As usual, I started reading Munger bit late (I am almost 50% through it). I just loved the book.
What I understood from it is a single word - “Wisdom”, which is nothing but bunch of mental models hard-wired inside your brain because of experience, which can never ever be substituted by knowledge, how much it be. He seems to concentrate on the models which is much more useful in investing world, mostly from applied psychology, that no one teaches in schools.
PCA has bunch of repeating models in each and every talks, like man with a hammer syndrome, physics envy, various psychological models to analyze human behaviors (like social proofs, Pavlov association, lollapalooza effect), limitations of academic research, and lack of multidisciplinary study.
The problem lies in imbibing them inside your brain as wisdom (as knowledge won’t help much) and know when and where to apply them. That is where it get really tough. I can say I learn 2-3 things by reading from Dhandho investor, or little book that beat market, which I can apply straightforward in my investing. Same is not true for PCA.
It is a difficult book to use, but once you master it, You can synthesize many of ideologies that are given in 10 different books.