From the legendary vice-chairman of Berkshire Hathaway, lessons in investment strategy, philanthropy, and living a rational and ethical life.
"A timeless classic that will change how you approach life. There is a billion-dollar education inside this book."--Shane Parrish, founder of Syrus Partners and Farnam Street
"Spend each day trying to be a little wiser than you were when you woke up," Charles T. Munger advises in Poor Charlie's Almanack.
Originally published in 2005, this compendium of eleven talks delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007 has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries.
Poor Charlie's Almanack draws on Munger's encyclopedic knowledge of business, finance, history, philosophy, physics, and ethics--and more besides--to introduce the latticework of mental models that underpin his rational and rigorous approach to life, learning, and decision-making. Delivered with Munger's characteristic sharp wit and rhetorical flair, it is an essential volume for any reader seeking to go to bed a little wiser than when they woke up.
"This book is something of a publishing miracle--never advertised, yet year after year selling many thousands of copies from its Internet site."-- Warren Buffett, CEO of Berkshire Hathaway
"Charlie Munger was born before corporate speak, before business leaders minced words to obscure truths. But Charlie Munger's words have always cut like a knife--and that sharp spirit of truth-seeking built Berkshire into what it is today. We should all aspire to such clarity." --Katherine Boyle, general partner at a16z
" Poor Charlie's Almanack is a timeless classic that will change how you approach life. There is a billion-dollar education inside this book."
--Shane Parrish, founder of Syrus Partners and Farnam Street
"This book is the best way to learn from Munger and his ideas. It's a must-read for anyone interested in thinking clearly, rationally, and effectively." --Ana Lorena Fabrega, author, educator, and chief evangelist at Synthesis
"Charlie Munger's insights are timeless. Some of these speeches were delivered over 20 years ago, but they feel like they could have been given yesterday." --Tyler Hogge, venture partner at Pelion
"If I could only read one book to help me succeed in life and business, this is the book I'd read. Charlie's timeless wisdom has inspired millions and will continue to resonate for generations to come." --David Senra, creator of the Founders podcast "This book is indispensable reading that will benefit investment professionals and retail investors alike... The rerelease of Munger's bountiful wit and wisdom is a celebration of nearly a century of success and deserves to be at the top of our reading lists."
--Ian Robertson, CFA Institute
"Those who know only a little about him think Munger was a paragon of how to pick stocks--which he was. But those who knew him well consider him a moral exemplar--someone who showed how to think clearly, deal fairly and live fully. He took nothing for granted." --Jason Zweig, Wall Street Journal
"Munger's book offers a rare look inside one of the greatest minds of our time. From avoiding a life of misery to choosing the right business partner, you'll learn to apply 'Mungerisms' to every aspect of your life."--Marcel Schwantes, INC
"As instructive as Munger's advice--which affords peeks into how he and Buffett made their implausibly profitable investment decisions--is his unapologetic skewering of the sacred principles of contemporary investing and business education, and of the behavior of the business community generally... Munger's painfully honest and occasionally indecorous views on the mainstream investing world make for entertaining reading."
--Dave Mandle, Los Angeles Review of Books
Table of Contents:
Foreword by John B. Collison
Foreword by Warren E. Buffett
Rebuttal by Charles T. Munger
Introduction by Peter D. Kaufman
Chapter 1 A Portrait of Charles T. Munger
Chapter 2 Remembering: The Children on Charlie
Chapter 3 The Munger Approach to Life, Learning, and Decision-Making
Chapter 4 Eleven Talks
Talk One
Harvard School Commencement Speech
Talk One Revisited
Talk Two
A Lesson On Elementary, Worldly Wisdom
Talk Two Revisited
Worldly Wisdom, Updated: Q&A with Charlie
Talk Three
A Lesson On Elementary, Worldly Wisdom, Revisited
Talk Three Revisited
Talk Four
Practical Thought about Practical Thought?
Talk Four Revisited
Talk Five
Harvard Law School 50th Reunion Address
Talk Five Revisited
Talk Six
Investment Practices of Leading Charitable Foundations
Talk Six Revisited
Talk Seven
Philanthropy Roundtable
Talk Seven Revisited
Talk Eight
The Great Financial Scandal of 2003
Talk Eight Revisited
Talk Nine
Academic Economics
Talk Nine Revisited
Talk Ten
USC Gould School of Law Commencement Address
Talk Eleven
The Psychology of Human Misjudgment
Talk Eleven Revisited
Appendix
Endnotes
Recommended Reading
Acknowledgments
Index
Charles T. Munger (1924-2023) was an investor, businessman, and former real estate attorney. He was the vice-chairman of Berkshire Hathaway, the multinational conglomerate controlled by Warren Buffett. He was chairman of Wesco Financial Corporation from 1984 to 2011. He was also chairman of the Daily Journal Corporation and a director of Costco Wholesale Corporation.
Peter D. Kaufman is the chairman and CEO of Glenair, Inc. He is a former director of Wesco Financial Corporation and Daily Journal Corporation. In 2005, he edited and published Poor Charlie's Almanack, a compilation of talks given by his longtime friend Charlie Munger. He lives in California.
Warren E. Buffett is the chairman and CEO of Berkshire Hathaway.
John Collison is the cofounder and president of Stripe, which builds financial infrastructure for the internet.