Charlie Munger, the late vice-chairman of Berkshire Hathaway and the “architect” of Warren Buffett’s investment philosophy, was a staunch advocate for the Latticework of Mental Models — a framework for thinking that combines multiple cross-disciplinary models to improve decision-making, problem-solving, and understanding of complex systems.
Advocating for the virtue of reading, Munger said, “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero.”
“You’d be amazed at how much Warren reads–and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out,” he added.
The quote highlights Munger’s conviction that continuous, wide-ranging reading is the only path to true wisdom.
The Philosophy of a “Book with Legs”
The concept of the “learning machine” is perhaps Charlie Munger’s greatest legacy. In this famous excerpt from “Poor Charlie’s Almanack,” Munger demystifies the success of the world’s greatest investors.
He said that the “secret” to success isn’t a complex algorithm or insider information, but rather a simple, disciplined habit of reading.
He also compared himself to a “book with a couple of legs sticking out” – underscoring that a person’s physical existence should be secondary to their intellectual consumption.
In today’s fast-paced digital economy, Munger’s advice serves as a reminder that the most durable assets are the ideas we internalize.
What it means
At its core, Charlie Munger’s statement is about “compounding knowledge”. Munger believed that information, when it is synthesized through various “mental models, grows just like money – exponentially over time.
In this quote, Munger isn’t just talking about reading business reports; he has emphasized “a broad subject matter area.” To be wise, one must understand physics, biology, psychology, and history, he said.
Munger was of the view that if a person only read within their niche, they are vulnerable to “the man with a hammer” syndrome, where every problem looks like a nail.
And thus, for him, reading “all the time” ensured that a person’s “toolbox” has enough variety to solve complex, real-world problems accurately.
Where it comes from
This quote is featured in “Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger,” a collection of his speeches and talks.
Munger often spoke about the habits he shared with Warren Buffett at Berkshire Hathaway. He frequently noted that if people saw them, they would see two men sitting in offices, reading most of the day.
The “children laughing” anecdote was a staple in Munger’s public appearances, used to humanise his rigorous intellectual discipline. He wanted to illustrate that even at the pinnacle of global wealth, his primary identity remained that of a student.
How to apply it today
- Prioritize depth over speed: In a world of 280-character insights, commit to reading long-form books that challenge your current perspective.
- Diversify your library: Don’t just read about your industry. Pick up a biography, a science journal, or a history book to build a diverse “latticework” of knowledge.
- Schedule ‘thinking time’: Follow the “Buffett-Munger” rule and set aside at least 2 hours a day solely for reading and reflection, away from emails and meetings.
