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 by Clark, David -- Read -- Imperial Library of Trantor

Index

Cover Dedication Source Note Introduction Part I: Charlie’s Thoughts on Successful Investing

# 1. Fast Money # 2. Circle of Competence # 3. Avoid Being an Idiot # 4. Walking Away # 5. Easy Shooting # 6. Revelation # 7. Graham’s Error # 8. Sitting on your Ass # 9. The Dawning of Wisdom # 10. Analysts # 11. A Mispriced Gamble # 12. Diversification # 13. When to bet Heavily # 14. The Herd # 15. Foresight # 16. Financial Crisis Equals Opportunity # 17. Cash is Key # 18. A Demoralized Generation # 19. Patience # 20. Stock Prices # 21. Ebitda # 22. Dangers of Finance Companies # 23. Overconfidence # 24. Investment Managers # 25. Waiting # 26. Tax Shelters # 27. Enduring Problems # 28. Surprises # 29. Understanding the Odds # 30. A few Good Companies # 31. Ownership of a Business # 32. Recognizing Reality # 33. Not being Stupid # 34. Opportunity # 35. The Future of Berkshire Hathaway # 36. Financial Dementia # 37. Business Valuations # 38. Waiting is the Hardest Part # 39. Wading in # 40. Academic Sorcery # 41. Greedy Bankers # 42. Investing in Banks # 43. No Single Formula # 44. On Technology # 45. Successful Investing # 46. Beating the Average # 47. Commissions

Part II: Charlie on Business, Banking, and the Economy

# 48. The Great Depression # 49. Regulating Banks # 50. Too Big to Fail # 51. Borrowed Money # 52. Free-Market Folly # 53. Banking Deregulation # 54. Wall Street Excesses # 55. The Wealth Effect # 56. Printing Money # 57. Asset Inflation # 58. Oil Reserves # 59. Korea # 60. Carrots & Sticks # 61. Out-of-Control Bankers # 62. Derivative Danger # 63. Carry-Trade Folly # 64. Corruption in Asia # 65. The Miracle of China # 66. Free Trade # 67. The Miser # 68. Corporate Taxes # 69. Reducing Standards

Part III: Charlie’s Philosophy Applied to Business and Investing

# 70. Buy and Hold # 71. Corporate Mergers # 72. Going to Extremes # 73. Big-Money Equation # 74. Two Kinds of Businesses # 75. Few Companies Survive # 76. See’s Candies # 77. Easy Decisions/Painful Decisions # 78. Market Declines # 79. Where to Place our Bet # 80. Incentives # 81. AIG and GE # 82. Less Leverage # 83. Master Plans # 84. Decentralization # 85. Enron # 86. GM # 87. Iscar # 88. Wells Fargo # 89. McDonald’s # 90. Liquidity # 91. Singapore

Part IV: Charlie’s Advice on Life, Education, and the Pursuit of Happiness

# 92. One Step at a Time # 93. What we Deserve # 94. Using Big Ideas # 95. Career Advice # 96. Know-it-Alls # 97. A Waste of Education # 98. Admitting Stupidity # 99. Making Mistakes # 100. Specialization # 101. Not Working # 102. Not Living Beyond our Means # 103. Out with the Old # 104. A Moral Imperative # 105. Secret of Success # 106. Being Frugal # 107. Ideology # 108. Idea Destruction # 109. Catechism # 110. Cookie-Cutter Solutions # 111. Learning Machines # 112. Secret to Wisdom # 113. Legal Business # 114. Getting Older # 115. Positive Reinforcement # 116. Incentive-Caused Bias # 117. Narrow-Mindedness # 118. Living Well # 119. Marriage Advice # 120. The Worried Rich # 121. The Coca-Cola Company # 122. Envy # 123. Reading # 124. Taking the Blows # 125. Useless Worry # 126. Learning Machines # 127. Tragedy # 128. Multitasking # 129. Felicity # 130. Health # 131. A Seamless Web # 132. Missed Chances # 133. Lying to Oneself # 134. Truth # 135. Perspective # 136. Multidiscipline # 137. Civilization # 138. Reflection

Acknowledgments Sources About the Author Index Copyright