Two people that keep teaching me

Last weekend, Warren Buffett published his Annual Letter to Shareholders – it will be the most read financial report published this year.  The Annual General Meeting last year attracted 37,000 visitors and over 1.1m watched live on Yahoo.  The AGM this year is on 6 May and can be watched live here.

You know that feeling when you learn something profound?  I get that a lot when I read Warren Buffett.  This attitude to wealth (give it away), investment (look for a business with a durable competitive advantage, that you can buy with a margin of safety) – you learn whenever you read what he writes.

When I started as a UCT lecturer, I printed out all of his Berkshire Hathaway Annual Letters to Shareholders and read them from oldest to most recent.  If he recommended a book, I made sure to read it.  I feasted for months.  Years later I found these partnership letters from his earliest years.

If you are reading Buffett, you soon will start reading Charlie Munger, the Vice-Chairman of Berkshire Hathaway.  This video of a speech given at Harvard Law School, is what set me off on another adventure that lasted months.  You can also read fascinating transcripts, like this one, on the top 25 mistakes we can all make in our thinking.

Keep reading and soon you will be subscribing to receive weekly emails from Farnam Street, be fascinated by the idea of mental models, I mean really really interested in applying mental models and pretty much want to call your next kid Charlie.  His classic text, Poor Charlie’s Almanack, is in the UCT library, so that saves you $49.

Of course these guys are not perfect – but I am grateful for their willingness to share what they are learning so generously.  I heartily recommend joining me in learning from both of them.

Paul Maughan

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