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Some of Warren Buffett's and Charlie Munger's
Favorite Books

At the annual meeting of Berkshire Hathaway, both Warren Buffett, the Chairman and CEO, and Charlie Munger, the Vice Chairman, occasionally mention some of their favorite books. Also Buffett sometimes mentions other books in the annual report of Berkshire.

The following is a list of some of these books plus some others worth reading.

Poor Charlie's Almanac: The Wit and Wisdom of Charles T. Munger by Charles (Charlie) T. Munger. "Charlie Munger is truly the broadest thinker I have ever encountered," wrote Bill Gates, the chairman of Microsoft. "From business to economic principles to the design of student dormitories to the design of a catamaran he has no equal. This book capturing his wisdom is long overdue."
Here's a typical quote from Munger, "Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group ... then to hell with them."
Warning: this book is not always available — so if you see a copy, buy it!

The Intelligent Investor by Benjamin Graham. In the 2003 Annual Report of Berkshire Hathaway, Buffett wrote, "Jason Zweig did a first-class job in revising The Intelligent Investor, my favorite book on investing."
Benjamin Graham wrote this book for general investors as a companion for Security Analysis. It is still the definitive book on value investing. In the introduction Zweig writes that the principles he introduces will be "grounded on intensive observation of and active participation in the securities market over fifty years". Written for "defensive and enterprising investors," this book contains Graham's timeless ideas such as his definition of an investor as opposed to a speculator and the notion of a margin of safety.

Bull! A History of the Boom, 1982-1999: What drove the Breakneck Market--and What Every Investor Needs to Know About Financial Cycles by Maggie Mahar.
This book vividly details the trends and outsized egos that fueled the recent bull market including the surge of leveraged buyouts of 1984-1987, the mania for junk bonds, falling short-term interest rates, the rush of individual investors into 401(k) retirement plans, the power (and appetites) of mutual funds and the media frenzy that lent an unlikely allure to quarterly corporate earnings reports.
The Essays of Warren Buffett : Lessons for Corporate America by Warren E. Buffett
This book has been prepared by Lawrence Cunningham by sifting through the Letters to Shareholders that Buffett writes each year in the annual report of Berkshire Hathaway. Each chapter is a different theme of Buffett's investing principles. They range from Corporate Governance through to Accounting and Taxation. These topics may seem a little dry, but the typical Buffett sayings make it a pleasure to read -- or just to dip into. Here is one of them, "One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as `marketability' and `liquidity," sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise."

Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
This is a wonderful little book of quotations by Warren Buffett. Janet Lowe has collected together some of his best quotations and arranged them under different sections for each chapter ranging from About Life through to About Investing. Within the chapters the book is arranged in different topics starting with Live where you are happiest and Live how you want to live in the first chapter through to Pay your taxes and don't complain in the last chapter. The book is small enough to slip in your pocket or bag to have available when you are traveling and is an ideal way to help you get inside the head of the "world's greatest investor".

The Conscious Investor: Profiting from the Timeless Value Approach by John Price
A fascinating review of the strengths and weaknesses of all the standard valuation methods. It looks at the stock market methods of Benjamin Graham, John Burr Williams, Warren Buffett, Robert Wiese, Joel Greenblatt, James Tobin, William O'Neill, Maynard Keynes, James Ohlson, Bruce Greenwald, Kenneth Lee, Robert Haugen and others.
The valuation methods include net current asset value, discounted cash flow (DCF), dividend discount, payback, magic formula, residual income, CANSLIM, q-theory, PEG and PEGY ratio, benchmark, option valuation, expected return and many others.

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