Title: "The Poor Charlie's Book".
Author: Peter Kaufman Beauty
Translation: Li Jihong et al.
This book hesitated again and again, the real reason is that he is shy, ** is indeed a little expensive, otherwise Duan Yongping would not say that starting this book is the best investment in his life (of course, the main reason is that the content of the book is good, **expensive is secondary).
The first half is mainly a brief introduction to Charlie's life, as well as what the people around him say about him
Then he shared his life experience on investment and learning
This is followed by his speeches at various American universities or institutions, Charlie's personal summary of the psychology of human misjudgment, and Charlie and Buffett's related reports and comments.
One of the most important points throughout the book is the quotation about Charlie's reading of the classics, which is interspersed with many recommendations of Charlie's classic books and his lifelong learning mindset sharing.
This is something that I am personally inspired by, and the value investing aspect is a secondary (and there is very little specific mention of investing in the book).
Pluralistic thinking
Charlie used the allusion of the hammer man written many times, that is, a man with a hammer in his hand, and the world in his eyes is a nail.
This means that we need to think about problems based on a combination of factors, rather than relying solely on our own past experience and knowledge, that is, multivariate model thinking.
The formation of the multivariate model is based on multi-faceted and multi-disciplinary comprehensive learning, which requires us to read, learn, and then apply what we have learned more broadly.
Reverse thinking
Charlie's reversal is not only to deduce from the outcome, but also to seek from the perspective of failure, the causes that will lead to failure (like traps), and then avoid touching these (thoughts and actions that will lead to failure).
This is an interesting and valid point of view, and it inspires me a lot.
Rational thinking
This mainly means that we should treat and analyze everything objectively and rationally, and not be influenced by emotions (for example, jealousy, etc.) and ideology.
Charlie has his own in-depth research on psychology, as well as his own unique insights, which are shared at length later in this book.
The famous Chinese investor** described Charlie Munger as a bit like an ancient Chinese scholar, which shows his high opinion of Charlie.
Charlie is not only a great investor in his achievements as a partner of Warren Buffett, but also a man of great knowledge and fraternity.
I believe that every friend who reads this book will have their own gains.