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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition
Charles Thomas Munger is an American business magnate, lawyer, investor, and philanthropist.
He is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett; in this capacity, Buffett describes Charlie Munger as "my partner." Munger served as chairman of Wesco Financial Corporation from 1984 through 2011 (Wesco was approximately 80%-owned by Berkshire-Hathaway during that time). He is also the chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
He is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett; in this capacity, Buffett describes Charlie Munger as "my partner." Munger served as chairman of Wesco Financial Corporation from 1984 through 2011 (Wesco was approximately 80%-owned by Berkshire-Hathaway during that time). He is also the chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
501 pages, Kindle Edition
Published June 25, 2022
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698 people want to read
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November 27, 2022The content of the book is good. There’s no discusión that Charlie Munger is an investing genius and is a pleasure to read from his wisdom.
Now, regarding the specific Kindle edition I read… (expanded Third Edition on kindle). oh boy! Without exaggerating , it’s the worst editing job I’ve ever found in a book. It seems as if they didn’t even gave it one read before uploading it. The book is full of grammar errors, (missing periods, capital letters, missing commas) many sentences are repeated twice, sometimes a full paragraph. In some sections, the text doesn’t even make any sense: it seems as if they used some sort of speech to text software and they didn’t took the time to double check. Fells like reading a bad translation from Chinese.
Examples:
“editor’s note unlike most creditors Solomon did eventually get paid as Charlie Puth Shit it was a minor miracle we didn’t deserve to get it back”
“liberal Arts faculty is at major universities have used that are not very sound at least on public policy issues however they may know a lot of French whitehead spoke of the cattle…”
Overall, all the editing problems made it much harder to enjoy the reading experience.
Now, regarding the specific Kindle edition I read… (expanded Third Edition on kindle). oh boy! Without exaggerating , it’s the worst editing job I’ve ever found in a book. It seems as if they didn’t even gave it one read before uploading it. The book is full of grammar errors, (missing periods, capital letters, missing commas) many sentences are repeated twice, sometimes a full paragraph. In some sections, the text doesn’t even make any sense: it seems as if they used some sort of speech to text software and they didn’t took the time to double check. Fells like reading a bad translation from Chinese.
Examples:
“editor’s note unlike most creditors Solomon did eventually get paid as Charlie Puth Shit it was a minor miracle we didn’t deserve to get it back”
“liberal Arts faculty is at major universities have used that are not very sound at least on public policy issues however they may know a lot of French whitehead spoke of the cattle…”
Overall, all the editing problems made it much harder to enjoy the reading experience.
June 28, 2024
What is the point of hardcover books? They are heavy and strain the hands. Poor Charlie's Almanack could have been much shorter. The same ideas are given repeatedly, but somehow I'm still struggling to remember them...1. use approaches from different disciplines, especially from psychology and accounting. I'm reminded of how Lincoln used to read books on math because he wanted to train his ability to logically reason. 2. There is no love as right as admiration-based love. That is touching of Munger to say. 3. People are persuaded by self-interest. 4. Think inversely, so if you want to make friends, try thinking, "How do I get people to really not want to be friends with me?" and then do not do those things.
There's much more, but I've forgotten now. The 'USC Law School Commencement Address' is the place to begin, I think; it sums up most of the ideas in the clearest and most entertaining way and sets you up for the rest of the book.
There's much more, but I've forgotten now. The 'USC Law School Commencement Address' is the place to begin, I think; it sums up most of the ideas in the clearest and most entertaining way and sets you up for the rest of the book.
December 14, 2024
Nice collection of speeches by a brilliant & insightful man who was unfortunately prone to rambling asides. True Charlie devotees may find it more charming, but I could have done with a sparknotes version.
November 23, 2024
this is a collection of some superb (& dense) essays that I wish I was made to read in college/school. A lot of people now lament that collecge skips teaching students two key subjects : Nutrition and Finance. I think another missed item on that list is CRITICAL THINKING and this book is a brilliant start.
May 12, 2024
Charlie Munger, the billionaire sidekick of Warren Buffett, has been praised so much in investment books that even your grandma's cookbook probably mentions him. After years of skepticism, I finally decided to dive into "Poor Charlie's Almanack" to see what all the fuss was about. Ok, now I see that it's a great book with simple yet hard-to-ignore advice.
