Iam a fan of the blog Farnam street, this gave me an idea to go closer to their original inspiration from Charles Munger and Warren Buffet and read on of their books, and I picked up Poor Charlies almanack. If you are an investor the book is a gem but if you are looking for more general advice look elsewhere. It is kind of weird to criticise a book about investing from an investor for being too much about investing but hey, I do not pretend that these reviews are not opinionated :) . One more thing that put me off was constant criticize of the US education system and proposing and idea of it being more general and not so specialized but It might be mentioned once and not on several occasions with a single dedicated chapter. Newerheless I also found some gems like inverting or applying mental models to problems in the book so that is why I went with the rating of two.

Thinking in Bets by Annie Duke

Poor Charlie’s Almanack by Charles T. Munger, Peter D. Kaufman, John Collison, and Warren Buffett

The unassailable logic of Charlie’s ecosystem approach to investment analysis: Just as multiple factors shape almost every system, multiple models from a variety of disciplines, applied with fluency, are needed to understand that system.

“The only way to win is to work, work, work, work, and hope to have a few insights.”

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

More important than the will to win is the will to prepare.

Develop fluency in mental models from the major academic disciplines.

Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.

What Carson did was to approach the study of how to create X by turning the question backward—that is, by studying how to create non-X. The great algebraist Jacobi had exactly the same approach as Carson and was known for his constant repetition of one phrase: “Invert, always invert.”

You had to tell who was going to do what, where, when, and why. And if you wrote a letter or directive in the Braun Company telling somebody to do something and you didn’t tell him why, you could get fired. In fact, you would get fired if you did it twice.

I now use a kind of two track analysis. First, what are the factors that really govern the interests involved, rationally considered? And second, what are the subconscious influences where the brain, at a subconscious level, is automatically doing these things—which, by and large, are useful but which often misfunction?

Anytime somebody offers you a tax shelter from here on in life, my advice would be don’t buy it. In fact, anytime anybody offers you anything with a big commission and a 200 page prospectus, don’t buy it. Occasionally, you’ll be wrong if you adopt Munger’s rule. However, over a lifetime, you’ll be a long way ahead—and

Don’t sell anything you wouldn’t buy yourself. Don’t work for anyone you don’t respect and admire. Work only with people you enjoy.

Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step-by-step you get ahead,

Similarly, I’ve told you to think forward and backward. Well, great declarers in bridge think, “How can I take the necessary winners?” But they think it through backward, too: “What could possibly go wrong that could cause me to have too many losers?”