Munger said: "I don't think you can become a really good investor in this investment field without solid reading, and I don't think any book can do this for you." In reading, building your own "thinking pattern grid" requires reading a lot of important works of famous scientists in mathematics, biology, physics, sociology, psychology, philosophy and literature, understanding and being familiar with the core concepts introduced in the book, and linking the thinking patterns of different disciplines. At the same time, apply these theories to investment, think correctly and independently, and then invest wisely, so as to get the best return on investment.
Munger said: "I don't think I am a model of a good education. I learned to get the information I want by reading. That's what I've done all my life. I often prefer excellent teachers who have passed away to teachers who are still alive. "
If you want to gain wisdom, you need to sit quietly and read. This is the source of wisdom.
Munger will recommend some books at the annual shareholder meetings and speeches of Berkshire Hathaway and Vesco. Relevant books, sources and comments are arranged as follows:
I. Biography
Munger likes reading biographies very much. Munger said: "I think that if you want to teach people some great and useful ideas, biography is a way to make it easier for people to connect the life and personality of the founder of ideas." If you're with Adam? Smith makes friends, and you will study economics better. "Make friends with great men who died" sounds ridiculous. But if you make friends with those farsighted old friends all your life, you will live a better life and be more educated. This is much better than just talking about some big things. "
1, autobiography of Franklin, autobiography of Benjamin Franklin.
2. Franklin, Benjamin Franklin. Penguin USA, June 23rd, 1994.
Charles Munger also recommended reading "anything about his personal hero Benjamin Franklin." -1998 Berkshire Hathaway annual meeting
3, "Poor Charlie Collection", Peter Kaufman's "Poor Charlie Yearbook" (Peter? Kaufman (2005)
4. Einstein: Life and Universe, Einstein: His Life and Universe, Walter Isaacson, 2007 WESCO Annual Meeting.
I have read all the biographies of Einstein, which is by far the best and most interesting book.
5. Herb Simon's My Life Mode, 200 1 Berkshire Hathaway Annual Meeting.
The only management scientist among the Nobel Prize winners in economics.
6. john adams, David McCullough, the author of biology in john adams.
7. The Life of Johnson, The Road to Power and Lord of the Senate; , the road to power (the years of lyndon johnson, vol. 1) (Robert Carroll? Carlo)
I like Carol's book-I think it's very good. I think it is very important for anyone who wants to know the human condition to read his biography about LBJ. LBJ never tells the truth when lies are better. This is his way of life. He has high intelligence and extraordinary energy, and has done many good things and many bad things. I'm not sure that he has done more good than bad. But I think lying like LBJ is an appalling life. What I said at the Berkshire meeting about robber barons also applies here: "When he speaks, he is lying, and when he is quiet, he is stealing." Charlie Munger, 2004 Annual Meeting of Vesco Company
8. Andrew Carnegie, Andrew Carnegie by Joseph Frazier Wall, 2003 WESCO Annual Meeting.
9. Rockefeller: a myth about wealth, Titan: The Life of John D. Rockefeller Sr. Ron Cherno (Ron? Cherno), 1999 Berkshire Hathaway Annual Meeting
I must admit that I am a hopeless biography and autobiography lover. Considering this, I find this book about Mr. Rockefeller's life very attractive. The life he lived, the company he founded and his management style are all worth studying. I also found this an interesting monopoly case study, and I found myself often comparing the situation of Standard Oil and Microsoft.
10, "Bill? Gates and the Establishment of Microsoft Empire, Hard Disk: Bill Gates and the Establishment of Microsoft Empire, by james wallace and Jim Erickson.
"I think the biography of Bill Gates is a very useful book. You can really feel the cost of writing and selling software in the software revolution. "-1June 30, 993-annual meeting of Vesco company.
1 1, Les Schwab is proud of his performance: Keep going Les Schwab, 2004 Annual Meeting of Berkshire Hathaway.
Les Schwab's autobiography gives a good idea about the salary plan of small enterprises. "
"If you want to read a book, read Les Schwab's autobiography. He runs a tire shop in the midwest, and has made a lot of money shrewdly in the difficult business by having a good system ... He made hundreds of millions of dollars by selling tires ",Charles Munger, annual meeting of Berkshire Hathaway in 2004.
12, "M&A: Steve, president of time warner Inc. company? Game Masters: The Founding of Steve Ross and time warner Inc.. June 23 1994.
Second, natural science.
