MaHui Book Giveaway | *Poor Charlie's Almanack*: The Life Wisdom of Investment Legend Charlie Munger

Since 2016, Source Code Capital has launched its "MaHui Book Gifting" program, curating timely reads from macro, business, and philosophical perspectives for all MaHui entrepreneurs. Books are sent quarterly, with 76 titles delivered to founders across more than 300 MaHui member companies to date.

The MaHui Book Gifting video series will also release these titles one by one, extracting key insights for readers.

On November 28, 2023, Charlie Munger — a legend in the investment world — passed away suddenly. As vice chairman of Berkshire Hathaway, Munger was widely known as Warren Buffett's longtime partner. His wise and philosophical sayings have been collectively termed "Mungerism." Today, we recommend Poor Charlie's Almanack.

Buffett said: "Berkshire Hathaway could not have reached its present status without Charlie's inspiration, wisdom, and participation." "Charlie Munger gave me the ultimate gift one person can give to another — he made me a better person than I would otherwise have been... Over time, because of Charlie Munger, I have lived a better life."

What Charlie Munger left the world was not merely the brilliance of Berkshire Hathaway, but also profound wisdom and a deep understanding of life.

Charlie Munger was a legendary investment master. His life experience and investment philosophy offer profound lessons for how we understand and navigate the complexity of financial markets, and how we deploy wealth for public good. Poor Charlie's Almanack is the crystallization of Munger's wisdom. Modeled after Benjamin Franklin's Poor Richard's Almanack, it is a timeless treasury of insight. Guo Qing, a MaHui member and founder & CEO of橡鹭科技, said: "I'm grateful for the guidance and inspiration Charlie Munger gave me during my moments of confusion."

Munger believed that investing extends far beyond finance into the broader realms of social, psychological, and cognitive science. His thinking and investment strategies were deeply shaped by these disciplines. He advocated for investors to think independently, unaffected by short-term market fluctuations, and to adhere to a long-term investment philosophy.

Munger once said: "I have three pieces of advice here: First, rather than spending time and energy buying cheap lousy companies, it's better to invest in good businesses at reasonable prices. Second, if a company's growth prospects are strong enough, it's worth buying even at a higher valuation. Third, when you invest in a stock, you're not just buying into the company's industry opportunity, products, and business model — what matters most is whether the management team consists of ambitious, capable people. If so, even a price two to three times higher is still cheap."

He also believed that "true value investing begins at age 40": for ordinary people, we are simply too young before then — our knowledge, experience, and wealth accumulation are insufficient for value investing. Even if you only grasp value investing at 40, with just 100,000 yuan in principal, targeting a 10x return over ten years, if you live to 80 and invest until 70, you will have 100 million yuan — enough for a prosperous and happy retirement!

Mr. Munger was a man of wisdom. The best way to honor his memory is to put his wisdom into practice. Today, we recommend this book, hoping it brings you inspiration through its values, investment insights, and life counsel.

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