Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

He especially assesses a company’s management well beyond conventional number crunching—in particular, the degree to which they are “able, trustworthy, and owner-oriented.” For example, how do they deploy cash? Do they allocate it intelligently on behalf of the owners or do they overcompensate themselves or pursue ego-oriented growth for growth’s s

Carson’s prescription for sure misery included: Ingesting chemicals in an effort to alter mood or perception Envy Resentment

Enjoy the process along with the proceeds, because the process is where you live.

The great algebraist Jacobi had exactly the same approach as Carson and was known for his constant repetition of one phrase: “Invert, always invert.” It is in the nature of things, as Jacobi knew, that many hard problems are best solved only when they are addressed backward.

“a great business at a fair price is superior to a fair business at a great price.”

Charlie counts preparation, patience, discipline, and objectivity among his most fundamental guiding principles. He will not deviate from these principles, regardless of group dynamics, emotional itches, or popular wisdom that “this time around it’s different.” When faithfully adhered to, these traits result in one of the best-known Munger characte

“To the man with only a hammer, every problem looks like a nail.”

imitation harder to arrange for competing products. And, because we are going to attach so many expensive psychological effects to our flavor, that flavor should be different from any other standard flavor so that we maximize difficulties for competitors and give no accidental same-flavor benefit to any existing product.

to the man with a hammer, every problem looks like a nail.