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.