Charlie Munger: The Complete Investor
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- Create Date：2021-05-01 11:55:57
- Update Date：2025-09-06
- Status：finish
- Author：Tren Griffin
- ISBN：0231170998
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Summary
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。
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。
Reviews
Rafael Gorjão
，
Very good insights， not the clearest structure。 Definitely worth it。
Peter Fox
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I had been looking for a book that was essentially focused on Charlie Munger。 Buffett has a lot of material written on and around him， but Charlie Munger is the other 50% of the succcess that Warren Buffett has been able to achieve in his lifetime。Charlie Munger: The Complete Inverstor， does not disappoint， and the book provides the opportunity to understand the investing knowledge and experience that Charlie brings to the partnership。 Buffett might be the accountant， but Charlie is the lawyer I had been looking for a book that was essentially focused on Charlie Munger。 Buffett has a lot of material written on and around him， but Charlie Munger is the other 50% of the succcess that Warren Buffett has been able to achieve in his lifetime。Charlie Munger: The Complete Inverstor， does not disappoint， and the book provides the opportunity to understand the investing knowledge and experience that Charlie brings to the partnership。 Buffett might be the accountant， but Charlie is the lawyer who knows how to look at business beyond a simply numbers game。 Both of these men are famous and successful because they have the other one watching their back and sounding out each other's ideas。This was the most important take away that i was able to draw from reading books about these two men。 Just as Buffett said that his children wouldn't have been successful today if it wasn't for their mother's love and attention， it is evident that Berkshire would be no different without Charlie there， making the duo dynamic。Munger's style of taking that little extra risk and being prepared to do the hard work to make it happen， definitely offsets Buffett's preferance to not manage anything and rather take in the broader overview of what is and isn't happening around the business as a whole。 This is what has made them wealthy， Charlie roll up his sleeves and delve into the coal face while Buffett stands off at a distance to take in the broader view。 That said， the acquasition of Sees Candies is the opposite。 Charlie was able to step back and look at the broader understanding of what was so good about the chocolate maker， the niche around it and the moat it had as a specialist store。 Buffett might have the reputation for being the King Cobra of investing， but Munger is the Taipan，and no one plays with a Taipan， because they are quietly ruthless and deadly when irritated。Bothe men are intelligent， well read and enjoy bridge， and are patriotic Americans and devout Capitalists， and shows in everything they say and do。 Would i want to be like them; no not at all， but i do appreciate that they are the best in their field， and their resounding success is on show to the world。 More importantly they are willing to share their accumulated knowledge and experience with the rest of the world， or at least those willing to listen。If you have read Buffett's collected essays then i would suggest reading this book next， and if you haven't read either then i would strongly recommend that you do， even if you do not want to be an investor， and simply want to understand how interesting and complex these two men think about businesses。 。。。more
Ranit Dey
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tile of this book justifies in every point， a book for building your wisdom。 The many time you read more you discover its meaning。
Madhur Bhargava
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I really could not understand the point of writing this book， especially if all it had to do was to quote all things that munger has mentioned during the famous berkshire/wesco meetings or various college addresses which all have already been extensive covered in various other works which are much more detailed and promising。 This book is more like a glorified book of quotes of charlie munger and the author repeatedly omits providing the context where it is much needed， for example the Berkshire I really could not understand the point of writing this book， especially if all it had to do was to quote all things that munger has mentioned during the famous berkshire/wesco meetings or various college addresses which all have already been extensive covered in various other works which are much more detailed and promising。 This book is more like a glorified book of quotes of charlie munger and the author repeatedly omits providing the context where it is much needed， for example the Berkshire math chapter， which could have been a very detailed and interesting chapter had the author not decided to wrap it up in a whooping。。。。。。。。。2 pages！ 。。。more