Munger is undoubtedly a smart cookie; but let's be real, a good chunk of his success comes down to pure luck. Even the brightest business minds can make forecasts that turn out to be as wrong as a weatherman predicting sunshine on a rainy day. Just ask Warren Buffett about his grilling on Capitol Hill after the Salomon Brothers' CEO debacle.
I have to admit that I judged this book without reading it at first. Now I can see why many mention it as a must-read for anyone remotely interested in business, investing, or just being a functional human being. Munger's "latticework of models" approach isn't groundbreaking, but it's a solid reminder that being a well-rounded polymath can help you navigate life's challenges.
Munger's advice is simple and repetitive, but that's the point. He believes that repetition leads to mastery, and I can't argue with that. However, don't take every suggestion he has too literally. You don't need to become a Cicero scholar overnight, but broadening your knowledge can provide unexpected insights.
For example, I quasi-randomly read a textbook not too long ago about plant genetics. B-O-R-I-N-G to some, yes, but understanding basic bio-genomics and plant cultivation made me think twice about investing in a hot online grocery store. Selling bananas and apples? Did you know your Fuji apple seeds won't grow into the same tasty fruit? It's a resource that will continue to get more and more expensive for the retailers once you understand the genetics of it all. What will happen to the Cavendish banana? It seemed totally unnecessary information when I read it all, but Charlie's prediction was absolutely correct: everything is interconnected.
Munger also deviates from reality a bit for recommending to all that they should know the meaning of Jacobi's inversion principle, which is specific to the domain of linear algebra. However, the derivation of the idea, which is working backwards through a problem to reach success, has been well-documented in Thinking Backwards: The Art of Problem Solving in Business. Rob Van Haastrecht & Martin Scheepbouwer and Working Backwards: Insights, Stories, and Secrets from Inside Amazon. He understood that principle years before these books were written.
Kaufman (the author) did a great job in leaving in Munger's questionable phrasing and his misuse of the term "mental models." I think it helps drive home the core message: be a lifelong learner, be selective in your investments, and don't pretend to be an expert in something you don't fully grasp.
At times, the book feels like the ramblings of a rich old man, but by the end, you'll realize that those ramblings are surprisingly valuable. Munger demonstrates that success is attainable if you focus on what truly matters to you.
In conclusion, "Poor Charlie's Almanack" is a worthwhile read for anyone, regardless of age. The insights may not be immediately obvious, but let them marinate in your mind, and you'll find that the book's value far exceeds its price tag. Just don't blame me if you suddenly feel the urge to become an expert in everything from Roman politics to psychology.
Munger is undoubtedly a smart cookie; but let's be real, a good chunk of his success comes down to pure luck. Even the brightest business minds can make forecasts that turn out to be as wrong as a weatherman predicting sunshine on a rainy day. Just ask Warren Buffett about his grilling on Capitol Hill after the Salomon Brothers' CEO debacle.
I have to admit that I judged this book without reading it at first. Now I can see why many mention it as a must-read for anyone remotely interested in business, investing, or just being a functional human being. Munger's "latticework of models" approach isn't groundbreaking, but it's a solid reminder that being a well-rounded polymath can help you navigate life's challenges.
Munger's advice is simple and repetitive, but that's the point. He believes that repetition leads to mastery, and I can't argue with that. However, don't take every suggestion he has too literally. You don't need to become a Cicero scholar overnight, but broadening your knowledge can provide unexpected insights.
For example, I quasi-randomly read a textbook not too long ago about plant genetics. B-O-R-I-N-G to some, yes, but understanding basic bio-genomics and plant cultivation made me think twice about investing in a hot online grocery store. Selling bananas and apples? Did you know your Fuji apple seeds won't grow into the same tasty fruit? It's a resource that will continue to get more and more expensive for the retailers once you understand the genetics of it all. What will happen to the Cavendish banana? It seemed totally unnecessary information when I read it all, but Charlie's prediction was absolutely correct: everything is interconnected.
Munger also deviates from reality a bit for recommending to all that they should know the meaning of Jacobi's inversion principle, which is specific to the domain of linear algebra. However, the derivation of the idea, which is working backwards through a problem to reach success, has been well-documented in Thinking Backwards: The Art of Problem Solving in Business. Rob Van Haastrecht & Martin Scheepbouwer and Working Backwards: Insights, Stories, and Secrets from Inside Amazon. He understood that principle years before these books were written.
