Peter Kaufman has done an amazing job compiling some of the world’s best lessons on investment behaviour into a masterpiece. We know it as “Poor Charlie’s Almanack“, which is a collection of speeches and talks by Charlie Munger.
While the entire book is one amazing journey through the mind of one the greatest investment and behavioural thinkers of our times, one part that takes the cake is where Kaufman has condensed Munger’s teachings into a checklist.
He calls this “Investing Principles Checklist”, as it contains the core principles that has made Munger the brilliant investor he is today.
These principles can further be condensed into four most basic guiding principles of life and investing –Preparation. Discipline. Patience. Decisiveness.
These principles cannot be prioritized in terms of any importance. Rather, together, they make up a sensible, thinking, and disciplined investor’s mental toolkit.
Munger’s Investing Principles Checklist

1. Risk …