private island; he’s more likely to be at home in the house he’s lived in for decades, his nose stuck in a book.

Munger is known for his down-to-earth lifestyle and for his deeply principled approach to investing. At a time when many have become very cynical about Wall Street, it’s refreshing to hear from an investor who sticks to his principles, from insisting on the honest reporting of figures to refusing to store his money in tax havens. According to Munger, this isn’t just the right thing to do; it’s also good business.

In these blinks, you’ll learn

why investors should be trained like pilots;
how Munger was able to predict the 2008 Global Financial Crisis; and
why you should always come clean about your mistakes.

Charlie Munger’s youth instilled in him a strong work ethic and philanthropic spirit.

As a teenager, Charlie Munger went to work for the grocery store run by Warren Buffet’s grandfather, Ernest. This was no idle summer job. Munger was put to work doing 12-hour shifts without a break, for which he earned the princely sum of two dollars. That experience was grueling, but it instilled in him a work ethic that would see him through the rest of his career, from lowly grocery stacker to billionaire.

Munger’s children remember their father working extremely long hours, leaving at dawn and coming back in time for dinner. After eating, he would continue working. Even when he was physically present, chances were that Munger’s mind was actually on work. He’s known for his single-minded focus and has the uncanny ability to tune out all distractions – a very important skill when you have eight children clamoring for attention!

Munger also made a concerted effort to instill his work ethic in his children. One of his sons, William Borthwick, remembers how Munger taught him to get jobs done right the first time – or suffer the consequences. One of Borthwick’s chores was to drive into town to collect their housekeeper and buy a newspaper. This entailed taking a boat across a river and then making a short drive by car. On one particularly stormy day, Borthwick made the journey in howling gales. The violence of the storm made him completely forget to get the newspaper. When Munger heard that, he immediately ordered Borthwick to return – storm or no storm!

This sounds like a very harsh lesson, but it was effective. Borthwick credits the experience with making him a much more effective worker. Although Munger was a strict father, his children remember their childhoods very fondly. He was also completely committed to them, supporting their careers and education.

Munger isn’t just generous to his immediate family – he’s also a well-known philanthropist. Growing up during the Great Depression, Munger saw firsthand the terrible deprivations of poverty. This has led him to always try to make a public contribution. Together with his wife, Nancy, he has made substantial endowments to universities and hospitals. He has also loyally supported causes that are close to his heart, like Planned Parenthood. For Munger, it’s as important to give back as it is to work hard.

Munger had an unconventional academic career that made him an independent and original thinker.

Who would have thought that someone who never even finished his bachelor’s degree could be so successful? World War II completely interrupted Munger’s studies at the University of Michigan, but he didn’t allow it to derail his career. On the contrary, his unconventional education equipped him to be the investor he is today.

Munger’s academic career began early, with fervent studying. His parents always encouraged their children to read and often gave them books as gifts. Munger looked for knowledge everywhere he could. As a teenager, he spent long hours in the library of a family friend, who was a doctor. There, he immersed himself in medical journals, beginning a lifelong fascination with science and medicine.

A chance meeting over dinner set the stage for Munger’s professional investing career.

After graduating from Harvard, Munger joined a law firm in California and became extremely prosperous. In 1962 he founded the successful firm Munger, Tolles, and Olson.

Munger was deeply restless, however. He wasn’t content to settle for a career as a lawyer. He wanted more: more money, more influence, and more areas to apply his skills and intellect.

Charlie Munger is a principled investor committed to doing business according to high ethical standards.

If movies like The Wolf of Wall Street are to be believed, Wall Street is full of crooks trying to con people out of their money.

It’s true that there are many unethical investors, and that a lack of regulation allows corrupt practices to flourish. But there are also many principled investors, and there may be no better example than Charlie Munger, and by extension, Berkshire Hathaway.

Charlie Munger predicted the 2008 Global Financial Crisis and helped Berkshire Hathaway avoid damage.

Munger’s ethical business policy has become especially notable in light of the 2008 Global Financial Crisis. Long before the crash occurred, he was loudly denouncing accountants who practiced “creative accounting” to help their clients fudge their books.

