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Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark

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Words of wisdom from Charlie Munger—Warren Buffett’s longtime business partner and the visionary Vice Chairman of Berkshire Hathaway—collected and interpreted with an eye towards investing by David Clark, coauthor of the bestselling Buffettology series. Born in Omaha, Nebraska in 1924, Charlie Munger studied mathematics at the University of Michigan, trained as a meteorolog Words of wisdom from Charlie Munger—Warren Buffett’s longtime business partner and the visionary Vice Chairman of Berkshire Hathaway—collected and interpreted with an eye towards investing by David Clark, coauthor of the bestselling Buffettology series. Born in Omaha, Nebraska in 1924, Charlie Munger studied mathematics at the University of Michigan, trained as a meteorologist at Cal Tech Pasadena while in the Army, and graduated magna cum laude from Harvard Law School without ever earning an undergraduate degree. Today, Munger is one of America’s most successful investors, the Vice Chairman of Berkshire Hathaway, and Warren Buffett’s business partner for almost forty years. Buffett says “Berkshire has been built to Charlie’s blueprint. My role has been that of general contractor.” Munger is an intelligent, opinionated businessman whose ideas can teach professional and amateur investors how to be successful in finance and life. Like The Tao of Warren Buffett and The Tao of Te Ching, The Tao of Charlie Munger is a compendium of pithy quotes including, “Knowing what you don’t know is more useful than being brilliant” and “In my whole life, I have known no wise people who didn’t read all the time—none, zero.” This collection, culled from interviews, speeches, and questions and answers at the Berkshire Hathaway and Wesco annual meetings, offers insights into Munger’s amazing financial success and life philosophies. Described by Business Insider as “sharp in his wit and investing wisdom,” Charlie Munger’s investment tips, business philosophy, and rules for living are as unique as his life story, intelligent as he clearly is, and as successful as he has been.


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Words of wisdom from Charlie Munger—Warren Buffett’s longtime business partner and the visionary Vice Chairman of Berkshire Hathaway—collected and interpreted with an eye towards investing by David Clark, coauthor of the bestselling Buffettology series. Born in Omaha, Nebraska in 1924, Charlie Munger studied mathematics at the University of Michigan, trained as a meteorolog Words of wisdom from Charlie Munger—Warren Buffett’s longtime business partner and the visionary Vice Chairman of Berkshire Hathaway—collected and interpreted with an eye towards investing by David Clark, coauthor of the bestselling Buffettology series. Born in Omaha, Nebraska in 1924, Charlie Munger studied mathematics at the University of Michigan, trained as a meteorologist at Cal Tech Pasadena while in the Army, and graduated magna cum laude from Harvard Law School without ever earning an undergraduate degree. Today, Munger is one of America’s most successful investors, the Vice Chairman of Berkshire Hathaway, and Warren Buffett’s business partner for almost forty years. Buffett says “Berkshire has been built to Charlie’s blueprint. My role has been that of general contractor.” Munger is an intelligent, opinionated businessman whose ideas can teach professional and amateur investors how to be successful in finance and life. Like The Tao of Warren Buffett and The Tao of Te Ching, The Tao of Charlie Munger is a compendium of pithy quotes including, “Knowing what you don’t know is more useful than being brilliant” and “In my whole life, I have known no wise people who didn’t read all the time—none, zero.” This collection, culled from interviews, speeches, and questions and answers at the Berkshire Hathaway and Wesco annual meetings, offers insights into Munger’s amazing financial success and life philosophies. Described by Business Insider as “sharp in his wit and investing wisdom,” Charlie Munger’s investment tips, business philosophy, and rules for living are as unique as his life story, intelligent as he clearly is, and as successful as he has been.

