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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Economic Moats

Investment philosophy

The central question of quality investing: what stops competition from arbitraging away a high return on capital.

Books 11Experts 8Recommenders 48

Start here

  1. The Little Book That Builds WealthPat Dorsey, 2008
  2. 7 PowersHamilton Helmer, 2016
  3. Competitive StrategyMichael E. Porter, 1980
Competitive StrategyCompetitive Strategy
T1 Competitive Strategy
Michael E. Porter · 1980
Open LibraryGoodreads

Techniques for Analyzing Industries and Competitors

Recommended by: Mohnish Pabrai, Bill Gurley, Jamie Dimon

Competitive AdvantageCompetitive Advantage
T1 Competitive Advantage
Michael E. Porter · 1985
Open LibraryGoodreads

The value chain: how to find where a firm's cost or differentiation advantage lies.

The Innovator's DilemmaThe Innovator's Dilemma
T1 The Innovator's Dilemma
Clayton Christensen · 1997
Open LibraryGoodreads

Why well-run firms lose to cheaper, worse products that enter at the market's bottom.

“Awesome book. May move soon to my Top Ten List. If anything will keep CEOs awake at night, reading this book certainly will.” — Mohnish Pabrai

Source: Mohnish's Bookshelf — Books on Sales & Marketing, entry 66

Recommended by: Jim Collins, Mohnish Pabrai, Aaron Levie and 27 others

Competition DemystifiedCompetition Demystified
T1 Competition Demystified
Bruce Greenwald, Judd Kahn · 2005
Open LibraryGoodreads

Barriers to entry as the only durable source of a toll.

Recommended by: Mohnish Pabrai, Li Lu

Good Strategy, Bad StrategyGood Strategy, Bad Strategy
T2 Good Strategy, Bad Strategy
Richard P. Rumelt · 2011
Open LibraryGoodreads

Recommended by: Ann Handley, Daniel Burka, Michael Batko and 1 other

7 Powers7 Powers
T2 7 Powers
Hamilton Helmer · 2016
Open LibraryGoodreads

Seven sources of lasting advantage, each a benefit plus a barrier to rivals.

Recommended by: Alex Lieberman, Brett Adcock, Daniel Ek and 6 others

Living on the Fault LineLiving on the Fault Line
T3 Living on the Fault Line
Geoffrey A. Moore · 2000
Open LibraryGoodreads

Run a tech company for shareholder value by funding its core advantage.

“Moore's forthcoming book, Living on the Fault Line... is terrific and highly recommended.” — Michael Mauboussin

Source: Network to Net Worth: Exploring Network Dynamics (CS First Boston)

Recommended by: Michael Mauboussin

Value Investing: From Graham to Buffett and Value Investing: From Graham to Buffett and Beyond
T3 Value Investing: From Graham to Buffett and Beyond
Bruce C. N. Greenwald, Judd Kahn · 2007
Open LibraryGoodreads

Wiley published it in 2020.

“George has also written a book on value investing, From Theory to Practice, which I highly recommend.” — Prem Watsa

Source: Fairfax Financial 2021 Shareholders' Letter, p. 35

Recommended by: Mohnish Pabrai, Prem Watsa, Joel Greenblatt and 1 other

The Little Book That Builds WealthThe Little Book That Builds Wealth
T3 The Little Book That Builds Wealth
Pat Dorsey · 2008
Open LibraryGoodreads

How to spot a durable economic moat from public information, and what isn't one.

Recommended by: Mohnish Pabrai

How to Build a Business Warren Buffett WouldHow to Build a Business Warren Buffett Would Buy: The R. C. Willey Story
T4 How to Build a Business Warren Buffett Would Buy: The R. C. Willey Story
Jeff Benedict · 2009
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

Moats: The Competitive Advantages of Buffett
T4 Moats: The Competitive Advantages of Buffett and Munger Businesses
Bud Labitan · 2011
Open LibraryGoodreads

The competitive advantages of 70 businesses Buffett and Munger bought for Berkshire.

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