Charlie Munger on the Joy of Reading and Lifelong Learning
Charlie Munger, the former vice-chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, was renowned not only for his investing acumen but also for his commitment to lifelong learning. Even at the age of 99, just before his passed away, Munger’s reading, learning and kept his mind sharp. Here are some quotes and stories that inspired me.
“In my whole life, I have known no wise people who didn’t read all the time — none, zero.”
For Munger, reading wasn’t just a hobby; it was a tool for sharpening his thinking and improving decision-making. He often joked that his children thought of him as “a book with walking sticks.”
In the below clip, Munger described reading as “God’s gift if you’re into self-education.” He believed books provide access to the world’s greatest minds and transformative ideas—available to anyone willing to pick them up.
Munger read across a broad range of disclipines like science, psychology, and philosophy. His approach to learning wasn’t about quick wins or superficial knowledge; it was about building a “latticework” of mental models to tackle complex problems.
One example of this was his admiration for Robert Cialdini’s Influence: The Psychology of Persuasion. Munger often referenced the book’s principles—such as commitment, consistency, and social proof—as essential tools for understanding human behavior. He noted that brands like Coca-Cola were examples of these principles at play, e.g. brand reputation (social proof) and customer loyalty (commitment and consistency).
Cultivating Curiosity and the Habit of Learning
The below Munger quote is exactly how he lived his journey of continuous learning.
“Become a lifelong self-learner. Cultivate curiosity and strive to become a little wiser every day.”
For Munger, learning extended far beyond formal education or career ambitions—it was a way of life. He was deeply curious about everything, from physics to history to human behavior. This relentless curiosity not only made him a better investor but also a more well-rounded individual.
Mohnish Pabrai once shared a fascinating story of how Munger benefited from being a veracious reader. Over 50 years of reading Barron’s magazine, Munger found only one actionable investment idea: a cheaply valued auto-parts company he purchased at $1 per share and later sold for $15, earning $80 million. He then gave the profits to Li Lu, who turned them into $400 million. This story highlights the power of compounding of knowledge through reading, combined with extreme patience, and decisive action.
Charlie Munger’s Top 10 Book Recommendations
If you’re wondering where to start, here’s a list of Charlie Munger’s favorite books—classics that he often recommended:
- Influence: The Psychology of Persuasion by Robert Cialdini – Insights into human behavior and decision-making.
- The Autobiography of Benjamin Franklin – The life story of one of America’s founding fathers.
- Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow – A comprehensive biography of the oil magnate.
- How the Scots Invented the Modern World by Arthur Herman – Exploring Scotland’s contributions to modern society.
- The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William N. Thorndike – Lessons from unconventional CEOs.
- Thinking, Fast and Slow by Daniel Kahneman – A deep dive into how our minds work.
- Guns, Germs, and Steel: The Fates of Human Societies by Jared Diamond – Understanding the forces that shaped civilizations.
- Deep Simplicity: Bringing Order to Chaos and Complexity by John Gribbin – An exploration of chaos theory and complexity.
- Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by George A. Roberts – Insights into the Teledyne Corporation’s history.
- Genome: The Autobiography of a Species in 23 Chapters by Matt Ridley – An exploration of the human genome.
How to Apply Munger’s Wisdom
- Read daily. Start with just 15 minutes and build the habit.
- Explore diverse disciplines. Broaden your horizons to develop a versatile mental toolkit.
- Stay curious and reflective. Approach learning with a beginner’s mindset.
- Recognize patterns. Look for connections within and across disciplines.
- Combine mental models. Aim for the “lollapalooza” effect, where multiple models reinforce each other.
By adopting these habits, we can strive to become ‘a little wiser every day.’
