Charlie Munger: The Complete Investor

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Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom" - a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management - allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment. Munger's system has steered his investments for 40 years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.

Audible Audio Edition

Listening Length: 6 hours and 21 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Brilliance Audio

Audible.com Release Date: September 15, 2015

Language: English

ASIN: B015DSQSQ8

Best Sellers Rank: #6 in Books > Business & Money > Investing > Analysis & Strategy #17 in Books > Business & Money > Investing > Stocks #31 in Books > Audible Audiobooks > Business & Investing > Personal Finance & Investing

This might very well be the best over-hyped book I have ever read. Already a year before actual publication rumors began to swirl around the book - fully understandable given the intriguing combo of our time’s most mythical investor and a hugely successful writer with an ardent following in the investing community. So there sure was no margin of safety, rather the opposite, as I began reading the book.So lacking the opportunity to “pounce aggressively” when the opportunity is great, the solution became another investor rule of thumb: average-in. I have read the book three times in the last six months, and as each sitting took me further away from the frenzy of the launch itself, the appreciation for what the author has done in the book grows bigger. Still, the extensive use of quotations in the book makes it somewhat less free flowing compared to the author’s blog posts. But, as Mr. Griffin himself says in our interview with him, “I give myself more of a creative license in writing my blog […]. The other issue with a book is that the narrative is expected to be linear even though the investing approach and life […] of Charlie Munger is not”. And given the aim of a book vs an individual blog post, and the necessary structure of a book in order to keep the reader hooked until the end, I now appreciate the long passages of quotation to a greater extent that during the first read.The editing and formatting rules-of-thumb also explain why the chapter on moats is put in the appendix. Any “Mungerist” will know of the penetrating impact of his ideas around extended competitive advantages, great companies at fair prices and the adaptability of great business models. As such, I was perplexed at first why this part was put towards the end.

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