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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Concentrated versus Diversified Portfolios

Portfolio and risk

How many positions to hold, and what diversification actually buys you.

Books 8Experts 6Recommenders 37

Start here

  1. Charlie Munger: The Complete InvestorTren Griffin, 2015
  2. Concentrated InvestingAllen C. Benello, Michael van Biema, Tobias E. Carlisle, 2016
  3. The Intelligent Asset AllocatorWilliam J. Bernstein, 2000
Common Stocks and Uncommon ProfitsCommon Stocks and Uncommon Profits
T1 Common Stocks and Uncommon Profits
Philip A. Fisher · 1958
Open LibraryGoodreads

Buy a few outstanding growth companies, research them by scuttlebutt, and hold.

“The late Philip Fisher wrote several books that are very good [including] Common Stocks and Uncommon Profits.” — Arnold Van Den Berg

Source: Van Den Berg on Fisher's books

Recommended by: Arnold Van Den Berg, Bill Stewart and 10 others

Poor Charlie's AlmanackPoor Charlie's Almanack
T1 Poor Charlie's Almanack
Charles T. Munger · 2005
Open LibraryGoodreads

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

The Intelligent Asset AllocatorThe Intelligent Asset Allocator
T2 The Intelligent Asset Allocator
William J. Bernstein · 2000
Open LibraryGoodreads

Modern portfolio theory for individual investors, explained without heavy maths.

Recommended by: The Barefoot Investor

Fortune's FormulaFortune's Formula
T2 Fortune's Formula
William Poundstone · 2005
Open LibraryGoodreads

The Kelly criterion for sizing bets, from Bell Labs to casinos and hedge funds.

Recommended by: Mohnish Pabrai

The Warren Buffett PortfolioThe Warren Buffett Portfolio
T3 The Warren Buffett Portfolio
Robert G. Hagstrom · 1999
Open LibraryGoodreads

The case for focus investing: ten to fifteen stocks held for a long time.

Recommended by: Charlie Munger, Mohnish Pabrai and 1 other

Charlie Munger: The Complete InvestorCharlie Munger: The Complete Investor
T3 Charlie Munger: The Complete Investor
Tren Griffin · 2015
Open LibraryGoodreads

Synthesis of his mental-models framework, not a life.

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

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Christopher Bloomstran and 7 others

Concentrated Investing
T3 Concentrated Investing
Allen C. Benello, Michael van Biema, Tobias E. Carlisle · 2016
Open LibraryGoodreads

Case studies of managers who ran very few positions and why it worked.

Recommended by: Mohnish Pabrai

Only the Best Will DoOnly the Best Will Do
T3 Only the Best Will Do
Peter Seilern · 2019
Open LibraryGoodreads

Ten quality tests that cut the market to a portfolio of about twenty stocks.

More portfolio and risk

← Risk Management and Drawdown ControlEndowment Model and Asset Allocation →All portfolio and risk