The Intrinsic Value Podcast - The Investor’s Podcast Network

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

Jul 22, 2024

Chief Editor of We Study Markets, Shawn O'Malley, discusses key takeaways from Charlie Munger's wisdom in 'Poor Charlie's Almanack.' Topics include Ben Franklin's influence on Munger, traits that made him a great investor, importance of multidisciplinary thinking, elementary worldly wisdom, psychology of human misjudgment, and febezzlement.

52:04

Episode guests

Shawn O'Malley

AI Summary

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Being a multi-disciplinary thinker like Benjamin Franklin is crucial for successful investing.

Understanding and avoiding psychological biases in decision-making is essential for better investment strategies.

Deep dives

Charlie Munger's Inspiration from Ben Franklin

Charlie Munger found inspiration in Benjamin Franklin, viewing him as a multidisciplinary thinker much like himself. Franklin's annual publication, Poor Richard's Almanac, served as a foundation for Munger's approach to worldly wisdom. Both individuals were self-taught and sought knowledge across various domains, shaping their unique perspectives and success.

Intro

2min

Munger's Connection to Franklin and Partnership with Buffett

7min

Exploring Charlie Munger's Approach and Influence

10min

Multidisciplinary Thinking in Investing and the Role of Scale in Businesses

6min

Industry Competition and Cognitive Biases

12min

Charlie Munger's Influence on Modern Investing Psychology

11min

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

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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.
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