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 forty 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.
Warren Buffett is revered as one of the world's most successful and talented investors, but his lesser-known partner, Berkshire Hathaway vice chair Charlie Munger, also has wit and wisdom to share. In this debut, Microsoft executive Griffin pays homage to Munger, describing his value-driven investment philosophy. Unfortunately, this well-earned tribute to a respected and accomplished investment sage misses the mark, failing to offer a compelling read either for students of investing in general or fans of Munger in particular. Rather than either writing a biography of Munger the man or developing a more academic treatise on value investing, Griffin toggles between Munger's principles (as revealed in public statements and interviews) and his own observations about the Munger-Buffett partnership. Munger and Buffett are justly celebrated for their humor and insightful quips, but Griffin relies so heavily on their quotes sometimes three or four to a page, or presented alongside quotes from other notables that the salient points are diminished. Persistent readers may learn a great deal about a fascinating and accomplished investment master, but will have to do so in spite of how the book has been organized, rather than because of it.