What I learned from reading the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger).
Listen to this incredible conversation between Charlie Munger and John Collison on Invest Like The Best).
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(2:00) The practical wisdom of Poor Charlie's Almanack, this ode to curiosity, generosity, and virtue will similarly compound at successive generations of entrepreneurial readers extend his lessons to their own circumstances.
(12:00) Education is the process whereby the ability to lead a good life is acquired. — Socrates: A Man for Our Times) by Paul Johnson. (Founders #252)
(22:00) Trust is one of the greatest economic forces on earth.
(29:00) Charlie is content to trust his own judgment when it runs counter to the wisdom of the herd.
(31:00) Animated: Charlie Munger: The Psychology of Human Misjudgement)
(31:30) Aim for durability. Durability has always been a first rate virtue in Charlie’s eyes.
(32:00) Charlie only focuses on great businesses and great businesses have moats.
(33:00) Johnny Carson) by Henry Bushkin. (Founders #183)
(42:00) You can flourish in a niche: People who specialize in the business world —and get very good because they specialize— frequently find good economics that they wouldn't get any other way.
(45:00) Being so well known has advantages of scale. This is what you might call an informational advantage. It increases social proof.
(46:30) Business Breakdowns episode on Coca Cola )
(49:00) Occasionally scaling down and intensifying gives you a big advantage. (You can find great profit margins this way)
(50:00) Sam Walton: Made In America) by Sam Walton. (Founders #234)
(51:00) Scale and fanaticism combined is very powerful. (Think Sam Walton)
(57:00) I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market) by Ed Thorp. (Founders #222)
(1:08:00) The best thing a human being can do is help another human being know more.
(1:14:00) Optimism is a moral duty. — Edwin Land
(1:17:00) You want to maximize the playing time of your top players.
(1:17:00) The game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machines.
(1:22:00) The most important rule in management is get the incentives right.
(1:25:00) Never, ever think about something else when you should be thinking about the power of incentives.
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