The Reading Palette

‘Poor Charlie’s Almanac: The Essential Wit and Wisdom of Charles T. Munger’ is an interesting book about an interesting man. Stripe Press released a new edition of this book last year. It was meant to release in November but was postponed (or simply had sold out to high demand) due to Charlie’s passing in late November 2023. He was 99 years old.

This collection of talks and essays, as compiled by Peter D. Kaufman, is prefaced with forewords by John Collison and Warren Buffett, a rebuttal by Munger himself, and then an introduction by Kaufman. The talks are further prefaced by a short biography, stories by his children, and an overview of Charlie’s approach to life, learning, and decision-making. The primary material consists of eleven talks given as commencement speeches, at reunions, in classrooms, or at speaking events. Most topics cover business-related matters, which is why I think this book is read mostly by business students and professionals, but I believe this book covers much that is useful in any area of life. Charlie’s talk on ‘The Psychology of Human Misjudgment’ is an incredible, practical insight into human behavior anyone would be hard-pressed to find themselves exempt from.

The title is a nod to Benjamin Franklin’s annual publication ‘Poor Richard’s Almanack.’ Franklin was a large influence on Charlie and is referenced several times in this book. Charlie read vastly and is a prime example of a lifelong learner who built a set of values and a practical understanding of the world through books and experiences. He faced tragedy (the loss of a child) as well as triumph. His children’s accounts give the perspective of his fair but stern approach to parenting and preparing them for the world as he knew it, and he knew it quite well.

Charlie led Berkshire Hathaway alongside Warren Buffett to the celebrity status it enjoys today. He was intellectually sharp until his passing, and he was a lifelong learner who had various interests in life beyond business and investing such architecture and philanthropy. I wanted to learn more about Charlie, knowing little about him prior to his passing and having recently learned about him through his influence on Mohnish Pabrai. But I wanted to read this book more so, due to my interest in his outlook and approaches to life in general. I’m glad I did read it and feel better off having done so.

However, I must admit Charlie’s writing, although seemingly penned in golden ink, does grow from the foundation of his law and business backgrounds so it can read fairly dry for many readers not accustomed to the rhetoric of those fields or topics. This is not to deter anyone from reading the material. In fact, at the time of this writing, Stripe Press allows you to read as well as listen to ‘Poor Charlie’s Almanack’ on their web page without the prerequisite of purchase. Listening may prove easier for anyone who would otherwise find the material a bit boring to read, but each of these talks were delivered as speeches so listening much like an audience member seems the best way to imagine and appreciate Charlie’s delivery of these talks.

I listened to several of the talks due to my limited time for reading (and as a better way to fill my commute) though I greatly enjoy my physical copy of the book. It is an excellent edition, and physical books will always be my preferred method of reading. Grab a copy yourself or check out the talks at Stripe Press. Either way, I encourage you to take in Charlie’s words as the sage advice they are.

Have you read Poor Charlie’s Almanack? What are your thoughts on it? Let us know in the comments below.