MI361: Poor Charlie's Almanack w/ Shawn O'Malley

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 22 July 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Patrick Donley (@JPatrickDonley) sits down with Shawn O’Malley, Chief Editor of our newsletter, We Study Markets, to discuss what his main takeaways were from doing a deep dive into the wit and wisdom of Charlie Munger from Poor Charlie’s Almanack. You’ll learn how Ben Franklin inspired Munger, how Buffett and Munger developed their relationship, what the key character traits were that made Munger a great investor, why it is important to be a multi-disciplinary thinker, what elementary worldly wisdom is and how to develop it, what the psychology of human misjudgment is and how to avoid it to lead a better life, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:17 - How Ben Franklin inspired Charlie Munger. 05:32 - How Buffett and Munger developed their relationship. 08:42 - What key character traits made Munger a great investor. 12:33 - How Munger served as a trusted devil’s advocate to Buffett. 15:30 - Why it is so important to be a multi-disciplinary thinker to succeed as an investor. 18:54 - What is elementary worldly wisdom. 25:38 - What is the psychology of human misjudgement and how to avoid it. 32:04 - Why academics should focus more on microeconomics. 35:37 - What is febezzlement. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Lawrence Cunningham’s book, The Essays of Warren Buffett. Benjamin Graham’s book, The Intelligent Investor. William Thorndike’s book, The Outsiders. Peter Kaufman's book, Poor Charlie’s Almanack. Robert Cialdini's book, Influence. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Patrick: Twitter | Email Connect with Shawn: Twitter | LinkedIn | Email Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.1	The idea of being a multidisciplinary thinker in some ways is really about being well-rounded
0:07.3	enough to avoid the pitfalls of people who spend their whole lives narrowly focused on
0:12.1	one thing.
0:12.8	The type of person with a hammer who thinks every problem looks like a nail.
0:19.9	Hey guys. In today's episode, I had the chance to sit down once again with my friend
0:24.3	and colleague, Sean O'Malley, who's chief editor of our newsletter, We Study Markets, to talk
0:28.8	about his main takeaways from doing a deep dive into poor Charlie's Almanac.
0:33.2	You'll learn how Ben Franklin inspired Munger, how Buffett and Munger developed their relationship,
0:42.6	what the key character traits were that made Munger a great investor, why it's important to be a multidisciplinaryan thinker, what elementary worldly wisdom is and how to develop it,
0:47.5	what the psychology of human misjudgment is, and how to avoid it to lead a better life and a whole
0:51.8	lot more. Buffett described Munger as his
0:54.2	closest partner and right-hand man and credited him with being the architect of Berkshire
0:58.7	Hathaway's business philosophy. He was vice chairman of the company and sadly passed away
1:03.3	at the age of 99 in November of 2003. One of my favorite quotes of Mungers is, in my whole life,
1:09.8	I've known no wise people who didn't read all the time.
1:13.1	None. Zero. You'd be amazed at how much Warren reads and how much I read. My children laugh at me.
1:18.7	They think I'm a book with a couple of legs sticking out. Munger's goal was try to be a little
1:22.8	smarter each day than when he woke up. And just like capital, knowledge and wisdom compounds over time.
1:28.3	With that in mind, let's dive into today's episode with Sean O'Malley and learn about the wit and
1:34.4	wisdom of Charlie Munger.
1:39.7	Celebrating 10 years, you are listening to Millennial Investing by the Investors Podcast Network.
	...

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