30 review for Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark

  1. 4 out of 5

    Rishabh Srivastava

    I don't generally read "quote" books, but was recommended the audiobook version of this by 3 people that I greatly respect. This was a distilled summary of Charlie Munger's investing principles. Was a quick listen (just north of 2 hours at 1.5x speed), and had some interesting nuggets. My takeaways were: 1. Operate in a circle of competence. Know what you understand. Acknowledge what you don't know. Make capital allocation decisions accordingly 2. Diversification is ineffective as an investment st I don't generally read "quote" books, but was recommended the audiobook version of this by 3 people that I greatly respect. This was a distilled summary of Charlie Munger's investing principles. Was a quick listen (just north of 2 hours at 1.5x speed), and had some interesting nuggets. My takeaways were: 1. Operate in a circle of competence. Know what you understand. Acknowledge what you don't know. Make capital allocation decisions accordingly 2. Diversification is ineffective as an investment strategy. Doubling down on high-conviction bets will yield better results if you have good judgement 3. Remember that good ideas are rare. When the odds are heavily in your favor, bet heavily. When a great investment is lying right in front of most investors, they will only nibble at it. When a macroeconomic event causes stock prices to collapse, buy as much as possible in positions that you have a high conviction in and are in your circle of competence 4. In good times, hold on to cash. It will come in handy when the market crashes 5. Be very comfortable sitting on your ass and doing nothing except reading. This is better than making the wrong decision just because you want to feel more active 6. Buy and hold. Once you get your hands on an excellent business at a fair or below fair price, the smart thing to do is to hold on to it and let the companies accumulated earnings pile up. Change your mind only when the underlying economics of the business change 7. On mergers and acquisitions: when you mix raisins with turds, you still have turds 8. A great business at a fair price > a fair business at a great price 9. Avoid ideology like the plague. It’s not going to help you look at the world in an objective way. Be open minded, not an ideologue 10. Be a learning machine and read as widely as you can. Incremental compounding of your understating of the world is a huge advantage

  2. 5 out of 5

    Prince

    In an age of celebrity billionaires, and where anyone who has a ton of money is either a daredevil leader (like Jeff Bezos) or a tech whiz (a la Mark Zuckerberg) or both (looking at you, Elon Musk), two old men sit in their crummy old rooms and read all day. Between them however, they run one of the most successful investment firms of all time, and have generated billions in wealth for investors. I refer of course to Berkshire Hathaway's Warren Buffet and Charlie Munger. While they stay out of th In an age of celebrity billionaires, and where anyone who has a ton of money is either a daredevil leader (like Jeff Bezos) or a tech whiz (a la Mark Zuckerberg) or both (looking at you, Elon Musk), two old men sit in their crummy old rooms and read all day. Between them however, they run one of the most successful investment firms of all time, and have generated billions in wealth for investors. I refer of course to Berkshire Hathaway's Warren Buffet and Charlie Munger. While they stay out of the limelight most of the time, their speeches and letters to share holders attract a fair crowd. Filled with worldly wisdom and peppered with humor, they are well worth going through. For those not yet interested, or those who can't find the time, The Tao of Charlie Munger is a good primer. It's a simple collection of 138 quotes from Charlie, extracted from various sources, each followed by a commentary from David Clark. The explanations are sketchy at best - a few of them have good examples while some of them miss the point altogether. The quotes however are excellent, and vintage Charlie, ranging from tips on stock selection to choosing a life partner (hint: what you think is not what really matters), overall on how to lead a successful life. Charlie doesn't require you to have a superhuman intellect or a charismatic personality to get ahead in life. In fact, most of his advice can be summed up into: -Read and learn as much as you can. -Exercise common sense as frequently as you can. -Be patient. Maybe in times of constant distraction and instant gratification, this is the kind of advice we need. Recommended, since it's a quick read, and you wouldn't have lost much time even if you end up disappointed.

  3. 5 out of 5

    Bartosz Majewski

    If you find Warren Buffet and Charlie Munger fascinating this is a great book to start the journey into their history. It's lighter that shareholder letters and highly entertaining. This book is 138 quotes from Charlie Munger with commentary from David Clark, the author. Quotes range from investing to personal development with a quick stop on marriage and other topics. I need to dig deeper into Berkshire. An additional benefit was that when I read it to my 6 months old son he got put to sleep in If you find Warren Buffet and Charlie Munger fascinating this is a great book to start the journey into their history. It's lighter that shareholder letters and highly entertaining. This book is 138 quotes from Charlie Munger with commentary from David Clark, the author. Quotes range from investing to personal development with a quick stop on marriage and other topics. I need to dig deeper into Berkshire. An additional benefit was that when I read it to my 6 months old son he got put to sleep in less than 10 minutes. Enjoyed it tremendously. Highly recommended.

