Charlie Munger: The Complete Investor (Columbia Business School Publishing)

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Alongside the tangible asset balance, See’s had one huge asset that did not appear on its balance sheet: a broad and durable competitive advantage that gave it significant pricing power: This post from T he Value Investors Club blog post, written only a few months after Munger started buying shows the secrecy surround the transactions:

This “latticework” provides the foundation on which the wisdom you gain from reading can sit, and allows you to draw knowledge from multiple fields to better understand the world.

If you’re looking for a book to read, this list of books recommended by Munger is a great place to start. An autobiography of Nobel laureate Herbert A. Simon, a remarkable polymath who more people should know about. In an age of increasing specialization, he’s a rare generalist — applying what he learned as a scientist to other aspects of his life. Crossing disciplines, he was at the intersection of “information sciences.” He won the Nobel for his theory of “bounded rationality,” and is perhaps best known for his insightful quote “A wealth of information creates a poverty of attention.” (Also part of five books that will change your life.)

So, Economics should imitate the basic methods of physics, But you should never pursue a theory as accurate as a physics formula.Getting it Done: How to Lead When You’re Not in Charge by John Richardson and Roger Fisher (1998): Munger wrote a blurb for the book, saying, “This book is must reading for those seeking to maximize their contribution to the constructive work of the world.”