Musings from Poor Charlie’s Almanack

I received my copy of the Stripe Press version of Poor Charlie’s Almanack a couple of weeks ago after waiting for six months. I was thrilled to unwrap the book, and have been reading it during my free time this holiday season. Although I am still working through it, I have been thoroughly enjoying it.

  1. Think and behave long term.
  2. Be patient.
  3. Compound. (See #1)
  4. The world is a complex, dynamic system. (“The ecosystem approach”).
  5. Display conviction in concentration.
  6. Display conviction in contrarianism.
  7. Eliminate the red, hot risks, ie what not to do. This echoes Tom Perkins and Brook Byers’s approach at KPCB 1
  8. “A great business at a fair price is better than a fair business at a great price.”
  9. “Process protects us from the poverty of our intentions.”
  10. To learn, always ask why, why and why.
  11. Invert, always invert. Think forward and backwards.
  12. Recognise and accept reality as it is, not as you want it to be, especially when you don’t like it.
  13. Be as simple as you can, but never simpler.
  14. There are only one or two things that really matter in any game. Find those one or two things and be very, very good at it to win the game.
  15. Enjoy the process along with the proceeds because the process is where you live.

  1. “Brook Byers, who joined Kleiner Perkins a few years later as a young partner, reflected on the lessons that KP drew from this experience. By focusing exclusively on the “white-hot” risks in a project, you could find out whether the venture was likely to work while risking as little capital as possible.”
    — The Power Law: Venture Capital and the Making of the New Future by Sebastian Mallaby ↩︎






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