  4. 5 out of 5

    Walter Weston

    Overall, this was a fun book to read which was basically a compilation of Charlie Munger's quotes with the author interjecting commentary. But a few things detracted from the book. The author stated that bankers caused the Great Recession with no mentioned of the impact of the CRA law or the Clinton/Bush ownership society policies that were the key reasons for the bankers' actions. Government bureaucrats that Mr Clark thought should have kept the bankers in check were actually pushing banks to l Overall, this was a fun book to read which was basically a compilation of Charlie Munger's quotes with the author interjecting commentary. But a few things detracted from the book. The author stated that bankers caused the Great Recession with no mentioned of the impact of the CRA law or the Clinton/Bush ownership society policies that were the key reasons for the bankers' actions. Government bureaucrats that Mr Clark thought should have kept the bankers in check were actually pushing banks to lend to sub-prime borrowers. Additionally, there was no mention of the quasi-governmental agencies Fannie Mae and Freddie Mac that were pushing banks to create more sub-prime mortgages for them to purchase. Bankers obviously shared blame, but ignoring these critical components of the Great Recession made for a simplistic analysis of a more complex situation. 2. Statements that free trade hurts American jobs were similarly a simplistic reaction to a complicated economic issue. Most economists believe that more trade leads to higher economic growth, and while it may reduce some jobs it also creates new jobs and results in an overall net benefit to the country. 3. The analysis of Charlie Munger's prowess for picking stocks was also too shallow in my opinion. I would have enjoyed more detail on the individual trades and rationale that Munger employed in each instance. Also, I thought that a few of the author's other points were lacking nuance. However, overall it was a good, high-level look at one of the greatest investors of our time.

  5. 4 out of 5

    Ask Franck

    Nice! Listened to this on audible. I have the hardcover version of "Poor Charlie's Almanack" as well, which is probably my favourite book of all time. Am on my third read of that, and it only gets better. This one explains some of the investing stuff quite clearly. I remember reading the Almanack for the first time a little over a year ago. A lot of the economics/finance/investment material went right over my head at that point. It's crazy to read the same or similar stuff now, and suddenly know Nice! Listened to this on audible. I have the hardcover version of "Poor Charlie's Almanack" as well, which is probably my favourite book of all time. Am on my third read of that, and it only gets better. This one explains some of the investing stuff quite clearly. I remember reading the Almanack for the first time a little over a year ago. A lot of the economics/finance/investment material went right over my head at that point. It's crazy to read the same or similar stuff now, and suddenly knowing something about what they're saying. I've probably read around 80 books since April last year. A big textbook on economics (Mankiw's Principles) and lots of other books on marketing, econ, finance, business, history, science etc. Lots of ugly and scary stuff going on in the world. But the opportunity we have to educate ourselves is truly astonishing. So grateful for that, and for the great minds who contributed to human knowledge.

  6. 4 out of 5

    John of Canada

    Great.I have decided to become a financial mogul thanks to this book.I also like the idea of getting rich by sitting on my ass and reading.Very helpful commentary by David Clark.

  7. 4 out of 5

    Avinash Pandey

    # Wisdom expunged from viggeneties of social science, humanities, economy and business, author here compiles and expounds Munger's virtues to bestow on readers the enlightened way to lead in life.# # Wisdom expunged from viggeneties of social science, humanities, economy and business, author here compiles and expounds Munger's virtues to bestow on readers the enlightened way to lead in life.#

  8. 5 out of 5

    Hildey

    A good collection of quotes from Munger. Some of Clark's commentaries could have been better but most of them were great. This would be a good book for somebody looking to get a brief summary of Munger. A good collection of quotes from Munger. Some of Clark's commentaries could have been better but most of them were great. This would be a good book for somebody looking to get a brief summary of Munger.

  9. 5 out of 5

    Diego Kuri

    One of my favorite books, highly recommended!

