How to Learn to Build a Business

Evaluating Companies Through the Mind of Charlie Munger Prologue Charlie Munger never set out to write an investment manual. He preferred to talk, to needle, to tell stories that circled around a point until the point became unavoidable. This book is an attempt to do what Munger himself rarely did in a single place: to pull together the practical ways of evaluating companies that he admired, borrowed from, refined, and sometimes surpassed. It draws on Benjamin Graham’s hard-edged skepticism, Phil Fisher’s patient curiosity about people and products, Warren Buffett’s evolution from bargains to wonderful businesses, Hamilton Helmer’s clean taxonomy of durable power, and the narrative depth of the Acquired podcast. But the spine of the book is Munger. He is the one who insisted that a single discipline is a dangerous thing. He is the one who kept asking, “And then what?” He is the one who treated the evaluation of a company as an exercise in multidisciplinary common sense rather than ...