from: Walsworth Publishing Company
Type of bind: Hardcover
EAN num: 9781578645015
ISBN number: 1578645018
Label: Walsworth Publishing Company
Manufacturer: Walsworth Publishing Company
Page Count: 548
Printing Date: 2008
Publishing house: Walsworth Publishing Company
Sale Popularity Level: 102629
Studio: Walsworth Publishing Company
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Product Description:
EXPANDED THIRD EDITION includes Charlie's 2007 USC Law School Commencement address. Intermountain Books is the authorized online reseller for PCA Publishing and Poor Charlie's Almanack. Edited by Peter D. Kaufman. Brand New. Shipped directly from the publisher. Customer service available toll-free (888) 669-3659.
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Rated by buyers -
First, let me admit my bias: Charlie Munger is my hero and role model (along with Mr. Buffett and Mr. Franklin -- I'll let you decide which ones!). However, he came to be my hero because of everything that is written in this book. Charlie often uses the quote "To the man with only a hammer, every problem tends to look pretty much like a nail." You'll gain plenty of tools reading this book; about life, business and investing -- and you'll have a heck of a fun time doing it in my opinion. I truly believe that this is one of the great all-time books on any topic (but especially useful for one wanting to simplify the world of business and investing), and he gives plenty of other reading recommendations throughout to help one develop his or her Latticework of Mental Models. In Charlie's own words (from one of his speeches -- which comprise the last part of the book):
"What is elementary, worldly wisdom? Well, the very first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.
You've got to have models in your head. And you've got to array your experience - both vicarious and direct - on this latticework of models. You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. You've got to hang experience on a latticework of models in your head.
What are the models? Well, the very first rule is that you've got to have multiple models - because if you just have one or two that you're using, the nature of human psychology is such that you'll torture reality so that it fits your models, or at least you'll think it does. You become the equivalent of a chiropractor who, of course, is the great boob in medicine.
It's like the old saying, "To the man with only a hammer, every problem looks like a nail." And of course, that's the way the chiropractor goes about practicing medicine. But that's a perfectly disastrous way to think and a perfectly disastrous way to operate in the world. So you've got to have multiple models.
And the models have to come from multiple disciplines - because all the wisdom of the world is not to be found in one little academic department. That's why poetry professors, by and large, are so unwise in a worldly sense. They don't have enough models in their heads. So you've got to have models across a fair array of disciplines.
You may say, "My God, this is already getting way too tough." But, fortunately, it isn't that tough - because 80 or 90 important models will carry about 90% of the freight in making you a worldly - wise person. And, of those, only a mere handful really carry very heavy freight.
.....
Checklist routines avoid a lot of errors. You should have all this elementary [worldly] wisdom and then you should go through a mental checklist in order to use it. There is no other procedure in the world that will work as well."
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