  10. 5 out of 5

    David Riley

    Fascinating. Makes you want to read more about Charlie

  11. 4 out of 5

    Adam

    Charlie is the energizer bunny of learning. I wish he was my grandpa! Sit on your ass when it comes to investing Your looking for a mispriced gamble, that's what investing is Too much diversification and we end up with a zoo It's the strong swimmers who drown Go easy on the financial back seat driving Inflation really helped the banking and insurance industries since the 50 thousand dollar house is now a five hundred thousand dollar house people have to borrow four hundred and fifty thousand dolla Charlie is the energizer bunny of learning. I wish he was my grandpa! Sit on your ass when it comes to investing Your looking for a mispriced gamble, that's what investing is Too much diversification and we end up with a zoo It's the strong swimmers who drown Go easy on the financial back seat driving Inflation really helped the banking and insurance industries since the 50 thousand dollar house is now a five hundred thousand dollar house people have to borrow four hundred and fifty thousand dollars more from the bank and there will be a hell of a lot more bank fees for a property loan that size then for a fifty thousand dollar loan the property insurance company is also going to earn a whole lot more on insuring a 500k property then it ever earned insuring a 50k property. Both the bank and the insurance company saw inflation cause a one thousand percent rise in business but neither institution had to add any more employees or increase the size of it's operating plant. Now you know why Charlie and Warren are so big on insurance companies and banks not only are they the perfect hedge against inflation they actually benefit from it. For banks and insurance companies inflation is truly the gift that keeps on giving Without oil our country would grind to an instant halt. He advocated we should save our oil for a rainy day and burn up Saudi Arabia's oil instead Leverage up Does flagstar pay to lobby congress? The words economy is 60 trillion Derivatives market is completely unregulated and the bank traders rule the roost There is no one that's right no one in government in academia or in the banks themselves who has a real grasp of all the dangers that lurk inside the financial bubble the world has ever seen What are you very interested in? When you mix raisins with turds you still have turds Some brand name products own a piece of consumers minds and don't have any direct competition Long term survivability What's you debt to equity ratio? I profit off the debt laden folly of others Leverage is just another name for debt Sell cheap and tell the truth What's your idea of a bargain? Slug it out one inch at a time day by day Knowledge like money can compound I attribute to the compounding effect of knowledge Quality attracts quality be it in businesses or in marriage He has helped me to expand my intellect If people don't have the integrity to admit when they don't know something how can one ever trust them? It is much better to jettison such a person and find someone whith a bit more intellectual honesty. I'm as interested as knowing what is unknown as in knowing what is known. The opinion of someone who can't tell the difference is useless I know I'll perform better if I rub my nose in my mistakes Failure to handle psychological denial is a common way for people to go broke Specialization is the key o survival in any species and is the key to success in any business. Specialization protects us from the competition. Why? Because specialization presents a barrier of entry to the competition and the more difficult it is to become specialized the greater the barrier. If all we do is what everyone else does we will spend our lives competing head on with everyone else but if we specialize at something and excel at it the specialization will set us apart from the rest of the crowd. Do we take our Porsche to the local car mechanic who works on everyone's car? Of course not we take it to the shop that specializes in porches it charges us twice the normal hourly rate and gets away with it because it's a Porsche specialist. The same phenomenon holds true for medicine law and even the trades such as plumbing and carpentry. It's a specialists' who make the big bucks everyone else makes the little bucks. I know how to splurge in between power reads In my world not being rational is the same as being stupid I'm an artist who's passion for their work drives and defines they're life. That passion more then raw intelligence tends to determine weather or not we will be successful at what we do. We are all learning modifying or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side. This sounds easy but is very difficult to put into practice. People don't like to give up long held ideas dong so makes them uncomfortable and fills them with fear. And change usually requires an enormous amount of work. My mind is never standing still Oh it's just so useful dealing with people you can trust and getting all the others the hell out fo your life. It ought to be taught as a catechism that wise want to avoid other people who are just total rat poison and there are a lot of them. We need to jettison our least trustworthy friends and business associates. Trust is the grease that keeps every business running smoothly. It pays big to keep on learning If you want wisdom you'll get it by sitting on your ass that's the way it comes...reading I'm getting more experienced at aging. All the things that are inevitable I refuse to worry about The secret to getting friends is to be a friend We should all treat our body like it is the only car we will every own In marriage look for someone with low expectations the opposite is true in business As the worlds population increases so does the number of coca cola customers it took 46 years for the words' population to double from 1970 to 2016 and if it takes another 46 to double it again coke could easily double it's servings it sells of all it's 500 brands It's not greed that drives the world but envy. Envy and jealousy even in small doses will make one utterly miserable In my whole life I have known no wise people who don't read all the time. My children laugh at me they think I'm a book with a couple of legs sticking out Manhood is taking life as it falls not whining all the time and trying to fix it by whining. Son I don't care quitters Highly leveraged banking system Do me a favor lie to yourself not to me May every evil eye in your life go blind

