I am always talking to my coaching clients about the importance of reading, in fact I am hounding them about it.
If you are reading this blog, I am probably preaching to the converted. So check out this quote from Charlie Munger, Warren Buffett’s off-sider.
“In my whole life, I have known no wise people who didn’t read all the time-none, zero. You’d be amazed at how much Warren reads-and at how much I read. My children laugh at me, they think I’m a book with a couple of legs sticking out”
So if that doesn’t inspire you to read I dont know what will.
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My new book is really about “decision framing.” “The Four Filters Invention of Warren Buffett and Charlie Munger” ( amazon.com/dp/0615241298 ) examines each of the basic steps they perform in “framing and making” an investment decision. This book is a focused look into this amazing invention within “Behavioral Finance” that has been underappreciated by both the business and academic communities. The genius of Buffett and Munger’s four filters process was to “capture all the important stakeholders” in a “multi-variable” equation or formula. Imagine…Products, Enduring Customers, Managers, and Margin-of-Safety… all in one mixed “qual + quant” formula. In rolling two die for double-sixes, the gambler’s odds are 1/36 and the house odds are 35/36 or 97%. When Buffett and Munger make a bet, they do so with house odds.