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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Net-Nets and Asset Plays

Investment styles

Buying below liquidation or replacement value, where the balance sheet rather than the income statement carries the thesis.

Books 9Experts 6Recommenders 32

Start here

  1. The Intelligent InvestorBenjamin Graham, 1949
  2. Deep ValueTobias E. Carlisle, 2014
  3. Margin of SafetySeth A. Klarman, 1991
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

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 Aggressive Conservative InvestorThe Aggressive Conservative Investor
T2 The Aggressive Conservative Investor
Martin J. Whitman, Martin Shubik · 1979
Open LibraryGoodreads

Safe and cheap investing: a security can be both lower-risk and higher-return.

Recommended by: Guy Spier, Mohnish Pabrai, Seth Klarman

Deep Value
T2 Deep Value
Tobias E. Carlisle · 2014
Open LibraryGoodreads

Traces the method from Graham through Icahn to the acquirer's multiple.

Recommended by: Mohnish Pabrai, Patrick O'Shaughnessy

Value Investing: A Balanced ApproachValue Investing: A Balanced Approach
T3 Value Investing: A Balanced Approach
Martin J. Whitman · 1999
Open LibraryGoodreads

Net asset value and resource conversion as the real drivers of return.

Recommended by: Mohnish Pabrai

Modern Security Analysis
T3 Modern Security Analysis
Martin J. Whitman, Fernando Diz · 2013
Open LibraryGoodreads

Security analysis that weighs the balance sheet over reported earnings.

Recommended by: Mohnish Pabrai

Deep Value Investing: Finding bargain shares
T4 Deep Value Investing: Finding bargain shares with big potential
Jeroen Bos · 2013
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

Value Investing in Asia
T4 Value Investing in Asia
Stanley Lim, Mun Hong Cheong · 2017
Open LibraryGoodreads

Where net-nets still exist in quantity: Japan, Hong Kong and Singapore.

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