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

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Well known because it was published in Outstanding Investor Digest (May 5, 1995), this talk was given in 1994 to Professor Guilford Babcock’s business class at the University of Southern California. Charlie ranges in the talk from education systems to psychology to the importance of possessing both common and uncommon sense. Dissecting business management, he brilliantly describes psychological impacts that can damage or benefit a firm. He also presents an outstanding set of principles for investment, business management, and—most importantly, from Charlie’s perspective—decision-making in everyday life. Your time investment in reading this talk will be paid back quickly via the effect it will have on your own decision-making abilities. I am going to play a minor trick on you today, because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom, a much broader topic that interests me because

I am going to play a minor trick on you today, because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom, a much broader topic that interests me because I think all too little of it is delivered by modern educational systems, at least in an effective way. And, therefore, the talk is sort of along the lines that some behaviorist psychologists call “Grandma’s rule,” after the wisdom of Grandma when she said that you have to eat the carrots before you get the dessert. The carrot part of this…

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