University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting
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- Create Date：2021-06-11 09:56:35
- Update Date：2025-09-14
- Status：finish
- Author：Daniel Pecaut
- ISBN：0998406260
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Summary
Will there ever be another investing book like this？ It's unlikely。
University of Berkshire Hathaway is a remarkable retelling of the lessons， wisdom， and investment strategies handed down personally from Warren Buffett and Charlie Munger to shareholders during 30 years of their closed-door annual meetings。
From this front row seat， you'll see one of the greatest wealth-building records in history unfold， year by year。
If you're looking for dusty old investment theory， there are hundreds of other books waiting to cure you of insomnia。 However， if you're looking for an investing book that's as personal as it is revelatory， look no further。
Packed with Buffett and Munger's timeless， generous， and often hilarious wisdom， University of Berkshire Hathaway will keep serious investors turning pages late into the night:
• Get unique insight into the thinking， strategies， and decisions--both good and bad--that made Buffett and Munger two of the world's greatest investors。
• Understand the critical reasoning that leads Buffett and Munger to purchase a particular company， including their methods for assigning value。
• Learn the central tenets of Buffett's value-investing philosophy "straight from the horse's mouth。"
• Enjoy Munger's biting wit as he goes after any topic that offends him。
• Discover Buffett's distaste for "commonly accepted strategies" like modern portfolio theory。
• See why these annual meetings are often called "an MBA in a weekend。"
University of Berkshire Hathaway is a remarkable retelling of the lessons， wisdom， and investment strategies handed down personally from Warren Buffett and Charlie Munger to shareholders during 30 years of their closed-door annual meetings。
From this front row seat， you'll see one of the greatest wealth-building records in history unfold， year by year。
If you're looking for dusty old investment theory， there are hundreds of other books waiting to cure you of insomnia。 However， if you're looking for an investing book that's as personal as it is revelatory， look no further。
Packed with Buffett and Munger's timeless， generous， and often hilarious wisdom， University of Berkshire Hathaway will keep serious investors turning pages late into the night:
• Get unique insight into the thinking， strategies， and decisions--both good and bad--that made Buffett and Munger two of the world's greatest investors。
• Understand the critical reasoning that leads Buffett and Munger to purchase a particular company， including their methods for assigning value。
• Learn the central tenets of Buffett's value-investing philosophy "straight from the horse's mouth。"
• Enjoy Munger's biting wit as he goes after any topic that offends him。
• Discover Buffett's distaste for "commonly accepted strategies" like modern portfolio theory。
• See why these annual meetings are often called "an MBA in a weekend。"
Reviews
Douglas Johnson
，
I have taken a close look at everything this book has to offer。 Yes， I appreciate the hands-on experience。 However， this book does not offer many new solutions。 This is already clear to the student of the last year of the university。 The book is interesting from the point of view of studying early investment models but nothing more。 If you need to do research over the past five years， then you better find a professional writer from any review on essaysonline org。 Such services are used only by t I have taken a close look at everything this book has to offer。 Yes， I appreciate the hands-on experience。 However， this book does not offer many new solutions。 This is already clear to the student of the last year of the university。 The book is interesting from the point of view of studying early investment models but nothing more。 If you need to do research over the past five years， then you better find a professional writer from any review on essaysonline org。 Such services are used only by those who have relevant research experience。 This will be a more profitable option for cooperation。 。。。more
Amit Khandelia
，
This compilation of 30 years of Berkshire AGM is a Bible for every investor no matter， what geography， stock market one belongs to。 Every investor should read this book again and again as it comes from two of the best stock masters in the world who has proved it for decades。 There have been instances of people making big in stock markets but then those are instances， not like Charlie and Buffett who has been doing it for years。 Further， both these guys are humble enough to share their learnings。 This compilation of 30 years of Berkshire AGM is a Bible for every investor no matter， what geography， stock market one belongs to。 Every investor should read this book again and again as it comes from two of the best stock masters in the world who has proved it for decades。 There have been instances of people making big in stock markets but then those are instances， not like Charlie and Buffett who has been doing it for years。 