'Poor Charlie’s Almanack' and how Munger saw the world

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Charlie Munger, Warren Buffett’s close friend and the longtime vice chairman of Berkshire Hathaway (BRK-A, BRK-B), died on Nov. 28 at age 99 — six days before the new fifth edition of "Poor Charlie’s Almanack: The Essential Wit & Wisdom of Charles T. Munger" was published by Stripe Press.

The publisher increased the press run as demand for the book soared, at least in part because it was mentioned in laudatory obituaries. (Stripe wouldn’t say how many books it added nor or the total number published.)

But if you’re thinking about joining the pack and shelling out $30 for "Poor Charlie’s Almanack," you need to have realistic expectations.

Even though Munger was a fabulously successful investor, you won’t get specific investment advice from this book, an earlier version of which sold, for instance, a million copies in both India and China. It doesn’t provide any tips about which securities to buy or avoid, or how to become a billionaire like Munger was or a mega-billionaire like Buffett is.

The book consists mainly of speeches that Munger gave from 1986 through 2007, and gives you insights into how Munger, who died at the age of 99, looked at the world.

One example: “Smart, hard-working people aren’t exempted from professional disasters from overconfidence. Often, they just go aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.” And this: “Old people like me get pretty skilled, without working at it, at disguising age-related deterioration because social convention, like clothing, hides much decline.”

Warren Buffett (L), CEO of Berkshire Hathaway, and vice chairman Charlie Munger attend the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019. (Photo by Johannes EISELE / AFP)        (Photo credit should read JOHANNES EISELE/AFP via Getty Images)
Happy together: Warren Buffett (L), CEO of Berkshire Hathaway, and the late vice chairman Charlie Munger at a shareholders meeting in Omaha. (Johannes Eisele via Getty Images) · JOHANNES EISELE via Getty Images

The book, in general, has the feel of a fan project rather than something from your normal, conventional publisher. I think that’s because Stripe Press is a subsidiary of the Stripe Inc. payment company and Stripe co-founder John Collison is a huge admirer of both Munger and earlier versions of his book.

In his two-page foreword, the first item in this new edition, Collison, 33, said he found the "Poor Charlie’s Almanack" edition he read in his 20s “to be a refreshing rebuttal of conventional financial wisdom.”

And, he added, “One can’t help but read a line like ‘Without numerical fluency … you are like a one-legged man in an ass-kicking contest’ and come away not only chuckling but also a little bit wiser.”

In addition to leading off the book with his foreword, Collison also did an interview running close to two hours with Munger. The interview, which took place in September 2022, was part of the planned promotion of Poor Charlie’s Almanack, and was released after Munger died. I wanted to discuss the book and Collison’s motivation for publishing it with him, but Stripe said he was too busy to talk with me.