Kaufman (the author) did a great job in leaving in Munger's questionable phrasing and his misuse of the term "mental models." I think it helps drive home the core message: be a lifelong learner, be selective in your investments, and don't pretend to be an expert in something you don't fully grasp.
At times, the book feels like the ramblings of a rich old man, but by the end, you'll realize that those ramblings are surprisingly valuable. Munger demonstrates that success is attainable if you focus on what truly matters to you.
In conclusion, "Poor Charlie's Almanack" is a worthwhile read for anyone, regardless of age. The insights may not be immediately obvious, but let them marinate in your mind, and you'll find that the book's value far exceeds its price tag. Just don't blame me if you suddenly feel the urge to become an expert in everything from Roman politics to psychology.
June 30, 2025
I finished reading “Poor Charlie’s Almanack – The Essential Wit & Wisdom of Charles T. Munger” by Charlie Munger, who is well known and well regarded for his work at Berkshire Hathaway as Vice Chairman and a right-hand man to legendary Warren Buffett.
The book is a collection of 11 speeches delivered by Charlie Munger from 1986 to 2007 covering multiple subjects such as law, finance, economics, psychology, investments, philanthropy and academia. He has shared his wisdom about life and investments, acquired for well over 70 years. He has stressed on acquiring multidisciplinary knowledge and training to face real world problems and make better decisions, whether related to investments, personal life or community. Charlie’s writing style is frank and engaging, and he uses several punchy examples to explain his point. He has harsh words for practitioners and academics who fail to see and learn from areas outside their own fields. He tells readers to ignore jurisdictional boundaries and make decisions using multiple models. He encourages the readers to change their views/styles when faced with a dead-end or total failure, instead of being stubborn and sticking to a failing model. He believes envy in academia is a sin (just like in everyday life) and applying exact rules of Physics to Economics to attain precision is a mistake. His advice is to learn every day as without lifetime learning, one couldn’t do well throughout his life. He says, “Without lifetime learning, you people are not going to do very well. You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here.”
His multidisciplinary approach calls for becoming comfortable with Mathematics (as it is the language of God), Accounting (language of practical business), Psychology, Statistics, Physics, Biology & Physiology, and Macro & Microeconomics. He says that when faced with a problem, use a 5 step approach to solve it; 1) simplify the problem by deciding big no-brainer questions, 2) use maths, 3) think reverse or invert, 4) apply multidisciplinary wisdom and 5) remember that really big effects often come from large combination of factors, which he terms as Lollapalooza effect. He also advises the readers to focus on their core competencies acquired through multidisciplinary approach and refrain from sharing insights about areas/fields that they are not comfortable with and incompetent to comment about. The last speech (number 11) is about the Psychology of Human Misjudgement in which he covers 25 tendencies that lead to errors in decision making.
An enlightening read for anyone interested in gaining wisdom and insights about life, work, investments and business. Also, a good read for those who don’t know much about Charlie Munger as he remained in the background while his partner and Chairman Warren Buffet received all the limelight.
The book is a collection of 11 speeches delivered by Charlie Munger from 1986 to 2007 covering multiple subjects such as law, finance, economics, psychology, investments, philanthropy and academia. He has shared his wisdom about life and investments, acquired for well over 70 years. He has stressed on acquiring multidisciplinary knowledge and training to face real world problems and make better decisions, whether related to investments, personal life or community. Charlie’s writing style is frank and engaging, and he uses several punchy examples to explain his point. He has harsh words for practitioners and academics who fail to see and learn from areas outside their own fields. He tells readers to ignore jurisdictional boundaries and make decisions using multiple models. He encourages the readers to change their views/styles when faced with a dead-end or total failure, instead of being stubborn and sticking to a failing model. He believes envy in academia is a sin (just like in everyday life) and applying exact rules of Physics to Economics to attain precision is a mistake. His advice is to learn every day as without lifetime learning, one couldn’t do well throughout his life. He says, “Without lifetime learning, you people are not going to do very well. You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here.”
His multidisciplinary approach calls for becoming comfortable with Mathematics (as it is the language of God), Accounting (language of practical business), Psychology, Statistics, Physics, Biology & Physiology, and Macro & Microeconomics. He says that when faced with a problem, use a 5 step approach to solve it; 1) simplify the problem by deciding big no-brainer questions, 2) use maths, 3) think reverse or invert, 4) apply multidisciplinary wisdom and 5) remember that really big effects often come from large combination of factors, which he terms as Lollapalooza effect. He also advises the readers to focus on their core competencies acquired through multidisciplinary approach and refrain from sharing insights about areas/fields that they are not comfortable with and incompetent to comment about. The last speech (number 11) is about the Psychology of Human Misjudgement in which he covers 25 tendencies that lead to errors in decision making.
