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Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition Hardcover – January 1, 2005
Purchase options and add-ons
- Print length548 pages
- LanguageEnglish
- PublisherWalsworth Publishing Company
- Publication dateJanuary 1, 2005
- Dimensions10 x 1.5 x 10 inches
- ISBN-101578645018
- ISBN-13978-1578645015
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Product details
- Publisher : Walsworth Publishing Company; 3rd edition (January 1, 2005)
- Language : English
- Hardcover : 548 pages
- ISBN-10 : 1578645018
- ISBN-13 : 978-1578645015
- Item Weight : 5.53 pounds
- Dimensions : 10 x 1.5 x 10 inches
- Best Sellers Rank: #47,603 in Books (See Top 100 in Books)
- #272 in Investing (Books)
- #3,310 in Reference (Books)
- Customer Reviews:
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Charlie Munger helped my business. Perfect in my library.
Brayan/Abigail
About the author
![Peter D. Kaufman](https://cdn.statically.io/img/m.media-amazon.com/images/I/01Kv-W2ysOL._SY600_.png)
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Customer reviews
Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find the content and wisdom of the book to be excellent, with a clear practical perspective and ability to synthesize many disparate elements into a coherent theory. They also appreciate the humor and wise words. Readers describe the book as a great read with excellent craftsmanship. However, some find the writing style distracting with repetitive and cheesy graphics.
AI-generated from the text of customer reviews
Customers find the book brim with information, great read, and his greatest work. They also appreciate the quality of text.
"...A great book for anyone who would enjoy humor mixed with many life lessons and advice!! Highly recommend!!" Read more
"Good job. received in good condition." Read more
"...It is his greatest work and is invaluable information...." Read more
"Easy and amusing book by Munger. Great coffee table book, especially if you're a fan of Munger (and Warren Buffett)." Read more
Customers find the book's content wise, philosophical, and easy to understand. They also appreciate the bright insights, anecdotes, and humor. Readers describe the book as a true game changer that provides a comprehensive list, examples, and elaborations. They appreciate the author's ability to synthesize many disparate elements into a coherent theory.
"...he thoroughly enjoyed all of the sage universal advice, quips, stories and lessons!!..." Read more
"...He gives a short, pithy definition with examples...." Read more
"...Its a mind trainer - it teaches you how to look at problems. It is worth its weight in platinum...." Read more
"...One of the great things about this book is the plethora of quotes from successful entrepreneurs, historians, philosophers alike whose ideas and..." Read more
Customers appreciate the book's craftsmanship, saying it's world-class and a trustworthy source.
"Good job. received in good condition." Read more
"Great book and so well made. my Only problem with it is that is really heavy to hold while reading." Read more
"Love it very much. Hard to find elsewhere. The package was well made to ensure this book at an immaculate state after shipping. Good job indeed." Read more
"...book and smooth experience receiving the book, and the books received in great shape" Read more
Customers find the humor in the book insightful, anecdotal, and good.
"A fantastic book. Full of wisdom, economic insights, anecdotes and humour. Also richly illustrated with caricatures and lively drawings." Read more
"Delightful reading from a very accomplished person...wise & witty...acute observation of human behavior...teaches the “value of patience” and “ the..." Read more
"...3. Self-pity is always counter-productive, It's the wrong way to think...." Read more
"...It consisted of lots of good aphorisms, but without examples to show they've been applied, they just don't really stick...." Read more
Customers find the photos in the book wonderful, bright, and fun. They also say the print is large and there are tons of illustrations that drive home the points.
"...I can tell, the same updated content but is not abridged and has a lot of illustrations. It's a great book...." Read more
"...worth it, from the coffee table worthy looks, but the real beauty is the wisdom on the pages...." Read more
"...Also richly illustrated with caricatures and lively drawings." Read more
"...Wonderful images and bright insights line every page. I know I'm not going to be bored reading...." Read more
Customers find the writing style distracting, weak, and repetitive. They also mention that the book is full of run-on sentences, misspellings, and bad paragraph formatting. Readers also feel the writing is rambling and arrogant.
"...the book is also very lower middle class -- lots of wasted space, cheezy graphics...." Read more
"With some distracting typos. The Kindle version could use a bit more editing for good UX, but the book does really capture the essence of Munger." Read more
"...However, I did notice that there were typos and grammatical errors." Read more
"...This style is a little rambling and you get the sense of a little bit or arrogance and elitism in the author. But, it's well worth the read...." Read more
Reviews with images
![Munger is brilliant and his book is practically helpful, super useful](https://cdn.statically.io/img/images-na.ssl-images-amazon.com/images/G/01/x-locale/common/transparent-pixel._V192234675_.gif)
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Top reviews
Top reviews from the United States
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Why is it so helpful? He proves that he and Warren have been successful in large part from avoiding mistakes.
More specifically, the human mind has some consistent limitations and it tries its best to function in a complex world, but doesn't do a perfect job. The best antidote we have is a "latticework" of mental models – to use Munger's term. These are like mental checklists that help you self-correct before making misjudgments.
The last chapter is one of his popular talks about the Psychology of Human Misjudgment, where he lists out the 25 cognitive biases that we're all susceptible to. He gives a short, pithy definition with examples. Elon Musk also talked about the important of learning these biases in a tweet with "TitleMax" cognitive biases (look it up).
