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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Capital Allocation

Investment philosophy

The CEO's most consequential and least examined job: where the cash goes, and at what return.

Books 11Experts 6Recommenders 26

Start here

  1. The OutsidersWilliam N. Thorndike Jr., 2012
  2. The Essays of Warren BuffettLawrence A. Cunningham, Warren Buffett, 1997
  3. Capital ReturnsEdward Chancellor, 2015
Valuation: Measuring and Managing the Value Valuation: Measuring and Managing the Value of Companies
T1 Valuation: Measuring and Managing the Value of Companies
Tim Koller, Marc Goedhart, David Wessels · 1990
Open LibraryGoodreads

McKinsey's guide to discounted cash flow valuation and managing for value.

Recommended by: Mohnish Pabrai and 1 other

The Essays of Warren BuffettThe Essays of Warren Buffett
T1 The Essays of Warren Buffett
Lawrence A. Cunningham, Warren Buffett · 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 Jr. · 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

Berkshire Hathaway Letters to ShareholdersBerkshire Hathaway Letters to Shareholders
T1 Berkshire Hathaway Letters to Shareholders
Warren Buffett, Max Olson · 2015
Open LibraryGoodreads

Every Berkshire annual letter since 1965, in order, as the company grew.

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

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Arnold Van Den Berg and 5 others

Capital ReturnsCapital Returns
T1 Capital Returns
Edward Chancellor · 2015
Open LibraryGoodreads

Returns follow the supply of capital: invest where it is leaving an industry.

Recommended by: Patrick O'Shaughnessy

Creating Shareholder Value: A Guide for ManaCreating Shareholder Value: A Guide for Managers and Investors
T2 Creating Shareholder Value: A Guide for Managers and Investors
Alfred Rappaport · 1986
Open LibraryGoodreads

Value is discounted future cash flow, not earnings per share or return on equity.

“I read that book and the light bulbs all went off for me personally.” — Michael Mauboussin

Source: The Tim Ferriss Show #659 — official transcript

Recommended by: Michael Mauboussin, Mohnish Pabrai

Capital AccountCapital Account
T2 Capital Account
Edward Chancellor · 2004
Open LibraryGoodreads

Marathon's client reports from 1993 to 2002 on investing through the capital cycle.

Sense and Nonsense in Corporate FinanceSense and Nonsense in Corporate Finance
T3 Sense and Nonsense in Corporate Finance
Louis Lowenstein · 1991
Open LibraryGoodreads

Sceptical look at corporate finance orthodoxy and reported earnings

“When you think you've got it all figured out, try Sense and Nonsense in Corporate Finance.” — Michael Burry

Source: Silicon Investor 'Value Investing' thread, msg 1569363 (June 10, 1997) — archived

Recommended by: Michael Burry

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

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

Berkshire Hathaway Letters to Shareholders,
T4 Berkshire Hathaway Letters to Shareholders, 2016
Warren Buffett
Goodreads

Recommended by: Andrew Wilkinson

Saving Capitalism From Short-Termism: How to
T4 Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future
Alfred Rappaport
Goodreads

How the chase for short-term share prices corrupted shareholder value, and fixes.

Recommended by: Patrick O'Shaughnessy

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