The Wisdom of Charlie Munger

Over the past two months, I've read through the book Poor Charlie's Almanack and a few related source, which expound the wisdom of Charlie Munger — better known as Warren Buffett's business partner.

The books serves a hearty dose of down-to-earth wisdom. It's a far cry from the tone of many business books. On the other hand, most of it — while most sensible — isn't particularly earth-shattering. But that's sort of the point. Charlie prides himself of trying to be non-idiotic rather than smart.

Nevertheless, Charlies does have unconvential ideas. Try to be non-idiotic rather than smart; be prepared for big opportunities through voracious learning — meaning that most of your time should be spent waiting and learning instead of pursuing some goal. Other ideas find echo elsewhere but are given an excellent succint treatment, notably improving your thinking by using models from different disciplines, and in particular knowledge of psychological biases.

I'll share my notes over the course of four blog posts:

• Prepare for Opportunity
• How to Think and Make Decisions
• On Learning
• Psychological Tendencies List

I hope you enjoy these summaries as much as I enjoyed the book!