Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Buybacks and Shareholder Returns

Investment philosophy

Repurchases as capital allocation and as political argument. The case against is made mostly in William Lazonick's Harvard Business Review essay Profits Without Prosperity rather than in books.

Books 9Experts 5Recommenders 22

Start here

  1. Dear ChairmanJeff Gramm, 2016
  2. The OutsidersWilliam N. Thorndike, 2012
  3. The Essays of Warren BuffettWarren Buffett, Lawrence A. Cunningham, 1997
The Essays of Warren BuffettThe Essays of Warren Buffett
T1 The Essays of Warren Buffett
Warren Buffett, Lawrence A. Cunningham · 1997
Open LibraryGoodreads

Berkshire's shareholder letters arranged by topic: governance, valuation, mergers.

“The resource is as valuable as Larry Cunningham's The Essays of Warren Buffett, which similarly organizes by subject matter” — Christopher Bloomstran

Source: Semper Augustus 2024 Letter to Clients, 'Books and Tunes for Walking', p. 96

Recommended by: Christopher Bloomstran, Francois Rochon and 11 others

The OutsidersThe Outsiders
T1 The Outsiders
William N. Thorndike · 2012
Open LibraryGoodreads

Eight CEOs who beat the market by allocating capital, not by running operations.

“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Dan Loeb, Francois Rochon and 12 others

Value: The Four Cornerstones of Corporate FiValue: The Four Cornerstones of Corporate Finance
T2 Value: The Four Cornerstones of Corporate Finance
Tim Koller, Richard Dobbs, Bill Huyett · 2010
Open LibraryGoodreads

Four principles of corporate value, from McKinsey's valuation work, for executives.

Dear ChairmanDear Chairman
T2 Dear Chairman
Jeff Gramm · 2016
Open LibraryGoodreads

Eight activist letters over a century, from Graham in 1927, and what lay behind them.

Recommended by: Mohnish Pabrai

Free Cash Flow and Shareholder YieldFree Cash Flow and Shareholder Yield
T3 Free Cash Flow and Shareholder Yield
William W. Priest, Lindsay H. McClelland · 2007
Open LibraryGoodreads

Dividends, buybacks and debt paydown combined as one measure of shareholder return.

Corporate Payout Policy
T3 Corporate Payout Policy
Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner · 2009
Open LibraryGoodreads

What research shows about why and how firms pay out cash, by dividend or buyback.

Predatory Value Extraction
T3 Predatory Value Extraction
William Lazonick, Jang-Sup Shin · 2020
Open LibraryGoodreads

The academic case that repurchases hollow out corporate investment.

Capital Allocation
T3 Capital Allocation
David R. Giroux · 2021
Open LibraryGoodreads

A large-fund manager's framework for ranking buybacks against alternatives.

The Repurchase of Common Stock
T4 The Repurchase of Common Stock
Allan E. Young · 1971
Open LibraryGoodreads

More investment philosophy

← Behavioural Edge and Market PsychologyCapital Allocation →All investment philosophy