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Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark Hardcover – 1 Jan 2017


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  • Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark
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About the Author

For over twenty years, David Clark has been considered the world’s leading authority on the subject of Warren Buffett’s investment methods. His international bestselling investment books, co-authored with Mary Buffett—Buffettology, The Buffettology Workbook, The New Buffettology, The Tao of Warren Buffett, Warren Buffett and the Interpretation of Financial Statements, The Management Secrets of Warren Buffett, Warren Buffett and The Art of Stock Arbitrage, and The Warren Buffett Stock Portfolio—have been translated into more than twenty foreign languages and are considered “investment classics” the world over. He holds a B.S. degree in finance and a law degree from the University of California, Hastings College of the Law. He is presently writing Berkshire Hathaway: Fortress of Capital, a corporate biography. When not consumed with matters of finance, he is engaged in the second great passion of his life, which is trial law and maintains an active national practice.    

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Tao of Charlie Munger

# 1

FAST MONEY




“The desire to get rich fast is pretty dangerous.”



Trying to get rich fast is dangerous because we have to gamble on the short-term price direction of some stock or other asset. There are a huge number of people trying to do the same thing, many of whom are much better informed than we are. The short-term price direction of any security or derivative contract is subject to all kinds of wild price swings due to events that have nothing to do with the actual long-term value of the underlying business or asset. Last but not least, there is the problem of leverage: to get rich quickly, one often has to use leverage/debt to amplify small price swings into really huge gains. If things go against us, they can also turn into really large losses. So we take a leveraged position in a stock, thinking we are going to hit it big; then something terrible like 9/11 happens, the stock market tanks, and we get wiped out. In his early days, Charlie did use a lot of leverage on his stock arbitrage investments, but as he got older he saw the grave danger he was putting himself in and now passionately avoids using debt and bets only on the long-term economics of a business, not the short-term price swings of its stock price.

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Amazon.com: 4.1 out of 5 stars 48 reviews
investingbythebooks
4.0 out of 5 starsWhat would Charlie Munger do?
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5.0 out of 5 starsA Must-Read for any student of Munger / Investing / Life itself....
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5.0 out of 5 starsand nicely compliments the book 'DAM RIGHT
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4.0 out of 5 starsgood book
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