As an example (see screenshot to this review), "One corollary of Inconsistency-Avoidance – Tendency is that a person making big sacrifices in the course of assuming a new identity will intensify his devotion to the new identity. After all, it would be quite inconsistent behavior to make a large sacrifice for something that was no good."
That's super useful, since you can see that making sacrifices for new identities that you want to adopt is more intense if it has sacrifices associated with it (i.e., fitness, wealth, role as father/mother, leader, etc.) Thanks to Charlie I'm doing all I can to internalize these.
IMPORTANT: TO SUPPLEMENT AND APPLY MUNGER'S IDEAS, DON'T IGNORE THIS. This sounds technical, but please don't ignore this. Look up "The Cognitive Bias Codex" – which is a radial dendrogram that shows all the biases and makes it digest-able.
![Customer image](https://cdn.statically.io/img/images-na.ssl-images-amazon.com/images/G/01/x-locale/common/transparent-pixel._V192234675_.gif)
Reviewed in the United States on March 7, 2023
Why is it so helpful? He proves that he and Warren have been successful in large part from avoiding mistakes.
More specifically, the human mind has some consistent limitations and it tries its best to function in a complex world, but doesn't do a perfect job. The best antidote we have is a "latticework" of mental models – to use Munger's term. These are like mental checklists that help you self-correct before making misjudgments.
The last chapter is one of his popular talks about the Psychology of Human Misjudgment, where he lists out the 25 cognitive biases that we're all susceptible to. He gives a short, pithy definition with examples. Elon Musk also talked about the important of learning these biases in a tweet with "TitleMax" cognitive biases (look it up).
As an example (see screenshot to this review), "One corollary of Inconsistency-Avoidance – Tendency is that a person making big sacrifices in the course of assuming a new identity will intensify his devotion to the new identity. After all, it would be quite inconsistent behavior to make a large sacrifice for something that was no good."
That's super useful, since you can see that making sacrifices for new identities that you want to adopt is more intense if it has sacrifices associated with it (i.e., fitness, wealth, role as father/mother, leader, etc.) Thanks to Charlie I'm doing all I can to internalize these.
IMPORTANT: TO SUPPLEMENT AND APPLY MUNGER'S IDEAS, DON'T IGNORE THIS. This sounds technical, but please don't ignore this. Look up "The Cognitive Bias Codex" – which is a radial dendrogram that shows all the biases and makes it digest-able.
![Customer image](https://cdn.statically.io/img/m.media-amazon.com/images/I/61P4h1C1FCL._SY88.jpg)
You can't afford to not read this. Think of it as a gift to humanity from a higher more intelligent species - Its something you don't want to go through life having missed.
I spend about 16 hours a day researching financial markets/value investing.
I have read over 50 books on related subjects - No book has influenced my thought process more that this one. It is simply amazing.
You will not get the value from this book when you close the last page, but when you see the world relate in the ways Munger lays out for you. This is one of the greatest minds and business and he tells you his secrets. The last chapter on the psychology of human misjudgment will live on past Munger's days. It is his greatest work and is invaluable information. The way your brain fires and works will literally physically change over time from the things this book teaches you. Its a mind trainer - it teaches you how to look at problems. It is worth its weight in platinum.
I don't care who you are. You need to buy this and pound his ideas in your head. You won't even think its that great as you read it and might even wonder why it is praised so much. Over time, you'll see things how Munger does and start to think like Munger does. Whatever field you are in, this book will help you to look and analyze problems and the world as a whole in a different more intelligent manner. Again, I cannot praise or recommend this book enough. When your done with it and look back years later, this odd review I just wrote will make crystal clear sense to you. Your welcome.
Let's be clear, this is not a book that you can quickly skim through, but rather a book you spend quality time with every day; for a good couple of months. This way you're giving yourself the best change of retaining all of Charlie's tidbits of wisdom. One of the great things about this book is the plethora of quotes from successful entrepreneurs, historians, philosophers alike whose ideas and writings have survived the test of time.
Suffice to say, this is one of those books I'm going to re-read, reference and quote for the rest of my life. Well worth a purchase!
Three Key Takeaways from the book:
1. Charlie knows no wise people who didn't read all the time. It is more than just reading though, one has to grab ideas and do sensible things. Most people do not identify ideas, and if they do, they do not know what to do with them
2. Diversification in investing is something that Charlie doesn't believe in. His recommendation is to choose three good company stocks and invest accordingly. Interesting approach given most financial advisors typically recommend the opposite
3. Self-pity is always counter-productive, It's the wrong way to think. And when you avoid it you get a great advantage over everybody else or almost everybody else, because self-pity is a standard response. And you can train yourself out of it
Top reviews from other countries
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I’m so far only on page 122 of 521 pages and all I can say is; WOW!
![Customer image](https://cdn.statically.io/img/images-na.ssl-images-amazon.com/images/G/01/x-locale/common/transparent-pixel._V192234675_.gif)
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Reviewed in Canada on January 3, 2024
I’m so far only on page 122 of 521 pages and all I can say is; WOW!
![Customer image](https://cdn.statically.io/img/m.media-amazon.com/images/I/71+8AUxny8L._SY88.jpg)
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Notions in this book are useful not only for investment decision making but also for life in general.