  12. 5 out of 5

    Jim Brown

    I first listened to the Audible book in just two days. Then I bought the Kindle version so I could go back through and highlight all of the things I found valuable. There is SO much good stuff in here.

  13. 5 out of 5

    InvestingByTheBooks.com

    If you collect quotations from one of the broadest thinkers in business who for decades has delivered witty and wise sayings, you cannot really go wrong. The Tao translates as “the way” or “the path” and what we are served here is the way of Charlie Munger, vice Chairman of Berkshire Hathaway and long business partner to Warren Buffett. Munger’s many sayings have over time gained enough status to be christened as “Mungerisms.” The reference to Taoism is equally apt when it comes to the format of If you collect quotations from one of the broadest thinkers in business who for decades has delivered witty and wise sayings, you cannot really go wrong. The Tao translates as “the way” or “the path” and what we are served here is the way of Charlie Munger, vice Chairman of Berkshire Hathaway and long business partner to Warren Buffett. Munger’s many sayings have over time gained enough status to be christened as “Mungerisms.” The reference to Taoism is equally apt when it comes to the format of the book. Just as Lao-tzu, the Taoist collection of saying and proverbs, this is a commented assortment of quotations where David Clark, co-writer of the many Buffettology books does the observing and deciphering of the wise musings of the old master. Buffett obviously has a wonderful way with words but I have always enjoyed Munger’s shorter, sharper and more cynical statements more and Clark has done us all a huge service collecting these quotes. It is a book possible to read in one, albeit long, sitting – but please don’t. Take the time to scribble down how Munger’s thoughts reflect on your investments, business and being. Does this make sense to you? If so, how are you living up to it? What can you change? What can you improve? The selected quotations are grouped into four parts covering investing, banking and the economy, business and philosophizing on life at large. Sections one and three are delivered with authority and Ben Graham’s saying that investing is the most intelligent when it is most businesslike springs to mind. At the same time the investing of Munger and Berkshire Hathaway is hardly unknown material due to the vast coverage of Buffett’s investing success. The danger with adding commentary is that it isn’t always better to say something in a lengthier format when it has already been delivered crisp and clear in a short pitchy way. There is a balance to be kept to not over-explain things. Clark is mostly on the right side of the tracks but he delivers rather similar explanations to many of the quotes and is forced to add quite a few “as we have said earlier”. Further, just as it comes to later commentary of, say old Taoist texts, it is always possible to debate if the interpretation of the original scriptures from one specific scholar is optimal. Occasionally I would have chosen to make alternative reflections. I think the selection of quotes Clark has made is a good one. Perhaps it could have hade been tilted a tad more towards psychology given Munger’s wisdom in the area. There are few real gems missing apart from this favorite on investing “It’s not supposed to be easy. Anyone who finds it easy is stupid.” – a typical Mungerism in it’s lack of flattery. The second part of the book is the least interesting - but every time one hears figures about the gross exposure of global derivatives one marvels. The best and most inspiring part is the fourth, on Life, Education and the Pursuit of Happiness. Below are some of our favorites. “Being rational is a moral imperative. You should never be stupider than you need to be”; “Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve” and especially close to our heart “In my whole life, I have known no wise people who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads – and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” Amen. If you ever find yourself hesitating over a decision, simply ask yourself “What would Charlie Munger do?”