An enlightening read for anyone interested in gaining wisdom and insights about life, work, investments and business. Also, a good read for those who don’t know much about Charlie Munger as he remained in the background while his partner and Chairman Warren Buffet received all the limelight.
March 7, 2024
Finally got around to reading after seeing it on a TON of reading lists from people I highly respect. Without a doubt, this is a must read for anyone who wants to have a better understanding of the thought process behind Munger, his frameworks for life, and his views on investing.
Poor Charlie’s Almanack takes the reader through 11 different speeches that Mr. Munger gave from the late 1900s to very early 2000s. In it, Munger seamlessly blends his views on investing, psychology, economics, and life. Most notably to this reader, Munger’s disdain for treating the soft sciences (psychology and economics) as though they are hard sciences (physics and biology) jumped out at me as insightful and extremely important in life and investing alike. He talks about the rejection of the fully efficient market hypothesis due to its faulty nature of masquerading as a hard science fact. Instead he advocates for a combination of soft sciences, in particular economics and psychology, to drive one’s decision making. Talk 11 of Poor Charlie’s Almanack takes the reader through 25 unique tendencies or heuristics people innately have. Without a doubt, this section will be one I reread for years to come, as it reminds the reader of their natural bias.
This is the perfect collection of speeches whether someone is looking for a sound investment book, or a book of advice on how to live.
Poor Charlie’s Almanack takes the reader through 11 different speeches that Mr. Munger gave from the late 1900s to very early 2000s. In it, Munger seamlessly blends his views on investing, psychology, economics, and life. Most notably to this reader, Munger’s disdain for treating the soft sciences (psychology and economics) as though they are hard sciences (physics and biology) jumped out at me as insightful and extremely important in life and investing alike. He talks about the rejection of the fully efficient market hypothesis due to its faulty nature of masquerading as a hard science fact. Instead he advocates for a combination of soft sciences, in particular economics and psychology, to drive one’s decision making. Talk 11 of Poor Charlie’s Almanack takes the reader through 25 unique tendencies or heuristics people innately have. Without a doubt, this section will be one I reread for years to come, as it reminds the reader of their natural bias.
This is the perfect collection of speeches whether someone is looking for a sound investment book, or a book of advice on how to live.
April 25, 2024
Interdisciplinary lifelong learning is a key to success in business. One needs to know not only finance, but also history, economics, psychology, human nature, classics, soft and hard sciences to be a great investor. Always invert your thinking and be patient and trustful. And "don't tell me where I'm going to be when I die --- so I won't go there." Moreover, "don't bring a one-legged man to an ass-kicking fight."
There is a lot of repetition in the "talks" --- however, this does serve to drive home his Ben Franklin-inspired maxims reflecting on a life well lived.
The Endnotes are particularly interesting and instructive regarding world history and allegorical literature that Charlie often quotes.
There is a lot of repetition in the "talks" --- however, this does serve to drive home his Ben Franklin-inspired maxims reflecting on a life well lived.
The Endnotes are particularly interesting and instructive regarding world history and allegorical literature that Charlie often quotes.
May 18, 2025
Good talks given by Charlie Munger and his revisits to those talks. Nice to hear his ideas about psychology, criticisms to academia and appraisal of generalist approach with elemental knowledge about every topic. Fails to create a framework for his approach to psychology by explaining his points with 25-item checklist. "Balkanized" as he would say. It would be better to revisit this whole approach after the Kahneman's Thinking Fast and Slow is published. I believe it would create a good starting point for his checklist items and examples.