Further， both these guys are humble enough to share their learnings。 Both of them makes stock investing and wealth creation look so simple。 Add their humor to every conversation that they are having and it makes the reading all the more gripping。The book gives a deep perspective into investing and thinking style of Buffett and Munger。 As you read through the pages， one would see that most of the thoughts are repetitive。 This also means that the investment philosophy of both these guys is deeply embedded in them and has been consistent through these 30 years。Some of the thoughts which they keep on talking again and again - 1。 We are living in danger of nuclear explosion， biological warfare， and its bound to happen。 [Chance of going 60 years with no nuclear events was close to zero - Munger]2。 The biggest moat of Berkshire - The float that it enjoys on insurance premium3。 Intrinsic value of business is the most important thing4。 Greed Vs Fear - Buy when others are fearful and vice versa5。 Talks very highly about values， integrity and ideology6。 Not a proponent of efficient market theory。 Lot many times market is mispriced which is the opportunity to aggressively buy into the markets。 7。 Keep investing in yourself， that's the biggest investment one can make。8。 Do what you enjoy the most。 Work for people you admire。9。 Only two courses which should be taught in B Schools - 1） How to Value a Business， and 2） How to Think About Markets。 That would be it。One advice for all the investors around - Read this book multiple times and every year ！！ 。。。more
Patrick Sherriff
，
Good stuff。 My proper review is here: https://patricksherriff。com/2021/05/0。。。 Good stuff。 My proper review is here: https://patricksherriff。com/2021/05/0。。。 。。。more
Justin
，
I should just stick to index funds。
Matthew Parkins
，
Good advice but repeats often There is a lot of good advice in this book a s it shows a understanding of how Berkshire works。 The reason 3 stars is that there is a lot of repeated sections。
ALEX
，
A great relaxing read to consume。on down timeThis book gives a great overall view of BRK and the evolution of it as a company。 I would recommend。
Girish Kolari
，
Good readThe book is good read with lot of insight， thanks for creating thisnbook。Since I had more of expection on the detailed analysis on stocks buffet had picked why from master with analysis from the writter。
Jrwest
，
This book was an interesting concept。 The authors who have attended the last 30 years took notes of the meetings and their reflections on the meetings to share in a newsletter。 The book represents a compilation of these newsletters。 It was a good way to show how BH grew over the years and navigated the challenges posed by various financial and world events。 At first it was insightful into the workings and thinking of Warren and Charlie。 As their thinking didn't change much over the years it star This book was an interesting concept。 The authors who have attended the last 30 years took notes of the meetings and their reflections on the meetings to share in a newsletter。 The book represents a compilation of these newsletters。 It was a good way to show how BH grew over the years and navigated the challenges posed by various financial and world events。 At first it was insightful into the workings and thinking of Warren and Charlie。 As their thinking didn't change much over the years it started to become a little repetitive。 BH mades it's money by paying a reasonable price for companies with good intrinsic value that had good governance and managers。 They avoided leverage and derivatives。 They were patient and like baseball players would wait for the right pitch。 They didn't sell their companies or run up huge debt in the companies。 They were astute business men who could quickly analyse a deal and act promptly to execute their deal。 With scale they became better at striking deals to backstop companies which had been caught short on very favorable terms to BH。 Initially they liked companies requiring little capital but with good payouts such as Seers candy。 Over time they became more willing to invest in more capital intense companies as long as they were profitable。 If you are a big fan of Warren Buffet and Charlie Munger you will be able to tough it through but if not you may find that the book at the end becomes a slog。 。。。more
Sandra Navarro
，
This is a great read if you’d like to understand how Berkshire has been so successful trough the years。 Heck for what I know it has had the best portfolio trough decades and all economic cycles。 It’s great to get a glimpse into Buffets and Mungers mind and personalities at work， and also dip into the company culture。 So， great lessons here for anyone， specially if you are in business or into investing。 I took one star away because it’s a tad repetitive， even when it was edited to not be so。 But This is a great read if you’d like to understand how Berkshire has been so successful trough the years。 Heck for what I know it has had the best portfolio trough decades and all economic cycles。 It’s great to get a glimpse into Buffets and Mungers mind and personalities at work， and also dip into the company culture。 So， great lessons here for anyone， specially if you are in business or into investing。 I took one star away because it’s a tad repetitive， even when it was edited to not be so。 But do read this by all means。 。。。more
