About the Author
Who is Janet Lowe?
The author, Janet Lowe, was a deceased American author who, to my knowledge, published more than ten books. I have read four of them. These books primarily focused on two areas: business figures and investment. She was particularly skilled in business and celebrities, and she also published the world’s first biography of Charlie Munger.
My Readings of Janet Lowe’s books
Below are four books by Warren Buffett that I have read, along with my personal reflections, for your reference:
- Warren Buffett Speaks (2007)
- Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger (2000)
- Benjamin Graham on Value Investing (1996): This was the first book on “value investing” I read, and it was through this book that I became familiar with “value investing” and Graham.
- The Triumph of Value Investing (2010): This is the only book by Warren Buffett that I have read that I personally consider his weakest point.
In general, I don’t think Warren Buffett’s writing is bad; at least the four books I’ve read are all very well written. If you are interested in value investing, I think it’s worth taking the time to read this.
Book Introduction
Chinese title of this book
Due to its age and the fact that this book is very well written, to my knowledge, there are two Chinese translations of this book. The translators of these two versions have given two different titles:
The English version, published in 2000, is titled Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. There are two Chinese versions of this book titled.
This book is likely the first biography of Charlie Munger in the world. Janet Lowe provides a detailed account of Charlie Munger’s life, including his research, interviews, and observations of his words and actions. I’m happy to recommend this book to readers who admire Charlie Munger.
Key Contents of this book
Why did Charlie transition from lawyer to investor?
- Sending bills to clients is a terrible thing.
- I felt I knew more than my clients, so why should I listen to them? Partly it was my stubbornness, and partly it was my desire for independent resources.
- Franklin was able to give back to society because he was financially independent.
- I like making my own decisions and investing my own money.
- I do this so that after winning a case for a client, I can immediately move on to the next difficult client.
How to acquire a company?
- Charlie reveals in court “How to acquire a company.”
- Starting with accounting data is just fundamental analysis: if you make decisions and predictions solely based on accounting data, you’ll keep making mistakes. You need to understand the meaning behind the accounting data and ask real questions about the company.
- Assessing specific industries, companies, and their prospects: We prioritize company quality, management teams, and their operating methods. We rarely acquire an entire company unless the management team is exceptionally good.
- A successful company should possess the following qualities: integrity (a view shared by Buffett), wisdom (a view shared by Buffett), focus (energetic: Buffett’s observation), and experience (Charlie adds).
Why quit law for investment?
- Charlie’s stepson, Hale, says Munger believes: Lawyers live comfortably, own houses, have children in schools, and enjoy a standard of living no less than their clients.
- But you forget that your clients are constantly accumulating wealth, while you are not.
- A lawyer’s career is worthless. Besides a house, you have nothing after retirement.
Why doesn’t Munger like the tech industry?
- His early experience in the electronics industry made him realize how rapidly the tech industry changes.
- The fate of tech companies is difficult to control.
- He believes most tech companies are destined to fail! They are easily eliminated.
Recommended Books
Munger recommends three books to all investors:
- Value Line
- The Warren Buffett Portfolio (by Robert G. Hagstrom)
- Influence: The Art of Persuasion (by Robert Cialdini)
How to Get Rich More Easily?
- Invest in near-zero-fee index funds or Berkshire Hathaway (BRK) stock.
- If you’re frustrated by a 50% drop in Berkshire Hathaway stock, don’t buy it.
- Live long enough.
Relative articles
- “Li Lu, Munger’s disciple, and his Himalaya Capital“
- “Key points from Munger Wesco’s 24 years of shareholder meetings“
- “Munger’s most important work “Poor Charlie’s Almanack”“
- “Charlie Munger, a great investor worth remembering“
- “Key points from Munger Daily Journal’s 10 years of shareholder meetings“
- “Buffett’s 2023 Annual Shareholder Letter“
- “Bitcoin ETF spot trading approval has far-reaching impact“
- “Enlightenment of Bitcoin reaching new heights“
- “Thinking cannot be outsourced“
- “The importance of circle of competence“
- “Thinking cannot be outsourced“
- “Why is the efficient market hypothesis unreasonable?“
- “Investment knowledge required is breadth, not depth as most people think“
- “The Irreplaceability and Necessity of Reading for Investors“
- “Buffett’s 2025 Berkshire Shareholder Letter“
- “Buffett’s 2024 Annual Shareholder Letter“
- “Buffett’s 2023 Annual Shareholder Letter“
- “2024 Berkshire shareholders meeting transcript and video“
- “2023 Berkshire shareholders meeting transcript and video“
- “Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting“
- “Buffett’s first TV interview“
- “Full transcript of Buffett’s interview with CNBC’s Squawk Box“
- “Outsiders, one of the greatest investment books for managment team“
- “Dear Shareholder“
Disclaimer
- The content of this site is the author’s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.
- I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers’ direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.
