Poor Charlie's Almanack

This compilation of 11 talks by Berkshire Hathaway vice-chairman Charlie Munger has become a touchstone for investors and entrepreneurs since 2005, offering advice on learning, decision-making, living well, and investing. Munger introduces his "latticework of mental models"—multidisciplinary thinking connecting ideas from business, finance, history, philosophy, physics, and ethics—emphasizing that when models from different fields work together, they yield surprising insights. The book covers rationality (Munger's one-word self-description), inversion (solving problems in reverse), and 25 cognitive biases, establishing itself as essential reading for clear thinking and decision-making.

7 sections · 25 lessons

Course outline

Thinking Foundations

  1. Mental Models Latticework
  2. Multidisciplinary Thinking
  3. Knowing What You Don't Know
  4. Inversion
  5. Thinking Foundations

Investment Wisdom

  1. Economic Moats
  2. Margin of Safety
  3. Strategic Patience
  4. Quality Over Price
  5. Investment Wisdom

Psychology of Misjudgment

  1. Incentive Power
  2. Liking and Disliking
  3. Social Proof and Authority
  4. Consistency Bias
  5. Contrast and Loss Aversion
  6. Lollapalooza Effect
  7. Psychology of Misjudgment

Rational Decision-Making

  1. Decision Checklists
  2. Avoid Stupidity First
  3. Probabilistic Thinking
  4. Rational Decision-Making

Character and Ethics

  1. Reputation and Integrity
  2. Lifelong Learning
  3. Choose Your People
  4. Four Filters of Life
  5. Character and Ethics

Business Applications

  1. Economics and Psychology
  2. Cross-Disciplinary Skills
  3. Scale and Network Effects
  4. Business Applications

Ultimate Principles

  1. Deserved Trust
  2. Ultimate Principles

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