2015年最新热门投资书，号称目前为止最能体现芒格投资理念的书。。。降价出售3天。想要随时跟踪最新好书，请点击头像下方“加关注”。关注成功后，查看这里即可：关注的帖子。


[相关阅读]
【华尔街系列】（资料汇总帖，附链接，持续添加中）
【查理芒格系列】Charlie Munger 推荐的20本书！（附链接）
[投资心得] 芒格谈犯错 Things I’ve Learned from Charlie Munger about Mistakes


Charlie Munger: The Complete Investor

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"--a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management--allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.
（地址回复可见，epub版需阅读器才能浏览）




书中提到了价值投资的八个成功要素：
First Variable - Determining the Appropriate Intrinsic Value of a Business
"There are two kinds of businesses: The first earns 12 percent and you can take it out at the end of the year. The second earns 12 percent, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, "There's all of my profit." We hate that kind of business." - Charlie Munger, Berkshire Annual Meeting, 2003

Second Variable - Determining the Appropriate Margin of Safety
"Ben Graham had this concept of value to a private owner – what the whole enterprise would sell for if it were available. And that was calculable in many cases. Then, if you could take the stock price and multiply it by the number of shares and get something that was one third or less of sellout value, he would say that you’ve got a lot of edge going for you. Even with an elderly alcoholic running a stodgy business, this significant excess of real value per share working for you means that all kinds of good things can happen to you. You had a huge margin of safety – as he put it – by having this big excess value going for you." - Charlie Munger, USC Business School, 1994

Third Variable - Determine the Scope of an Investor's Circle of Competence
"Warren and I have skills that could easily be taught to other people. One skill is knowing the edge of your own competency. It’s not a competency if you don’t know the edge of it. And Warren and I are better at tuning out the standard stupidities. We’ve left a lot of more talented and diligent people in the dust, just by working hard at eliminating standard error." - Charlie Munger, Stanford Lawyer, 2009

Fourth Variable - Determining How Much of Each Security to Buy
"I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher.  The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea.  But 98% of the investment world doesn’t think this way." - Charlie Munger Berkshire Annual Meeting, 2004

Fifth Variable  - Determining When to Sell a Security
"There are huge advantages for an individual to get into a position where you make a few great investments and just sit back and wait: You’re paying less to brokers. You’re listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded." - Charlie Munger, Damn Right, 2000

Sixth Variable - Determining How Much To Bet When You Find a Mispriced Asset
"We came to this notion of finding a mispriced bet and loading up when we were very confident that we were right." - Charlie Munger, USB Business School, 1994

Seventh Variable - Determining Whether the Quality of a Business Should be Considered
“Grahamites ...realized that some company that was selling at 2 or 3 times book value could still be a hell of a bargain because of momentum implicit in its position, sometimes combined with an unusual managerial skill plainly present in some individual or other, or some system or other. And once we’d gotten over the hurdle of recognizing that a thing could be a bargain based on quantitative measures that would have horrified Graham, we started thinking about better businesses. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.” - Charlie Munger, USC Business School, 1994

Eighth Variable - Determining What Businesses to Own (in Whole or in Part)
“The difference between a good business and a bad business it is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.” - Charlie Munger, Berkshire Annual Meeting, 1997