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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Margin of Safety

Mental models

The gap between conservatively estimated value and the price actually paid, demanded up front so a flawed appraisal or bad luck still returns your capital. It is a budget for being wrong, not a source of extra return. The discipline is refusing to pay more than a fraction of your own estimate, however attractive the story.

Books 5Experts 6Recommenders 37Resources 4

Start here

  1. The Intelligent InvestorBenjamin Graham, 1949
  2. Margin of SafetySeth A. Klarman, 1991
  3. Security AnalysisBenjamin Graham, David L. Dodd, 1934
Security AnalysisSecurity Analysis
T1 Security Analysis
Benjamin Graham, David L. Dodd · 1934
Open LibraryGoodreads

How to read financial statements sceptically and value bonds and stocks.

“I've spent more time with all of the editions of Benjamin Graham and David Dodd's Security Analysis than with any other book” — Christopher Bloomstran

Source: Semper Augustus 2024 Letter to Clients, 'Books and Tunes for Walking', p. 95

Recommended by: Christopher Bloomstran, Howard Marks and 11 others

The Intelligent InvestorThe Intelligent Investor
T1 The Intelligent Investor
Benjamin Graham · 1949
Open LibraryGoodreads

Treat stocks as parts of businesses and buy only with a margin of safety.

“I have been accused of telling all my secrets. I have written a number of books, and I reveal them all in these books.” — Benjamin Graham

Source: Graham on revealing everything he knows in his books

Recommended by: Benjamin Graham, Christopher Bloomstran and 27 others

The GoalThe Goal
T1 The Goal
Eliyahu M. Goldratt, Jeff Cox · 1984
Open LibraryGoodreads

A plant manager learns that a system's output is set by its bottleneck.

Recommended by: Mohnish Pabrai, Nat Eliason and 5 others

Margin of SafetyMargin of Safety
T1 Margin of Safety
Seth A. Klarman · 1991
Open LibraryGoodreads

Avoid permanent loss: buy well below value and aim for absolute returns.

“Seth Klarman's 'Margin of Safety' is a good book about risk.” — Arnold Van Den Berg

Source: Van Den Berg on Margin of Safety as a book about risk

Recommended by: Arnold Van Den Berg, Frank Martin, Guy Spier and 6 others

The Dhandho InvestorThe Dhandho Investor
T2 The Dhandho Investor
Mohnish Pabrai · 2007
Open LibraryGoodreads

The explicit argument for cloning rather than originating ideas.

“It is, without a doubt, my most recommended book on investing” — Andrew Wilkinson

Source: @awilkinson on X, 22 May 2024

Recommended by: Andrew Wilkinson, Guy Spier and 1 other

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