Charlie Munger: The Complete Investor by Tren Griffin

By Tren Griffin

Charlie Munger, Berkshire Hathaway's visionary vice president and Warren Buffett's imperative monetary accomplice, has outperformed industry indexes many times, and he believes any investor can do a similar. His idea of "elementary, worldly wisdom"--a set of interdisciplinary psychological versions related to economics, enterprise, psychology, ethics, and management--allows him to maintain his feelings out of his investments and steer clear of the typical pitfalls of undesirable judgment.

Munger's method has recommended his investments for 40 years and has guided generations of profitable traders. This publication offers the basic steps of Munger's making an investment approach, condensed the following for the 1st time from interviews, speeches, writings, and shareholder letters, and matched with observation from fund managers, price traders, and business-case historians. Derived from Ben Graham's value-investing method, Munger's method is easy sufficient that normal traders can use it on their portfolios. This publication isn't really easily approximately making an investment. it really is approximately cultivating psychological versions in your complete existence, yet specially on your investments.

Show description

Read Online or Download Charlie Munger: The Complete Investor PDF

Best introduction books

The Single Best Investment: Creating Wealth with Dividend Growth

This witty advisor advises readers to forestall enjoying the inventory industry or hearing tv experts and as an alternative positioned their cash into dividend-paying, moderate-growth businesses that supply constant returns and minimal danger. bringing up records that exhibit businesses beginning and elevating dividends on the quickest expense in 30 years, this research announces once-stodgy dividends to be "the subsequent new factor" and offers easy principles for selecting the easiest shares, utilizing conventional overview instruments, reinvesting dividends, evaluating shares and bonds, and development a portfolio.

Geographies of Development: An Introduction to Development Studies (3rd Edition)

Geographies of improvement: an advent to improvement reviews is still a middle, balanced and entire introductory textbook for college kids of improvement reviews, improvement Geography and similar fields. This transparent and concise text encourages severe engagement via integrating concept along perform and comparable key themes all through.

Neural Networks: An Introduction

Neural Networks The innovations of neural-network versions and strategies of parallel dispensed processing are comprehensively awarded in a three-step technique: - After a quick evaluation of the neural constitution of the mind and the heritage of neural-network modeling, the reader is brought to associative reminiscence, preceptrons, feature-sensitive networks, studying suggestions, and sensible purposes.

MacLeod's Introduction to Medicine: A Doctor's Memoir

‘MacLeod's advent to Medicine:  A Doctor’s Memoir’ is a set of news that provides the reader an perception into the funny part of a doctor's life. There is a wealthy resource of humor in drugs, and this e-book goals to percentage a few of this. ​

Extra info for Charlie Munger: The Complete Investor

Example text

The investor immediately reached over and picked up the frog, put him in her purse, and then started to walk home. The frog was concerned that he was not receiving a kiss and asked, “What are you doing? ” The investor replied, “I’m not kissing you ever. ” If you cannot accept investing underperformance in the short term in order to achieve long-term investment outperformance, then you are not a candidate for Graham value investing. This is not a tragedy, since the Graham value investing system is not the only way to invest successfully.

An investor who does not follow these principles is not a Graham value investor. The Graham value investing system really is that simple. Munger also believes the development and recognition of certain personal attributes are essential for a Graham value investor. These attributes represent “the right stuff” part of my framework. Munger believes that investors who can develop these attributes can train themselves to avoid common psychological and emotional mistakes and become successful investors.

If something is too hard, we move on to something else. What could be simpler than that? —CHARLIE MUNGER, BERKSHIRE ANNUAL MEETING, 2006 We have three baskets: in, out, and too tough. … We have to have a special insight, or we’ll put it in the “too tough” basket. —CHARLIE MUNGER, WESCO ANNUAL MEETING, 2002 The Graham value investing system is designed to remove from the process any decisions that may lead an investor to make mistakes. The “yes” basket is tiny compared to the other two baskets because an investing decision that results in a “yes” will happen rarely.

Download PDF sample

Rated 4.77 of 5 – based on 10 votes