Munger also likes popular science books, especially about evolution. Munger said at the 1997 Berkshire Hathaway shareholders' meeting: "In terms of investment, biological reasons can help predict the outcome of business evolution, and business and biological evolution have many similarities."
13, Origin of Species, Origin of Category Charles Darwin.
Charles Munger recommended reading Everything about Darwin. "
14, Darwin's blind spot: evolution beyond natural selection. Annual Meeting of Berkshire Hathaway Company in 2003
15, the third chimpanzee in jared diamond, 1992 annual meeting of Berkshire Hathaway.
16, Genome: 23 autobiographies of a species, Genome: 23 autobiographies of a species.
"The genome is the history of a species in 23 chapters. It is a great book and very interesting." Charlie Munger-200 1 Berkshire Hathaway Annual Meeting
17, the selfish gene author Richard Dawkins (Richard? Dawkins)
An excellent book is Selfish Genes, which provides basic insights about the human condition. "-Annual Meeting of Vesco Company in 2000.
18, The Blind Clockmaker: Why the Evidence of Evolution Reveals a Universe Without Design, by Richard Dawkins (Richard? Dawkins). August 8 1996
19, temperature is everything, a question of degree: what will temperature bring back about our discipline, the past and future of the earth and the universe? Shagerui)
The Problem of Degree, written by physicist segre, is an excellent book. This is not a book that you can browse at 90 mph, but if you analyze it slowly, you will get a lot. If you use it properly, you will get a lot of time. Vesco Company Annual Meeting in 2003.
20. Language Instinct: How the Brain Creates Language by Steven Pinker (Steven? Pink), March 13, 1998
2 1, Judith Richie Harris's No Two People Are the Same: Humanity and Personality. Poor Charlie's yearbook
22. The ice age, the ice age by John &; Mary Gribbin (John and Mary Gribbin)
"The best scientific treatise and historical works I have read for many years!" -(from the back cover of the book)
"I recommend Ice Age, which traces the history of glaciers in the past. This is the best scientific explanation book I have ever read. " -Annual Meeting of Vesco Company in 2002.
23. profound simplicity: from chaos and complexity to the origin of life on earth,
Deep Simplicity: Bringing Order to Chaos and Complexity by john gribbin (John? GRE bin)；
"Not everyone will like deep simplicity. It's hard to understand everything, but if you can't understand it, you can give it to a smarter friend. " Annual Meeting of Vesco Company in 2004.
24. The Martians of Science: Five Physicists Who Changed the Twentieth Century (Peter? Beverine, author of Searching for Wisdom: From Darwin to Munger, 2007 WESCO Annual Meeting.
25. three scientists and their respective gods: looking for the meaning of life in the information age three scientists and their gods: looking for the meaning of the information age Robert Wright,
This is a very interesting book for a certain academic type. -200 1 Berkshire Hathaway annual meeting
I. Social sciences
Munger believes that stock selection is a branch of living art, and investment should be understood as a part of living ability. Munger not only likes books that have made subtle and profound analysis on the rise and fall of the country and the evolution of the rich and the poor, but also likes economics, especially that economics is "the queen of soft science in many aspects". So he recommended some works on the history of social development, psychology, management or comprehensive disciplines.
27. Cannons, bacteria and steel-the fate of human society,
Guns, Germans, Guns and Steel: The Fate of Human Society, by jared diamond,
"... books like Guns, Bacteria and Steel are not common. Annual Meeting of Berkshire Hathaway in 2000. Charles Munger likes this book because Diamond "always asks why?" -1998 Annual Meeting of Berkshire Hathaway Company.
28. Living within limits: ecology, economics and population taboos.
I suggest everyone read Garrett Harding's last book, Living within the Limits. This is a summary of the main knowledge that Harding learned in his life. He is a true thinker. That is a wonderful book. "(June 30th, 1993)
Garrett Harden was 78 years old when he wrote this book. I suggest you read it twice (I did) ... because it embodies the wisdom of a very smart person. ",1997 Wesco Annual Meeting.
29. How the Scots invented the modern world: How the poorest countries in Western Europe created the world, and how the Scots invented the modern world: The true story of how the poor people in Western Europe created our world and everything in the world. Arthur Herman (Arthur? Herman),
"I also recommend how the Scots invented the modern world: the true story of how the poorest countries in Western Europe created our world and everything in the world, and how a small group of people prospered." -Annual Meeting of Vesco Company in 2002
30. Wealth and Poverty in the Country: Why Some People Are So Rich and Some People Are So Poor, David S. Landers, 1999 Annual Meeting of Berkshire Hathaway.
