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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Small caps and micro caps

Assets

The size premium and the illiquid end of the market where a small manager can still find things nobody has looked at.

Books 11Experts 5Recommenders 14

Start here

  1. One Up on Wall StreetPeter Lynch, John Rothchild, 1989
  2. The Zulu PrincipleJim Slater, 1992
  3. The Small-Cap AdvantageBrian T. Bares, 2011
One Up on Wall StreetOne Up on Wall Street
T2 One Up on Wall Street
Peter Lynch, John Rothchild · 1989
Open LibraryGoodreads

The amateur's edge argument from the Magellan record.

“One book that probably made the biggest impact on my career in those early formidable years back in the day was Peter Lynch's 'One Up on Wall Street.'” — David Rolfe

Source: Rolfe on the book that most shaped his early career

Recommended by: David Rolfe, Francisco Garcia Parames and 9 others

What Works on Wall StreetWhat Works on Wall Street
T2 What Works on Wall Street
James P. O'Shaughnessy · 1996
Open LibraryGoodreads

Decades of US stock data testing which selection rules have beaten the market.

“Strongly Recommended. Great data.” — Mohnish Pabrai

Source: Mohnish's Bookshelf — Books on Investing & Capital Allocation, entry 336

Recommended by: Mohnish Pabrai, Patrick O'Shaughnessy

The Zulu PrincipleThe Zulu Principle
T3 The Zulu Principle
Jim Slater · 1992
Open LibraryGoodreads

Pick a narrow patch of smaller companies and know it better than anyone.

Beyond the Zulu PrincipleBeyond the Zulu Principle
T3 Beyond the Zulu Principle
Jim Slater · 1996
Open LibraryGoodreads

The follow-up, aimed squarely at smaller growth companies.

Free CapitalFree Capital
T3 Free Capital
Guy Thomas · 2011
Open LibraryGoodreads

Twelve UK private investors, most of them working in small and micro caps.

The Small-Cap Advantage
T3 The Small-Cap Advantage
Brian T. Bares · 2011
Open LibraryGoodreads

A small-cap manager on capacity limits and why size is an edge.

The Manual of Ideas
T3 The Manual of Ideas
John Mihaljevic · 2013
Open LibraryGoodreads

Where small-cap and special-situation ideas actually come from.

“John Mihaljevic outdid himself and released a second edition of his terrific, The Manual of Ideas, a superb read on investment idea generation” — Christopher Bloomstran

Source: Semper Augustus 2025 Letter to Clients, 'Books and Music', p. 88

Recommended by: Christopher Bloomstran, Guy Spier and 2 others

100 Baggers100 Baggers
T3 100 Baggers
Christopher W. Mayer · 2015
Open LibraryGoodreads

Subtitled Stocks That Return 100-to-1 and How to Find Them; expanded edition 2025.

Recommended by: Mohnish Pabrai

Common Stocks and Common Sense
T3 Common Stocks and Common Sense
Edgar Wachenheim III · 2016
Open LibraryGoodreads

Wiley edition confirmed elsewhere.

Standard & Poor's SmallCap 600 Guide 2002
T4 Standard & Poor's SmallCap 600 Guide 2002
James M.Nevler
Goodreads

Recommended by: Mohnish Pabrai

Standard & Poor's Smallcap 600 Guide: 2003 E
T4 Standard & Poor's Smallcap 600 Guide: 2003 Edition
Standard&Poor's
Goodreads

Recommended by: Mohnish Pabrai

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