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Founders: #90 Charlie Munger (Poor Charlie's Almanack)

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What I learned from reading Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. ---- Cicero, learned man that he was, believed in self-improvement so long as breath lasts.In business we often find that the winning system goes almost ridiculously far in maximizing and/or minimizing one or a few variables-like the discount warehouses of Costco."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.It's quite interesting to think about Wal-Mart starting from a single store in Arkansas-against Sears with its name, reputation and all of its billions. How does a guy in Bentonville, Arkansas, with no money, blow right by Sears? And he does it in his own lifetime-in fact, during his own late lifetime because he was already pretty old by the time he started out with one little store. He played the chain store game harder and better than else. Walton anyone invented practically nothing. But he copied everything anybody else ever did that was smart. So he blew right by them all.Charlie's redundancy in expressions and examples is purposeful: for the kind of deep "fluency" he advocates,

[00:00:00] Warren Buffett is the public face of Berkshire Hathaway and is rightly credited with its tremendous long-term success. But there's another major contributor to the firm's legendary performance record, Charles T. Munger. Although less well-known to the general public than Buffett, he is an equally astute and effective teacher, as Poor Charlie's Almanac, a collection of his best talks, quotes, and ideas, will demonstrate. With Charlie himself as your guide via his, and ideas, will demonstrate. With Charlie [00:00:25] himself as your guide via his speeches and writings, you're about…

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