Poor Charlie Almanack几天前出了Kindle版，排版很赞，推荐一下～
It's been a few years since I last read Poor Charlie. The classics are indeed often read and always new, and this time I read them again and read points that I hadn't noticed before. I deeply feel that it is not easy to learn from the experience of others, after all, some things have to be endured for many years before they can suddenly be realized.
下面这几页文字收录于Chapter 3，The Munger Approach to Life，Learning，and Decision-Making. 以下是于我而言有“焕然一新”之感的几点。
1. Take a critical look at financial reports and the accounting standards they use. However, financial reports are at best the starting point for calculating a company's intrinsic value.
2. Charlie's grid system of thinking is very large and covers a wide area. In addition to financial statements, he also looks at the current and potential regulatory environment, the state of the workforce, the potential impact of technological changes, the strengths and weaknesses of competition, pricing power, economies of scale, environmental issues, and most importantly, unknown risks.
3. In summary, Charlie tries to evaluate and understand all aspects of competitive advantage – products, markets, brands, employees, distribution channels, social trends, and so on – and the persistence of those competitive advantages.
4. Compare value and price – this is the basic purpose of the whole process.
5. In the end, what you get is a "feeling".
6. When the analysis is over and the "candidate" appears, Charlie is in no hurry to rush out and buy. A good assessment also requires good timing. Charlie also goes through a "before you pull the trigger" checklist, including price, volume, trading considerations, sensitive information and the timing of disclosure, liquidity, whether to borrow money, opportunity cost, etc.
What is not mentioned here is that Charlie had a long and meticulous preparation process before doing these jobs.
Huge and focused, Charlie's multidisciplinary raster thinking model is of exceptional value in life, investing, and decision-making more broadly.
