If you missed it, start with Part 1 of this Book Summary.
Sections:
Overview
“Some books should be tasted, some devoured, but only a few should be chewed and digested thoroughly.” — Francis Bacon (The Essays of Francis Bacon, 1696)
If you've ever wanted to read through all of Warren Buffett's shareholder letters, you really have two choices: read every from cover-to-cover letter separately OR read through the best advice from over the years grouped into clear categories ranging from Investing to Acquisitions to Taxation. Having done both I can guarantee you that reading through the best wisdom arranged by category is much more fun and insightful. You don't just get Warren's thoughts on Investing for instance from one shareholder letter — you get his best ideas from every letter.
All the letters are woven together into a fabric that reads as a complete and coherent narrative of a sound business and investment philosophy.
What Lawrence Cunningham has created with The Essays of Warren Buffett: Lessons for Corporate America is remarkable. I'd argue that reading it in its entirety is just as valuable as getting an MBA. It contains all of the best advice that Warren Buffett has shared over the years — all hard fought and won from real-world experience. This isn't a book about theory, it's a book about wisdom gained from decades of practices.
As Lawrence Cunningham sums up in the introduction, "Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway have gained an enormously valuable informal education."
Handy Links
Buy the Book: The Essays of Warren Buffett by Lawrence Cunningham
Listen & Watch: Listen now on Apple, Spotify, or Google. Watch on YouTube. Or find a link to your favorite player on Pod.link.
Notes & Transcript: Find my full notes and transcript for this episode at outlieracademy.com/warrens-essays.
Charlie Munger on "The Berkshire System"
On Berkshire Hathaway's 50th anniversary, Charlie Munger contributed his reflections on what he called "The Berkshire System." In that essay, he shares his reflections on what they got right and why Berkshire has been so successful. As always, Charlie's reflections are both simple and profound. He wastes no time and dives straight to the point.
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