David Senra

January 2, 2024

The NEW Poor Charlie's Almanack

charlie the goat.jpeg

My top 10 highlights from the book:

1.  Scale and fanaticism combined is very powerful.

2.  The most important rule in management is get the incentives right.

3.  You want to maximize the playing time of your top players.

4. There is an old two-part rule that often works wonders in business, science, and elsewhere:

1) Take a simple, basic idea and
2) take it very seriously.

5.  The game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machines. If you want the very highest reaches of human achievement, that's where you have to go.

6. We've really made the money out of high-quality businesses.

7.  Occasionally, scaling down and intensifying gives you the big advantage.

8.  The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple. That is a very simple concept. And to me it's obviously right. And yet practically nobody operates that way.

9. Consider Warren Buffett. If you watched him with a time clock, you'd find that about half of his waking time is spent reading. Then a big chunk of the rest of his time is spent talking one-on-one, either on the telephone or personally, with highly gifted people whom he trusts and who trust him.

10. Keep things simple and remember what you set out to do.

 Listen to the episode on this book #329 Charlie Munger (the NEW Poor Charlie's Almanack) 

About David Senra

Learn from history's greatest founders. Every week I read a biography of an entrepreneur and tell you what I learned on Founders podcast