  14. 4 out of 5

    Roger Smitter

    Author David Clark provides 138 quotations from Charlie Munger, the long time business partner of Warren Buffet. Together they have an outstanding record of investments. Here’s a selection of Munger’s quotations: Business ethics: “Being rational is a moral imperative. You should never be stupider than you need to be.” p. 171 Business planning: “At Berkshire there has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its won and doesn’t’ cover new realit Author David Clark provides 138 quotations from Charlie Munger, the long time business partner of Warren Buffet. Together they have an outstanding record of investments. Here’s a selection of Munger’s quotations: Business ethics: “Being rational is a moral imperative. You should never be stupider than you need to be.” p. 171 Business planning: “At Berkshire there has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its won and doesn’t’ cover new reality. We want people taking into account new information.” p. 141 Corporate growth: “When you mix raisins with turds, you still have turds.” (p. 122). It is caution about growing bigger by buying other companies. The book ends with “The best armor of old age is a well-spent life preceding it.” p. 187 Clark provides a brief commentary on each quotation with a consistent theme of validating Munger’s statement. Clark likes to use Munger’s statements to challenge what is taught in business schools. The book is best read over a span of time due to the redundancy of themes. It would also be useful to discuss the book with colleagues. Despite some limits, the book could be a good gift for the newly graduated business school students.

  15. 5 out of 5

    Mandar

    A very cool collection of Charlie Munger's thoughts on investing, businesses, and life in general. "How is it that Charlie—who trained as a meteorologist and a lawyer and never took a single college course in economics, marketing, finance, or accounting—became one of the greatest business and investing geniuses of the twentieth and twenty-first centuries? Therein lies the mystery." That's because Charlie has been a learning machine, and continues to be so at 94. Some quotes - * "..there is the pr A very cool collection of Charlie Munger's thoughts on investing, businesses, and life in general. "How is it that Charlie—who trained as a meteorologist and a lawyer and never took a single college course in economics, marketing, finance, or accounting—became one of the greatest business and investing geniuses of the twentieth and twenty-first centuries? Therein lies the mystery." That's because Charlie has been a learning machine, and continues to be so at 94. Some quotes - * "..there is the problem of leverage: to get rich quickly, one often has to use leverage/debt to amplify small price swings into really huge gains. If things go against us, they can also turn into really large losses." * Avoid being an idiot – “People are trying to be smart—all I am trying to do is not to be idiotic, but it’s harder than most people think.” * “I succeeded because I have a long attention span.” * “Capitalism without failure is like religion without hell.” * “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up, and boy, does that help, particularly when you have a long run ahead of you.”

  16. 4 out of 5

    Josef Kreitmayer

    Can I give it 6 stars? One of those books, that I just read about 2 weeks ago, and that helped some topics about investment, especially value investing, of which Charlie Munger, the partner of Warren Buffet is one of the creative fathers of, sink in. It made click. Some Heureka moments, where I got a deep feeling, that I emotionally understood a bit more of something about investing, especially longterm investing, that I intelectually and in conversation with a good friend with ample knowledge of Can I give it 6 stars? One of those books, that I just read about 2 weeks ago, and that helped some topics about investment, especially value investing, of which Charlie Munger, the partner of Warren Buffet is one of the creative fathers of, sink in. It made click. Some Heureka moments, where I got a deep feeling, that I emotionally understood a bit more of something about investing, especially longterm investing, that I intelectually and in conversation with a good friend with ample knowledge of the matter kind of understood a bit before. Great book, easy to read in 1 - 2 page chapters. If you want to get a perspective into successful longterm investing, I can very much recommend. It is not a bible, but a very interesting perspective of one of the last decades most successful investors. Buy a great company at a fair price instead to buy a reasonable company at a great price.

  17. 5 out of 5

    Greg

    Quote books are difficult for me to dive deep into. Hence, only 3 stars. Munger's philosophy is a valuable one especially as it contasts so much with modern culture. Charlie preaches patience most of all. There are no shortcuts to wealth. It comes slowly through accumulation and compounding interest. Find good investments for the long haul, not the quick strike. Munger is old school in many ways and that is a compliment. He is an avid reader and expresses the need to accumulate knowledge forming w Quote books are difficult for me to dive deep into. Hence, only 3 stars. Munger's philosophy is a valuable one especially as it contasts so much with modern culture. Charlie preaches patience most of all. There are no shortcuts to wealth. It comes slowly through accumulation and compounding interest. Find good investments for the long haul, not the quick strike. Munger is old school in many ways and that is a compliment. He is an avid reader and expresses the need to accumulate knowledge forming wisdom that will then lead to wealth. In all this book serves as a good primer on the mind of one of America's greatest investors. Oh btw, he was a meteorologist and lawyer with no formal training in finance before he jumped into those waters.

