What I learned from reading the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. ----Listen to this incredible conversation between Charlie Munger and John Collison on Invest Like The Best. ----Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----(2:00) The practical wisdom of Poor Charlie's Almanack, this ode to curiosity, generosity, and virtue will similarly compound at successive generations of entrepreneurial readers extend his lessons to their own circumstances.(12:00) Education is the process whereby the ability to lead a good life is acquired.  — Socrates: A Man for Our Times by Paul Johnson. (Founders #252)(22:00) Trust is one of the greatest economic forces on earth.(29:00) Charlie is content to trust his own judgment when it runs counter to the wisdom of the herd.(31:00) Animated: Charlie Munger: The Psychology of Human Misjudgement(31:30) Aim for durability. Durability has always been a first rate virtue in Charlie’s eyes.(32:00) Charlie only focuses on great businesses and great businesses have moats.(33:00) Johnny Carson by Henry Bushkin. (Founders #183)(42:00) You can flourish in a niche: People who specialize in the business world —and get very good because they specialize— frequently find good economics that they wouldn't get any other way.(45:00) Being so well known has advantages of scale. This is what you might call an informational advantage. It increases social proof.(46:30) Business Breakdowns episode on Coca Cola (49:00) Occasionally scaling down and intensifying gives you a big advantage. (You can find great profit margins this way)(50:00) Sam Walton: Made In America by Sam Walton. (Founders #234)(51:00) Scale and fanaticism combined is very powerful. (Think Sam Walton)(57:00) I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)(1:08:00) The best thing a human being can do is help another human being know more.(1:14:00) Optimism is a moral duty. — Edwin Land(1:17:00) You want to maximize the playing time of your top players.(1:17:00) 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.(1:22:00) The most important rule in management is get the incentives right.(1:25:00) Never, ever think about something else when you should be thinking about the power of incentives.----Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast