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By focusing on decisions and bets that are easy, avoiding what is difficult and eliminating anything out of the ordinary, Manger believes that investors can make better decisions by shedding the nonsense and eliminating unimportant things so that their minds are not overwhelmed with them. "You are able to take on some more important things that need to be done," Manger said.
Focus allows for both simplicity and clarity of thought, which, in Manger's view, leads to more positive investment results. For me, this is one of the most striking phrases from the book *Charlie Manger: The Complete Investor*, another work translated and published here in Brazil by Editora H1. It's been almost a year since I finished reading it, and after reviewing it several times, I believe it's time to share a little more of my opinion with you.
Despite having the word "investor" on the cover, this book is not one of those investment guides that teach you calculations or try to convince you to invest. You will find here mainly useful methods for making better decisions, present in the first chapter, and in the fourth chapter, a long explanation of human tendencies that can help you recognize in yourself an irrational or irrational way of acting.
Even if you don't invest in value investing like I do, this book can help you manage your money more intelligently and live with greater awareness of your tendencies. At times, the book does address topics of greater interest to investors, such as what makes sense and what doesn't make sense to analyze a company you intend to invest in.
The glossary at the end itself provides very specific financial terms used throughout the book. Despite this, it is above all a book about behavior. An important detail that cannot be overlooked is that this is not a work written by Charlie Manger, as some people may think or read his name on the cover.
Its author is Tran Griffin, who did the work of compiling quotes from the late vice-president of Berkshire Hathaway ( oh my English!) to help us understand how he thought. Speaking of the chapters, there are a total of 239 pages divided into six chapters and some short texts. The chapters cover: The Foundations of the Gren Value Investing System; The Principles of the Gren Value Investing System; Practical Wisdom; The Psychology of Human Lack of Discernment; The Right Things; and The Eight Variables of the Graham Value Investing System.
In terms of value and the right things in a business, at the end of the book you will find the following texts: the mathematics of moats, value investing versus factor investing, notes and glossary. The book explains that Charlie based his investment strategy on the teachings of Benjamin Graham, author of the book "The Intelligent Investor," and always makes references to him, including, as you have already seen in the titles of some chapters, "The Foundations of the Graham System," "The Principles of the Graham System," and so on.
Right at the beginning, the book reveals a truth: many people who enter the financial market have no idea what they are doing and just follow the herd. They also denounce the anxious mentality with which some people enter the field without considering the risk of losing money in some move. As he himself said, investors are primarily oriented towards return, how much they can earn, and pay little attention to risk, how much they can lose.
The final chapters will be much more useful than the initial ones for investors, as they speak in a slightly more technical way and give exclusive examples for the financial market, bringing, for example, the concept of a moat ( in English, M). Imagine that a company you want to invest in is a castle; the moat represents an advantage.
A competitive edge that protects the company and makes it worthwhile to invest in it is undeniable. Apple, for example, has a large force surrounding itself; it's a strong company with a globally recognized brand that keeps its production secrets under lock and key. Any loyal Apple product user will face great difficulty migrating to Windows or Android, which is why they usually don't.
Even with the details mentioned earlier, there's nothing to worry about. The book uses simple and accessible language for the technical jargon that occasionally appears timidly. We have the aforementioned glossary that explains all the terms in a simple, direct way, and for references beyond our culture, we have several footnotes contextualizing basically everything.
Right after the glossary comes the bibliography, which, believe me, is quite long: 14 pages with double columns and small print just for references. Each of the phrases cited throughout the book, whether from Manger or similar sources, has its origin indicated here. If you like to study human behavior and how it relates to its economics, this is a must-read book.
The essays I've included here don't even represent 10% of what you can learn. Learn by reading this book patiently, and if you happen to struggle with reading or have difficulty retaining the content you've read, I recommend watching this video on the screen. If you have any questions, feel free to leave them in the comments.
I always strive to answer everyone as best as I can. Since my channel isn't very big yet, you have the benefit and privilege of having direct contact with me whenever you need to; just comment below. That's all for now, and I'll see you in the next video. Until then, C!
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