Founders
#329 Charlie Munger (the NEW Poor Charlie's Almanack)
What I learned from reading the NEW Poor Charlie's A...
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Dec 5 2023 1h 54m
Chapter 1 9 mins
The practical wisdom of Poor Charlie's Almanack, this ode to curiosity, generosity, and virtue will similarly compound at successive generations of entrepreneurial readers extend his lessons to their own circumstancesChapter 2 16 mins
Education is the process whereby the ability to lead a good life is acquired. Socrates: A Man for Our Times by Paul Johnson. (Founders Trust is one of the greatest economic forces on earthChapter 3 1 min
Charlie is content to trust his own judgment when it runs counter to the wisdom of the herdChapter 4 29 sec
Animated: Charlie Munger: The Psychology of Human MisjudgementChapter 5 29 sec
Aim for durability. Durability has always been a first rate virtue in Charlie’s eyesChapter 6 59 sec
Charlie only focuses on great businesses and great businesses have moatsChapter 7 11 mins
Johnny Carson by Henry Bushkin. (Founders You can flourish in a niche: People who specialize in the business world —and get very good because they specialize— frequently find good economics that they wouldn't get any other wayChapter 8 1 min
Being so well known has advantages of scale. This is what you might call an informational advantage. It increases social proofChapter 9 2 mins
Business Breakdowns episode on Coca ColaChapter 10 59 sec
Occasionally scaling down and intensifying gives you a big advantage. (You can find great profit margins this way)Chapter 11 6 mins
Sam Walton: Made In America by Sam Walton. (Founders Scale and fanaticism combined is very powerful. (Think Sam Walton)Chapter 12 16 mins
I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders The best thing a human being can do is help another human being know moreChapter 13 2 mins
Optimism is a moral duty. Edwin LandChapter 14 4 mins
The game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machinesChapter 15 2 mins
The most important rule in management is get the incentives rightChapter 16 29 mins
Never, ever think about something else when you should be thinking about the power of incentives