  18. 4 out of 5

    Mr. Brightside

    Nice to have this book in my bookshelf because it is a collection of quotes from Charlie Munger. I agree with most of his business and life philosophy. The commentary by David Clark makes me cringe at times. He seems to be overanalyzing or misinterpreting statements by Charlie Munger that he sometimes drowns out Charlie Munger’s ideas. David Clark also becomes too preachy with morality even when the quote from Charlie Munger don’t advocate any morality. I guess it was difficult to create a book Nice to have this book in my bookshelf because it is a collection of quotes from Charlie Munger. I agree with most of his business and life philosophy. The commentary by David Clark makes me cringe at times. He seems to be overanalyzing or misinterpreting statements by Charlie Munger that he sometimes drowns out Charlie Munger’s ideas. David Clark also becomes too preachy with morality even when the quote from Charlie Munger don’t advocate any morality. I guess it was difficult to create a book with only quotes from Munger so commentary might just to add volume. Either way, I find this book helpful.

  19. 5 out of 5

    Evan

    A quick compendium of quotes, loosely organized by topic, from Charlie Munger. Munger did not personally contribute to the volume. I think it's a decent intro to the man and his philosophy, although I say that without having read much else on Munger or Buffett. I think this book would benefit from something of a "frequency" or "Pareto" organization; for example, if you look at the sum of Munger's work over his lifetime, what does he emphasize most frequently? What conventional wisdom does he regu A quick compendium of quotes, loosely organized by topic, from Charlie Munger. Munger did not personally contribute to the volume. I think it's a decent intro to the man and his philosophy, although I say that without having read much else on Munger or Buffett. I think this book would benefit from something of a "frequency" or "Pareto" organization; for example, if you look at the sum of Munger's work over his lifetime, what does he emphasize most frequently? What conventional wisdom does he regularly break from? That would obviously be a lot of work on the part of the author, of course.

  20. 4 out of 5

    Manu Datta

    Charlie munger is one of the fewest people on the earth in business who can pack a ton of wisdom into a few pithy phrases. David Clark has done a good way collecting an interesting insights by this grandmaster in investing. I do wish it was organised a bit better though. That is why 4 stars. Well worth your time to read and I am sure you will learn a dozen things by the time you are done with it - in all areas from reading to leadership to incentives to managing your course through life.

  21. 5 out of 5

    Matt

    At times exegetically laughable (Charlie Munger: "I'd like a cheeseburger for lunch." David Clark, probably: "I think what Charlie means here is that the key to successful value investing is...") but some good information nonetheless. Clark has clearly done his research. It can get repetitive, but I do feel like I now have a good grasp on how Munger, Warren Buffet, and Berkshire Hathaway do business. Best quote: "People are trying to be smart—all I am trying to do is not to be idiotic." At times exegetically laughable (Charlie Munger: "I'd like a cheeseburger for lunch." David Clark, probably: "I think what Charlie means here is that the key to successful value investing is...") but some good information nonetheless. Clark has clearly done his research. It can get repetitive, but I do feel like I now have a good grasp on how Munger, Warren Buffet, and Berkshire Hathaway do business. Best quote: "People are trying to be smart—all I am trying to do is not to be idiotic."

  22. 5 out of 5

    Dick

    The quotes of Charlie Mungers are deep and intelligent. You will not waste your time reading any of his quotes. However, the commentary from David Clark are subpar. At time, they oversimplify key concept of value investing and provide misleading interpretation of financial and historical events. Some are just outright incorrect and irrelevant. This would have been a one star review if it wasn’t for Charlie’s quote.

