The set of businesses an investor can genuinely evaluate, including their economics and their failure modes. Returns come from policing the boundary honestly rather than from enlarging the circle. Anything outside the line is declined however attractive it looks, and the circle grows only through study.
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
Speeches making the case for a latticework of mental models from many fields.
“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson
Source: Andrew Wilkinson's Bookshelf, neverenough.com
Recommended by: Andrew Wilkinson, Charlie Munger and 26 others
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
How to hit a baseball, built on a map of the strike zone graded by success.
“In his book The Science of Hitting, Ted explains that he carved the strike zone into 77 cells” — Warren Buffett
Source: 1997 Berkshire Hathaway Shareholder Letter
Recommended by: Mohnish Pabrai, Warren Buffett
Builds out Munger's latticework idea from primary sources.
“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson
Source: Andrew Wilkinson's Bookshelf, neverenough.com
Recommended by: Andrew Wilkinson, Nat Eliason and 8 others
Early specialisation works only where rules are stable; elsewhere breadth wins.
Recommended by: Bill Gates, Abi Tyas Tunggal, Alex Lieberman and 11 others
Career capital before passion; building rare and valuable skills
Recommended by: Nat Eliason, Alexis Ohanian, Jordan Hughes and 2 others
Charlie Mungerwrote 1 book here
Charlie Mungerrecommends 3 books here
William Ackmanrecommends 1 book here
Sam Altmanrecommends 1 book here