Poor Charlie’s Almanack Series (TLDR Network)

In "Chapter 4 Talk 10: USC Gould School of Law Commencement Address", Munger delivers a series of insights on the importance of lifelong learning, emphasizing the acquisition of wisdom across multiple disciplines. He draws on historical figures like Confucius, Cicero, and Epictetus to illustrate his points, highlighting the dangers of ideology and self-serving biases. Munger also shares a cautionary tale of a successful canoeist wh...

In "Chapter 4 Talk 9: Academic Economics: Strengths and Faults after Considering Interdisciplinary Needs", Munger criticizes the field of academic economics, arguing that it is too insular and suffers from a lack of multidisciplinary thinking, particularly in terms of incorporating psychology and recognizing the importance of second-order effects. He highlights the importance of recognizing the influence of both virtue and vice on ...

In "Chapter 4 Talk 8: The Great Financial Scandal of 2003", Munger uses the story of a fictional engineering company, Quant Tech, to illustrate the dangers of improper accounting practices, particularly the use of stock options. The story follows the company's transition from a successful and ethical firm under its founder to a morally bankrupt entity after his death, where executives exploit accounting loopholes to inflate earning...

"Chapter 4 Talk 7: Breakfast Meeting of the Philanthropy Roundtable" argues that economists underestimate the influence of rising stock prices on spending and economic growth. He highlights the "wealth effect" in the United States, drawing parallels to Japan's economic stagnation following a stock market crash. Munger introduces the concept of "febezzlement," which he defines as the functional equivalent of embezzlement, and argues...

"Chapter 4 Talk 6: Investment Practices of Leading Charitable Foundations" argues that charitable foundations often make poor investment decisions due to excessive complexity and reliance on investment consultants. He criticizes the use of "fund of funds" structures, which he compares to the practices of Bernie Cornfeld, a disgraced mutual fund salesman. Munger suggests that foundations should consider adopting a more passive inves...

"Chapter 4 Talk 5: The Need for More Multidisciplinary Skills from Professionals: Educational Implications" explores the necessity of multidisciplinary skills for professionals, particularly in fields dealing with broad-scale problems. Munger argues that traditional, unidisciplinary education is insufficient for tackling complex issues that cross various academic disciplines. He advocates for a more comprehensive approach, drawing ...

In "Chapter 4 Talk 4: Practical Thought About Practical Thought?", Munger shares his insights on the importance of multidisciplinary thinking for effective problem-solving. He discusses five "helpful notions" that have proven useful throughout his career. These include simplifying problems, utilizing numerical fluency, thinking in reverse, understanding the power of elementary concepts, and recognizing the importance of large combi...

"Chapter 4 Talk 3: A Lesson on Elementary, Worldly Wisdom, Revisited" discusses the importance of multidisciplinary thinking for success in life and business. Munger argues that acquiring worldly wisdom requires more than specialized knowledge; it demands a broad understanding of various disciplines, including psychology, economics, and even game theory (as exemplified by contract bridge). He advocates for a latticework of mental m...

In "Chapter 4 Talk 2: A Lesson on Elementary, Worldly Wisdom as It Relates to Investment Management and Business", Charlie gives advice on how to achieve worldly wisdom, which he believes is crucial for making good investments and succeeding in business. Munger believes that worldly wisdom is built upon models from multiple disciplines, including mathematics, psychology, and microeconomics, and emphasizes the importance of understa...

"Chapter 4 Talk 1: Harvard School Commencement Speech" is a speech given by Charlie Munger at Harvard School's commencement in 1986. Munger, drawing upon the work of others like Johnny Carson and Samuel Johnson, outlines a series of prescriptions for guaranteed misery. These prescriptions emphasize avoiding reliability, learning from experience, and minimizing objectivity. Munger then contrasts these prescriptions with the characte...

"Chapter 3: Mungerisms - Charlie Unscripted" focuses on Munger's insights on various aspects of investing, business, and life, drawing from his experiences and observations. Munger stresses the importance of multiple mental models, avoiding foolish behavior, and recognizing the limitations of conventional financial wisdom. He also provides commentary on specific industries like insurance and derivatives, expressing his concerns abo...

"Chapter 2: The Munger Approach to Life, Learning, and Decision Making" focuses on Munger's insights on various aspects of investing, business, and life, drawing from his experiences and observations. Munger stresses the importance of multiple mental models, avoiding foolish behavior, and recognizing the limitations of conventional financial wisdom. He also provides commentary on specific industries like insurance and derivatives, ...

"Chapter 1: A Portrait of Charles T Munger" explores Munger’s early life, his career path, and his philosophy. It also includes anecdotes from family members, friends, and business associates, providing insight into Munger’s personality and the impact he has had on those around him. It highlights Munger’s interest in reading and his admiration for Benjamin Franklin, his love for learning, and his commitment to philanthropy. It also...