March 3, 2023
Terrible editing, countless typo, not compatible with Kindle Scribe
the content itself is worth revisiting
but the editing kills any desire to reopen this kindle version
especially on latest kindle (kindle scribe). This kindle version of PCA is not compatible with kind scribe for your kindle will forze up 9 out 10 when you open this title on it, and many other indications tell that this version is not for kindle scribe
so 5 stars for the content
-5 for the formatting
the content itself is worth revisiting
but the editing kills any desire to reopen this kindle version
especially on latest kindle (kindle scribe). This kindle version of PCA is not compatible with kind scribe for your kindle will forze up 9 out 10 when you open this title on it, and many other indications tell that this version is not for kindle scribe
so 5 stars for the content
-5 for the formatting
March 7, 2023
This book was very informal and fairly entertaining, more of a winding discourse than focused essay. It got me thinking more about knowledge vs wisdom, mental models, first principles and of course Benjamin Franklin. The content was 3.5 stars, try and read a physical copy if you can because the kindle edition seems to be some type of unedited text generated from the original and isn't always intelligible
March 1, 2024
The book is a collection of speeches, essays, and anecdotes by Charlie Munger, the vice chairman of Berkshire Hathaway and a longtime partner of Warren Buffett. The book offers insights into Munger's philosophy of life, business, and investing, as well as his famous mental models for making better decisions. The book is rich with wisdom, humor, and practical advice, and it is a must-read for anyone.
November 19, 2024
We're lucky to have this legacy of the late, great Charlie Munger.
The book is a collection of speeches Charlie made over the past few decades. He discusses his opinions on a variety of topics including psychology, business, and critiques on the way subjects are taught at universities.
There is some overlap in the content, which can make parts of the book a tad repetitive, but overall I'm glad I read it.
The book is a collection of speeches Charlie made over the past few decades. He discusses his opinions on a variety of topics including psychology, business, and critiques on the way subjects are taught at universities.
There is some overlap in the content, which can make parts of the book a tad repetitive, but overall I'm glad I read it.
November 13, 2022
Came here after reading Navals almanac... And will next go to Ben Franklin's book.
This is a book worth revisiting every few years. The last chapter added is really worth the entire purchase cost.
While working for Morgan Stanley i watched a few library videos of a mentor for all new joinees i wonder if he is the same Charlie.
This is a book worth revisiting every few years. The last chapter added is really worth the entire purchase cost.
While working for Morgan Stanley i watched a few library videos of a mentor for all new joinees i wonder if he is the same Charlie.
October 13, 2024
Frankly speaking it was difficult to comprehend but some of the writing is exceptional and eye opening. I enjoyed whatever i could get as it was very new perspective and things we might not even encounter in our life if we dont realise about those aspects. he is old school thought but learnings are valid in today''s world. Every intellect should have this copy in his/her collection
November 8, 2025
It is a joy and a privilege to read Charlie Munger’s thoughts (and to hear his recorded interviews and speeches). He has a way with words that leaves you both skewered and chuckling. I find it necessary to make notes because he refers to so much from his lifelong reading. Also, he is very quoteable!
January 2, 2023
No Proofreading?
Excellent content. Unfortunately it reads like someone dictated the book to Siri and didn’t bother to proofread it. We’re the editors on vacation? Pretty sloppy for such an important book.
Excellent content. Unfortunately it reads like someone dictated the book to Siri and didn’t bother to proofread it. We’re the editors on vacation? Pretty sloppy for such an important book.
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February 7, 2023Written as a study on the investment wisdom and strategies that Berkshire Hathaway has developed over decades of experience through trial and error and the issues involved in building personal and generational wealth.
December 13, 2024
I obtained the hardcover via an interlibrary loan. There are not that many out there, apparently. A BIG book, with lots of pictures. It was a bit overwhelming, so I skimmed it for a couple of weeks, and returned it. Good reading and I got to know him a bit.
November 24, 2025
Really enjoyed the book, a lot of wisdom in the pages. His comments about psychology seem particularly insightful, as does his comments about inverting. I will definitely be reading more on psychology.
March 21, 2023
Good
Some really great wisdom but way too long. Took too much time to complete this book. I guess a month
Some really great wisdom but way too long. Took too much time to complete this book. I guess a month
July 19, 2023
Mental models and psychology.
October 30, 2023
Amazing book highly recommend! More than just a finance book touches on philosophy, networking, life principles. Happy to have learned about this book through Market Monday’s.
May 28, 2024
"Reading a great book twice is better than reading ten average ones."
January 1, 2025
You can skip this book if you’re dad is a billionaire
July 20, 2025
I will revisit this book over and over. Much timeless (and ever-timely) wisdom. Among other things, it contains a comprehensive catalog of cognitive biases / psychological misjudgments.
August 5, 2025
A heck of a read with a number of truly useful psychology-based tendencies that will serve anyone well when considering how things get done.
Displaying 1 - 27 of 27 reviews