Resources: Warren Buffett & Charlie Munger

These resources provide millions of € in value at a cost of just above 200 €. I hope this helps you better understand the fundamentals of business in times where, as Charlie would say, "common sense is so rare it should be called uncommon sense".

To fully understand the concepts takes hundreds of hours. If this is not for you, I am convinced that you will get 80 % of the return just from "Poor Charlie's Almanack". But you might want the context "The Snowball" provides to find it interesting.

If you want to go all the way, this is my recommendation:

  1. The Snowball is the only Buffett biography he helped create. I recommend the audiobook.
  2. Poor Charlie's Almanack contains Mungers "elementary worldly wisdom". It is my favorite book.
  3. The Warren Buffett Portfolio explains how Buffett applies the key concepts of his favorite books on investing: The Intelligent Investor & Common Stocks And Uncommon Profits. Those are great to understand where the ideas came from so read them too if you find that interesting.
  4. Now that you know the concepts you're probably wondering how the hell Berkshire happened. And this is where the fun begins. Start with the Special Letters from Warren & Charlie RE: Past, Present and Future.
  5. There's a guy called Adam Mead who wrote The Complete Financial History of Berkshire Hathaway - A Chronological Analysis of Warren Buffet & Charlie Munger's Conglomerate Masterpiece. He analyzes every single year of Berkshires financial history. I'll just leave it at that. By now you will either feel like you have finally found the missing puzzle piece or I have lost you completely.
  6. To state the obvious, I also recommend reading the annual letters and watching the annual meetings.

To understand the financials you will need basic accounting knowledge. The free podcast Accounting 101 with Jimmy Stewart will make you feel comfortable around the debits and credits and only takes a few hours. Accounting can be very interesting. Just look at this example by Jeff Bezos based on Warren Buffett's concept of owner earnings.

October 2022