Michael Christopher Basa
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Forget about the word “investor” in this title。 Plenty of Twitter-esque quotes and golden nuggets which can translate over to business and management。 My favorite chapters here are the ones related to psychological biases。I’ll have to revisit this book later or next year
إسلام جمال
，
Brilliant Book Charlie Munger is learning machine， uses simple ideas to live better and invest better。Forgetting your mistakes is a terrible error if you are trying to improve your cognition， Reality does not remind you！
Phakin
，
ออกแนวหนังสือรวมโควตชาร์ลี มังเกอร์มากไปหน่อย เนื้อหาหรือวิธีคิดจริงๆ ก็ไม่ได้ฉีกไปจากหนังสือวิธีคิดทางการเงินเล่มอื่นๆ ถ้าเพิ่งเคยอ่านหนังสือแนวนี้ครั้งแรกๆ คงน่าจะชอบ แต่ถ้าเคยอ่านอย่างอื่นมาแล้วคงเซ็งๆ นิดหน่อย คือประเด็นมันดีเลย แต่การโควตคำพูดเรียงติดๆ กันสามอันทุกๆ สองหน้านี่ไม่ไหว อ่านแล้วรู้สึกว่ามันจะอะไรขนาดนั้นกันนะ
Paul Ivans
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Charles
Nga Tran
，
This book is full of wisdom and useful， acute observations。 For me these traits also make up the allure of investing; value investing is not only a discipline but also a worldview， even a lifestyle。 I think the challenge of this book lies after it's finished: processing accumulated wisdom will take long， repeated efforts， especially if we want to make them really our own。 This book is full of wisdom and useful， acute observations。 For me these traits also make up the allure of investing; value investing is not only a discipline but also a worldview， even a lifestyle。 I think the challenge of this book lies after it's finished: processing accumulated wisdom will take long， repeated efforts， especially if we want to make them really our own。 。。。more
Nik
，
I've read the book and understand that it is a collection of quotes strung together to paint an overall picture of the man we all know as Charlie the great。 But， I found myself losing the story-flow because of all the citations when listening。 i cannot offer a solution because of the way the book was written， but it was a tough read。 I've read the book and understand that it is a collection of quotes strung together to paint an overall picture of the man we all know as Charlie the great。 But， I found myself losing the story-flow because of all the citations when listening。 i cannot offer a solution because of the way the book was written， but it was a tough read。 。。。more
Siddharth Bhaskar
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Great book mostly on the non-mathematical part of making an investment decision and it is indeed a very significant part。
周 大為
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看了這本書，查理芒格成為我的偶像，充滿處世與投資的智慧，我會想繼續追芒格的書。
Nyan
，
Interesting
Chunyan
，
it's a compilation of Charlie Munger's quotes， with elaboration and examples （at least that's the intention）。 But the elaboration part neither unpacks the complexity nor tells intriguing stories。 Charlie Munger himself is a much better story teller than this。 it's a compilation of Charlie Munger's quotes， with elaboration and examples （at least that's the intention）。 But the elaboration part neither unpacks the complexity nor tells intriguing stories。 Charlie Munger himself is a much better story teller than this。 。。。more
Freeread
，
สิ่งที่ผิดพลาดมาจากตนเอง ต้องมีวิธีการคิดบางอย่างที่ผิดไป ควรทบทวนตัวเองบ่อยๆสร้างคูเมือง เผื่อทางปลอดภัย รอคอยอย่างอดทน ถอยในเวลาที่ควรพอ เพียงเท่านี้
Jo Rands
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As a professional investor， I didn’t necessarily find anything new in this book。 However， it’s a good reminder of the key investing principles of one of the world’s greatest investors。
Piyush Tiwari
，
A GOODREAD
Mary Marino
，
I need to read this book again。
Alessandro
