📖Charlie Munger
Multidisciplinary Approach
Draw from multiple disciplines for better investment decisions.
You must know the big ideas in the big disciplines and use them routinely — all of them, not just a few. Most people are trained in one model and try to solve all problems in one way.
🏠 Everyday Analogy
📖 Core Interpretation
Charlie Munger advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：A latticework of mental models from many fields creates superior judgment.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Washington Post Investment (1973)
Munger and Buffett bought shares when the Post was deeply undervalued amid newspaper pessimism and market turmoil.
✨ Outcome：Held for decades; investment compounded over 100x, illustrating patience, concentration, and sitting tight with a superb business.
2
See’s Candies Acquisition (1972)
Berkshire bought See’s Candies for $25 million despite seemingly high price-to-book, focusing on brand, pricing power, and durable demand.
✨ Outcome：Generated extraordinary returns and large cash flows; reinforced Munger’s push toward quality businesses over purely statistical bargains.
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