  23. 5 out of 5

    Manish Gvalani

    I won't leave an opportunity to learn from Charlie Munger.. He has pounded the thought of being rational, reliable, prudent, and frugal into my mind.. His messages and examples cut through your defenses and really make you think about everything.. I rather would say that I have gained immense clarity after reading and hearing Charlie.. I have also become cognisant of my weaknesses/mental makeup and I'm trying hard to change that so that it serves me well.. I won't leave an opportunity to learn from Charlie Munger.. He has pounded the thought of being rational, reliable, prudent, and frugal into my mind.. His messages and examples cut through your defenses and really make you think about everything.. I rather would say that I have gained immense clarity after reading and hearing Charlie.. I have also become cognisant of my weaknesses/mental makeup and I'm trying hard to change that so that it serves me well..

  24. 4 out of 5

    Stephen Heiner

    While this is ostensibly a "business" book about the perspectives and experiences of one of the most legendary investors of all time, it's really a "life" book, sharing Charlie's perspectives on everything from the Federal Reserve, to friendship, to exercise, etc. Most impressive? He manages to average about 600 pages a day of reading. That's one thing you should do as a multi-billionaire, not buy useless toys that do nothing for your mind and heart. While this is ostensibly a "business" book about the perspectives and experiences of one of the most legendary investors of all time, it's really a "life" book, sharing Charlie's perspectives on everything from the Federal Reserve, to friendship, to exercise, etc. Most impressive? He manages to average about 600 pages a day of reading. That's one thing you should do as a multi-billionaire, not buy useless toys that do nothing for your mind and heart.

  25. 5 out of 5

    Dev

    This is a good compilation of the best stuff. A crash course on Mr. Munger. I'm yet to finish PCA and Seeking Wisdom, which are tough reads, so I found this to be a good resource for a lot of things Munger. Reads easy, well written for the average person. Especially recommend reading it whenever one gets too confident in life. This is a good compilation of the best stuff. A crash course on Mr. Munger. I'm yet to finish PCA and Seeking Wisdom, which are tough reads, so I found this to be a good resource for a lot of things Munger. Reads easy, well written for the average person. Especially recommend reading it whenever one gets too confident in life.

  26. 4 out of 5

    Sam Frentzel-Beyme

    A great Charlie Munger primer I recently watching the HBO Warren Buffet documentary, which featured a bit of Charlie. I only kind of knew him through his association with Berkshire Hathaway. This book felt like a good introduction as to why he's worth following as much, and in some ways more, than Warren Buffet. Glad to have read it. A great Charlie Munger primer I recently watching the HBO Warren Buffet documentary, which featured a bit of Charlie. I only kind of knew him through his association with Berkshire Hathaway. This book felt like a good introduction as to why he's worth following as much, and in some ways more, than Warren Buffet. Glad to have read it.

  27. 5 out of 5

    Liang Gang Yu

    a collection of legendary Charlie Munger’s quotes on business and life, along with author’s reflection. Short and casual, good for getting an opinion for the topic whether you agree or not. To know the Tao “success” of Berkshire Hathaway, this is not the book. Instead, maybe check out Warren Buffett’s biography “the Snowball”.

  28. 5 out of 5

    Jax Vullinghs

    As an eager follower of every word Charlie Munger utters, I anticipated a great read. Instead, David Clark took a selection of Charlie Munger’s quotes and explained them in more detail. Most of the quotes were self-explanatory and his explanations were often repetitive as different quotes espoused the same ideas. I do not recommend.

  29. 5 out of 5

    Rendy Haniwibowo

    Charlie Munger is often overshadowed from his fellow Warren Buffet by the media which made me intrigued to learn more about this man and his contribution to the rise of Berkshire Hathway and also his view on investing. Though I lean more toward the trader style, I learned so much from his quotes and how his philosophy can be applied regardless if you are an investor or trader.

  30. 5 out of 5

    Alex Kirby

    Essentially a book of quotes from Charlie Munger with commentary after each one. I'm a big fan of the guy and I read everything I can find from he and Warren Buffet. I recommend it if you're into that sort of thing. Essentially a book of quotes from Charlie Munger with commentary after each one. I'm a big fan of the guy and I read everything I can find from he and Warren Buffet. I recommend it if you're into that sort of thing.

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