Enrique
，
Amazing gathering of wisdom， useful either you are a investor or you try to lead any organization。Nevertheless， I enjoyed the most Buffet/Munger’s sense of humor and humility。
Phil
，
Great book。 I will probably read it again in the future。 The authors have collected a lot of wisdom from Buffet and Munger。
Lester
，
Although this is a fascinating read， I only really managed to get past the introduction。 Clearly， Daniel Pecaut is a 'fan-boy'， and that passion for BH comes through。 I enjoyed reading his introduction， but when it came down to the shareholder meeting notes， the writing became drier。 At that stage， it is a book for the geeks - meant positively。 But not for me。 Although this is a fascinating read， I only really managed to get past the introduction。 Clearly， Daniel Pecaut is a 'fan-boy'， and that passion for BH comes through。 I enjoyed reading his introduction， but when it came down to the shareholder meeting notes， the writing became drier。 At that stage， it is a book for the geeks - meant positively。 But not for me。 。。。more
Hansel
，
Simple record that shows the progress of Berkshire along the years。It is much more easier to read rather than reading the long letters or watching the annual meetings。 A lot of wisdom passed up from year to year from both Munger and Warren。 They graddually giving up their “secret” in investing。 Though most people will likely not pursuing it since it is boring and old fashioned。 However those do will greatly rewarded。
Bud Miles
，
Great book。。This is a book of wisdom。 It isn't a step by step manual for quick riches。 It is a tutorial on developing the proper habits and mindset to thrive no matter what the financial world is doing。 This book changed the way I have looked at investing。 It is too bad that I found it this late in life。 The earlier that you absorb and employ this wisdom， the better off you will be in the long term。 Great book。。This is a book of wisdom。 It isn't a step by step manual for quick riches。 It is a tutorial on developing the proper habits and mindset to thrive no matter what the financial world is doing。 This book changed the way I have looked at investing。 It is too bad that I found it this late in life。 The earlier that you absorb and employ this wisdom， the better off you will be in the long term。 。。。more
Peter C
，
InterestingTrying not to be that person who exhibits the worst sin of all “envy “ which of course is very difficult。 Blessings to all。
Andrew Wood
，
Charlie and Warren showThe book could have been titled “the wit and wisdom of Charlie and Warren and contains very digestible summaries of the annual meetings。 The annual contents would have benefited from a summary on the key events in the market for the previous year and contemporaneously。 The additional context would make the “wit and wisdom” more relevant。 The upside on this book was reminding me to re-read the Intelligent Investor。
SURYA。V
，
Curation of the best investment learningsPhenomenal curation of investment lessons。Must read book for all the Buffett/Munger fans。 This is an add on book to the "Letters to Shareholders" by Buffett Curation of the best investment learningsPhenomenal curation of investment lessons。Must read book for all the Buffett/Munger fans。 This is an add on book to the "Letters to Shareholders" by Buffett 。。。more
Sam Froerer
，
Great way to learn BuffettWhat better way to understand Berkshire and Buffett than to have a yearly play by play。 Fantastic read， highly recommend。
James
，
I am fan of Buffett so my review might be bias。 Its a easy to read book on how Warren Buffett and Charlie Munger answer questions during the annual shareholder meetings。 It will get repetitive after a few years， but it shows how true they are and they have not changed much over the 30 years。
Alex Pal。
，
This book is the letter's to shareholders from Buffet and his annual meeting。 The authors put them together， and they have minimal commends。 Perhaps reading the letters would be better。 This book is the letter's to shareholders from Buffet and his annual meeting。 The authors put them together， and they have minimal commends。 Perhaps reading the letters would be better。 。。。more
Dawn Wells
，
I’ve read a lot of investment books over the years but this one is different。 It’s on target for today and the future。 This is a permanent keep， and go back and read every time you have a question。 What would Warren Buffett do？ As a bonus， the life advise given is not only wise but given with a measure of humor。
Tim Darley
，
