Charlie Munger: Having a lifelong mentor—Benjamin Franklin

Part of "Poor Charlie's Almanack" is like a biography, telling the story of Charlie Munger's life experience from his birth to the present. Born on January 1, 1924, he is now 93 years old. Throughout his decades of life experience, the strongest and most impressive thing I have experienced is that there is a spiritual leader who has been leading him to grow and succeed. This leader is: Benjamin Franklin.

The name of the book "Poor Charlie's Almanac", apart from the fact that Charlie Munger's real name is Charlie, is actually an attempt to imitate Franklin's "Poor Richard's Almanac". Benjamin Franklin once published his "Poor Richard's Almanac" under the name Poor Richard from 1733 to 1758. It contains rich and colorful content, including not only many famous Franklin quotes, but also calendars, weather forecasts, astronomical information, and astrological information. The Yearbook was very popular at the time, with about 100,000 copies bought every year.

To this day, Charlie Munger can no longer remember when he first came into contact with Benjamin Franklin’s aphorisms, but they made Charlie have a fascination with this eclectic and eccentric politician and inventor. His admiration lasted throughout his life.

Who is Franklin? Why does it have such a big influence on Charlie? I asked Du Niang, and she described it simply like this (with a little processing of her own):

He is also the only person who participated in the formulation of three important founding documents of the United States: the "Declaration of Independence", "Paris" Peace Treaty" and the founding fathers of the Constitution of the United States of America. French economist Turgot commented on Franklin: "He obtained thunder and lightning from the sky and civil rights from the tyrant."

Benjamin Franklin's simple, diligent and responsible qualities are encyclopedic. Charlie Munger was deeply impressed by his knowledge and eventually became his lifelong die-hard fan.

Benjamin Franklin's career spanned many fields of government, business, finance, and industry. He used the money he earned to achieve the goal of financial independence, so he could focus on social improvement. Charles admired this quality of his spiritual mentor and strove to emulate Franklin. Buffett once said this in an interview with reporters, "I think Charlie's moral qualities really come from Benjamin Franklin, whom he admires very much."

Warren Buffett believes that Charlie Munger is not only Franklin's followers. Here’s what he said: “From 1733 to 1758, Benjamin Franklin disseminated much useful and timeless advice in Poor Richard’s Almanack. Among the virtues he praised were frugality, responsibility, industry, and simplicity. In subsequent chapters For two centuries, people always regarded Benjamin's thoughts on these virtues as the ultimate truth. Then Charlie Munger came forward. Charlie was originally a follower of Benjamin, but he soon opened up a new realm. Going to Charlie's place became a must. If Benjamin suggested saving a few cents, Charlie would ask to save a few dollars." In 1744, Benjamin Franklin had not yet become famous, and he was doing it for a hobby that had nothing to do with business. , published a book that collected "On Old Age" written by Cicero when he was 60 years old. Franklin tried his best to follow these advices. As a result, he lived a long life and was admired by everyone when he died. In his later years, he was the richest in history. Constructive and happiest. This also had a great influence on Munger, creating his concept and style of "praising the elders". Even Buffett has become the inheritor of these ideas. "On a high platform piled with earthly success, he imitated Cicero, Cato the Elder and Franklin, tirelessly telling others how they should think and act." His words are often wise and humorous, which makes people very happy to accept them.”

In other words, Franklin not only has followers like Charlie Munger, but also has a profound influence on Buffett.

I’m not very sure how much of Charlie Munger’s ultimate achievement comes from his family’s genes? How much of it stems from his encounter with Warren Buffett? But one thing must be undoubted. Franklin's influence on the formation of his character and three views was incomparable, from the inside out, and throughout his life. This may be the power of a mentor.

I am still learning "Poor Charlie's Almanac" and everyone is welcome to watch and discuss it.