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Rating: 3，5 starsA 'what' book rather than an 'how' book， which lists the qualities that a proper value investor should have， as well as the traits he should work to get rid of。The bibliography is extensive and very useful if you wanna dive deeper into the subject of value investing。 I found that Munger's quotations （which were prominent within the book） were probably a little bit too present， composing a very good part of the book。This takes away from the reading experience as it keeps interrup Rating: 3，5 starsA 'what' book rather than an 'how' book， which lists the qualities that a proper value investor should have， as well as the traits he should work to get rid of。The bibliography is extensive and very useful if you wanna dive deeper into the subject of value investing。 I found that Munger's quotations （which were prominent within the book） were probably a little bit too present， composing a very good part of the book。This takes away from the reading experience as it keeps interrupting the flow of the text。 It looks （and reads） more like a undergraduate thesis， rather than a non-fiction book。All in all， it has some valuable insights， although if you are already familiar with Graham Value Investing， you won't probably find any ground-breaking insights。Cheers to all and thanks for reading！ 。。。more
LEUNG HEI LUN BRIAN
，
A good summary on value investing。Quotes from Munger are leads instead of ends。 I learned a lot from this book and revised my views。 The chapter on moat is short but a serious concentrate of wisdom。 A book that I will read again and again。
Renan Rocha
，
Interesting insights about investing and related topics in business。
beingCristina
，
It's Charlie Munger， what else could be missing than that？ Ohh， maybe Ray Dalio。。。 It's Charlie Munger， what else could be missing than that？ Ohh， maybe Ray Dalio。。。 。。。more
Bernie Chan
，
A book that is definitely worth revisiting soon - an extremely concise book highlighting the fundamentals as a value investor
Deepesh
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A compilation of few thoughts of Charlie Munger。 Good clean simple！
Akshit Rajput
，
Nothing special about it。 Just a collection of quotes from Charlie Munger， extracted from his various interviews and annual reports of Berkshire Hathaway。
Gowtham Injamuri
，
Discusses the ideas of Charlie Munger and how he approaches investing。 Very good book if you want to build the temperament required for becoming a value investor。
Danny Pham
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Most parts of the book are overlapped with other books and quotes。 I found interesting while reading a Chapter about Berkshire Hathaway math。
Javier HG
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Este libro me ha sorprendido。 Esperaba un libro sobre el mundo de la inversión y lo que me he encontrado es un libro que es un 50% inversión， 50% filosofía。 Y digo esto como algo positivo， porque "Charlie Munger: The Complete Investor" es un libro que enseña a invertir y a vivir。 Los consejos del libro （ej: céntrate en lo que conoces y aumenta tus conocimientos）， no solo son útiles en el mundo de la inversión sino también en cómo desarrollar tu carrera profesional。 De hecho， aquell@s que empiece Este libro me ha sorprendido。 Esperaba un libro sobre el mundo de la inversión y lo que me he encontrado es un libro que es un 50% inversión， 50% filosofía。 Y digo esto como algo positivo， porque "Charlie Munger: The Complete Investor" es un libro que enseña a invertir y a vivir。 Los consejos del libro （ej: céntrate en lo que conoces y aumenta tus conocimientos）， no solo son útiles en el mundo de la inversión sino también en cómo desarrollar tu carrera profesional。 De hecho， aquell@s que empiecen el libro esperando que después de leerlo van a saber todo sobre invertir es probable que se sientan decepcionad@s， porque no es un libro como "Valuation" de McKinsey。 Lo que ha hecho Tren Griffin es escribir un libro que recoge la filosofía de vida y de trabajo de Charlie Munger， el socio del famoso inversor Wrren Buffett。 Es por tanto un libro sobre la mentalidad necesaria para invertir， algo que considero imprescindible， más que las matemáticas financieras en sí mismas。 No es posible replicar el éxito de Berkshire Hathaway， pero es posible aplicar su filosfía a nuestras finanzas personales: no invertir en lo que no entendemos， revisar las comisiones， e invertir cuando los demás tienen miedo。 Parece sencillo pero no lo es。 Para poder seguir esa filosfía hace falta prepararse con tiempo， y leer "Charlie Munger: The Complete Investor" es uno de los primeros pasos。Imprescindible。 。。。more
Sachin Santhosh
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Very sound advice， but not much new if you've read anything about Warren Buffet Very sound advice， but not much new if you've read anything about Warren Buffet 。。。more
James Watson
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