By its nature this book is a "derivative" effort， but the typically negative connotation of that word。 Essentially， this was a cliff notes version of the Berkshire Hathaway shareholders meetings。 Those that follow Buffet and are aware of his well publicized thoughts won't learn anything particularly knew。 Even so， the themes that reappear in the year by year account reinforce the thinking on certain topics that I wouldn't necessarily connect if a different format was used。 Based on the "Lessons By its nature this book is a "derivative" effort， but the typically negative connotation of that word。 Essentially， this was a cliff notes version of the Berkshire Hathaway shareholders meetings。 Those that follow Buffet and are aware of his well publicized thoughts won't learn anything particularly knew。 Even so， the themes that reappear in the year by year account reinforce the thinking on certain topics that I wouldn't necessarily connect if a different format was used。 Based on the "Lessons Learned" from the title， I was expecting the authors to expound a bit more on the concepts that Buffet and Munger referenced but the book really presents a transcription of notes without much additional commentary。 。。。more
Anna
，
"Life properly lived is learning， learning， learning all the time。" Warren BuffettNo， I am decidedly not the intended audience of this book; and yes， it was over my head much of the time， most of what I know about the subject being whatever I gleaned from listening to business reports on the radio growing up （just because it was on so often in the background）。 Why I should pick up this audiobook during a recent Audible sale might seem strange to anyone else， but I think I could attribute it in g "Life properly lived is learning， learning， learning all the time。" Warren BuffettNo， I am decidedly not the intended audience of this book; and yes， it was over my head much of the time， most of what I know about the subject being whatever I gleaned from listening to business reports on the radio growing up （just because it was on so often in the background）。 Why I should pick up this audiobook during a recent Audible sale might seem strange to anyone else， but I think I could attribute it in general to educator Charlotte Mason's "science of relations"。 ;） Forming new relationships， whether with people or things， opens you up to other interests you may never have considered before。 And so I found myself plunged into the world of business and investment， looking up terms like "float" and "derivatives"， and actually enjoying myself。 I'm kind of going to miss my daily dose of Buffet and Munger。 :） 。。。more
Jason
，
This was a very enjoyable book for me because it dives into 30 years of Annual Shareholder Meetings for Berkshire Hathaway。 I have long been fascinated by Warren Buffet and Charlie Munger， and to hear the notes on their annual meetings satiated my curiosity。I take a star off because I don't think I learned as much as I would have liked to， but it was still an enjoyable read。 I also think it would be hard to follow for a lot of people and thus would not be at the top of the list of books I would This was a very enjoyable book for me because it dives into 30 years of Annual Shareholder Meetings for Berkshire Hathaway。 I have long been fascinated by Warren Buffet and Charlie Munger， and to hear the notes on their annual meetings satiated my curiosity。I take a star off because I don't think I learned as much as I would have liked to， but it was still an enjoyable read。 I also think it would be hard to follow for a lot of people and thus would not be at the top of the list of books I would refer people to on investing。All that said， there were some nuggets worth hearing， and it was fun to see the trajectory of the Empire being built。 。。。more
Ashish Burnwal
，
This book will take you aboard to the journey of Berkshire Hathaway。 From 1984 with mere 6 audience in a local coffee shop to a audience of 40，000 people。 This book tells you the rational behind many moves of Buffet and Munger。 After reading this you will certainly feel that they are master mind of business。 Every Acquisition was done with great rational thinking。 And this book tells the rational thinking of the two mastermind。Final verdict : A must read。
Asaf Khan
，
I am at learning stage of investment ， I am reading Warren Buffet's related books and his referred books。 This one is very interesting and made a connection for me ， as I have read "Ground rules" which is relevant to his partnership 。 Although I am listening Warren Buffet's essays and trying to find hard copy to cover overall life。As an accountant this book also provide me a critical view of my profession and make me to work on objective treatment of business transactions。 I am at learning stage of investment ， I am reading Warren Buffet's related books and his referred books。 This one is very interesting and made a connection for me ， as I have read "Ground rules" which is relevant to his partnership 。 Although I am listening Warren Buffet's essays and trying to find hard copy to cover overall life。As an accountant this book also provide me a critical view of my profession and make me to work on objective treatment of business transactions。 。。。more
Stefanno Dias
，
leitura fácil。 leitura simples。 aprende-se muito。 boa noção de longo prazo/passagem do tempo。
Kuba Sol
，
Great book that presents the thoughts and teachings of two outstanding investors and great thinkers of the 20th and 21st century in a systematic and accessible way。
Patrick
，
I loved the way the author is focused on the relevant information which should be transferred to the reader but if you are following BH for quite some time than it’s not that eye opening book in general。
Howard
，