This important book studies how wealth and culture are intertwined with time and their influence on the country. It provides a thoughtful and rational explanation for why various cultures with certain advantages have never become world powers. It also studies why some countries have become so successful and why others have failed. Everyone should study why some countries have succeeded while others have not, so that we can learn from these challenges instead of being doomed to repeat the same mistakes.
3 1, Influence: Persuasion Psychology of Robert B. Cialdini (2000); "This project will help executives make better decisions and use their influence wisely. . . Robert Cialdini has influenced my thinking on this topic more than any other scientist. "
32. "The Meaning of Living", Human's Pursuit of Meaning: Experience in Concentration Camp Victor E. frankl (Victor? Frank)
33. Judgment in management decision? Bazeman), 1995 Annual Meeting of Berkshire Hathaway Company
34. Roger Fisher, William Yuri and Bruce Barton.
35. Only the paranoid can survive by Andy Grove.
36.invictus: Give full play to the effectiveness of leadership and cooperation at critical moments,
Getting things done: how to lead when you are not responsible by Roger Fisher and Alan Sharp.
"This book is a must-read for those who seek to maximize their contribution to the constructive work of the world." -(from the back cover of the book)
37. The Outsider written by Malcolm? Malcolm Gladwell
Fourth, finance and economics.
Munger said: "I think Buffett and I get more from some good business magazines than from other places." By reading various business reports in each issue, we can easily and quickly gain various business experiences, and if you can develop a thinking habit and combine what you read with the basic structure of these ideas, you can gradually accumulate some investment wisdom. " In terms of investment theory, Munger recommended some books on stock investment and some books on corporate scandals.
38. The Smart Investor, by Benjamin Graham? Graham)
39. Securities analysis, securities analysis by Benjamin Graham (Benjamin? Graham)
I think the greatest investment book.
40. Rediscovering Value-Entering Benjamin and Rediscovering Benjamin Graham: Selected Works of janet lowe's Wall Street Legends? Lor)
Views on Ben Graham's viewpoint: the viewpoint of safety margin, Graham's motto, will never be out of date. The idea of making the market work for you will never go out of fashion. An objective and calm idea will never go out of fashion. So Graham has many good ideas.
I like Graham. He always interests me and makes me happy. But I have never worshipped buying stocks like him. So I don't have Warren's worship. I accepted these ideas, but abandoned the practices that didn't suit me. I don't want to have a bad business run by someone I don't like and say, "No matter how bad it looks, it (the stock) will rebound by 25%." I'm not attracted by it.
4 1, how to choose growth stocks, common stocks and extraordinary profits, conservative investor Sleepwell, develop an investment philosophy Phil Fisher.
In my opinion, this is one of the greatest investment books ever.
Phil Fisher believes in concentrated investment and knows your company like the back of his hand-this is in our script, partly because we learn from him.
Richie Lockwood's "Buffett's Investment Way"
43. Buffett's portfolio, Buffett's portfolio (Robert Hagstrom? Herstrand)
44. The wealth formula: the story of Las Vegas and Wall Street, the wealth formula: the unknown story of defeating the scientific gambling system of casinos and Wall Street, by william poundstone (William? Poundstone)
I like the book I recommended [not long ago], which explains all these strange guys in horse racing-it's a value investment, and there is a lot of math knowledge in it. This is a very valuable book, and you should all read it. WESCO annual meeting in 2006
45. "Behind Honesty: The Truth of Wall Street Money Games" (also translated as clay pigeon target), F.I.A.S.C.O: The inside story of a Wall Street trader, written by Frank Patenoy;
(...) Reading the book F.I.A.S.C.O. written by Frank Partnoy, a law professor and former derivatives trader, will turn your stomach. - 10/2003
46. Fool's Conspiracy: A True Story, Kurt Eichenwald, 2005 WESCO Annual Meeting.
"... that Enron book is really worth reading, because evil is so extreme. You see people attracted by the evil around them. You just learned so much. "Charlie Munger, 2007 Vesco Company Annual Meeting.
47. The Barbarian at the Gate: The Fall of RJR· Na Beske, by Bryan Burrough &; John heil Yar. 1992 Berkshire Hathaway annual meeting
48. "Thief's Nest, Thief's Nest" by James B. Stewart (James? b？ Stuart). 1992 Berkshire Hathaway annual meeting