Munger decries what he sees as the moral decay of corporate accounting firms. In his youth, he remembers them as principled enterprises; over his lifetime, however, he’s seen them shift their ethical principles. Accounting firms are now too concerned with getting “filthy rich,” as Munger says, and have sold out their moral principles, helping their clients to doctor the books and find loopholes in the law.

Good investors learn from their mistakes and are not afraid of changing their minds.

Charlie Munger loves to tell the story of a financial officer in one of his companies who made a stupid investment mistake, costing the company hundreds of thousands of dollars. As soon as he realized what he’d done, the officer went to the president of the company to confess. The president agreed that this was a terrible oversight and warned the financial officer to be more careful next time. But because the officer had immediately confessed instead of trying to cover it up, he kept his job.

This anecdote sums up Munger’s philosophy on honesty. While he has a zero-tolerance approach to liars, he has a very pragmatic view of mistake-making. He believes that to err is human. What matters is that you own up to your mistakes, then learn from them.

The most important qualities an investor can have are patience and focus.

Charlie Munger espouses what he calls “sit-on-your-ass investing,” which means that one of the most important qualities for a good investor to have is patience.

He and Buffet wait until they see a good opportunity, like under-valued stock in what they predict will become a profitable company. When they find the right opportunity, they pounce, buying up large parts of the company. Once they’ve bought a share of a company, they usually keep it, sometimes for decades.

To solve problems successfully, an investor has to be able to draw on diverse mental models.

Munger often recounts a parable about a workman who only has one tool: a hammer. Because of that, he sees every problem as something that can only be fixed by being bludgeoned.

If you’re an investor with only one “tool” or way of approaching a problem, you’ll suffer in the long run. You’ll try to twist reality to fit your solution, even if it doesn’t. To be successful, you need a very broad and diverse range of tools taken from different disciplines. This will give you the mental acuity needed to adapt your thinking and problem-solving to the dilemma at hand.

The best investors recognize their own psychological limitations and use them to their advantage.

Knowledge of psychology is key for an investor. The most important thing you need is to understand the limitations of your own thinking.

Everyone has limited knowledge and blind spots that prevent them from seeing problems clearly. We are also sadly prone to being manipulated subconsciously. That’s why advertising is so effective – or did you think you woke up and decided you wanted a can of Coke of your own free will?

Investors need to be able to spot the crest of the wave.

In a fiercely competitive market, it becomes more and more difficult to find a lucrative investment.

Many people determine whether or not to make a worthwhile purchase with the strategy of value investing pioneered by investor Benjamin Graham. Graham calculated the value of a company if it were to be sold privately, then divided that price by the number of shares available. If the shares were on the market for no more than a fifth of the company’s actual value, then he deemed it a worthwhile investment.

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Worum geht es in Poor Charlie's Almanack?

Poor Charlie’s Almanack (2005) delves into the life and investment philosophies of one of the world’s most reclusive billionaires: Charles Munger. As vice-chairman of Berkshire Hathaway, Munger has been instrumental in investment decisions that have yielded profits in the billions of dollars. But Munger isn’t only interested in money. In these blinks, you’ll learn about his inspiring ethical investment philosophy, how he espouses the importance of paying taxes, and how he is a devoted philanthropist, donating money to educational institutions and causes like Planned Parenthood.

Bestes Zitat aus Poor Charlie's Almanack

Once you start doing something bad, then its easy to take the next step – and then youre a moral sewer.

—Peter D. Kaufman

Wer Poor Charlie's Almanack lesen sollte

Investors wanting some tips about how to pick the most lucrative stock
Economic historians interested in the career of one of the most successful capitalists of our time
Psychology buffs curious about the mental processes behind investment decisions

Über den Autor

Charles Munger studied at Harvard Law School before going on to establish his own successful practice. A chance meeting with Warren Buffet led him to the world of investing, and today, he is the billionaire vice-chairman of Berkshire Hathaway. Poor Charlie’s Almanack is the first compilation of Munger’s investment advice, garnered from the minutes of Berkshire Hathaway board meetings and Munger’s own speeches.

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