The following is the official list of books recommended by Berkshire Hathaway at the 2015 Shareholder’s Meeting. The list contains some old classics as well as newly published titles, all of which should be very informative and entertaining reads for any value investors.
You can also access more information about Berkshire’s official list here: BRK 2015 50th Anniversary Annual Selection.
And for more books on value investing: Vintage Value Recommended Reading
Berkshire Beyond Buffett: The Enduring Value of Values – by Lawrence Cunningham
Berkshire Hathaway Letters to Shareholders – collected by Max Olson
50 Years of Berkshire Hathaway Poster – by Max Olson
Buffett: The Making of an American Capitalist – by Roger Lowenstein
Buffett’s Bites: The Essential Investor’s Guide to Warren Buffett’s Shareholder Letters – by Laura Rittenhouse
The Essays of Warren Buffett, Lessons for Corporate America – collected by Lawrence Cunningham
A Few Lessons for Investors and Managers from Warren E. Buffett – by Peter Bevelin
Of Permanent Value: The Story of Warren Buffett – by Andrew Kilpatrick
The Oracle & Omaha: How Warren Buffett and His Hometown Shaped Each Other – by Steve Jordan
The Real Warren Buffett: Managing Capital, Leading People – by James O’Loughlin
Tap Dancing to Work: Warren Buffett on Practically Everything – by Carol Loomis
Warren Buffett: An Illustrated Biography of the World’s Most Successful Investor – by Ayano Morio
Warren Buffett on Business: Principles from the Sage of Omaha – by Richard Connors
Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor – by Janet Lowe, with Warren Buffett
The Warren Buffett Way – by Robert G. Hagstrom
Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger – by Janet Lowe, forward by Warren Buffett
Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger – edited by Peter Kaufman
Business ADventures: Twelve Classic Tales from the World of Wall Street – by John Brooks
Clash of the Cultures: Investment vs. Speculation – by John Bogle
The Go-Go Years: The Drama and Crashing Finale of Wall Street’s Bullish 60s – by John Brooks
The Great Crash: 1929 – by John Kenneth Galbraith
The Intelligent Investor: The Classic Text on Value Investing – by Benjamin Graham
The Intelligent Investor (Revised Edition) – by Benjamin Graham, revised by Jason Zweig
Investing Between the Lines: How to Make Smarter Decisions by Decoding CEO Communications – by Laura Rittenhouse
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock – by John Bogle
Once in Golconda: A True Drama of Wall Street 1920-1928 – by John Brooks
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success – by William Thorndike
Strategic Value Investing: Practical Techniques of Leading Value Investors – by Stephen Horan, Robert Johnson, and Thomas Robinson
The Ten Commandments for Business Failure – by Donald R. Keough
Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street – by Fred Schwed, Jr.
Charlie Rose: An Appreciation of Don Keough DVD
Dream Big – by Cris Correa
Foods You Will Enjoy: The Story of Buffett’s Store – by Bill Buffett
Forty Chances: Finding Hope in a Hungry World – by Howard G. Buffett
Giving It all Away: The Doris Buffett Story – by Michael Zitz
Life Is What You Make It: Find Your Own Path to Fulfillment – by Peter Buffett
Life Lessons in Business: Wisdom from Warren E. Buffett & L.A. “Davy” Davidson – by Gwyn Davidson Larsen
Seeking Wisdom: From Darwin to Munger – by Peter Bevelin
The Women of Berkshire Hathaway: Lesson from Warren Buffett’s Female CEOs and Directors – by Karen Linder
My First Berkshire ABC – by Nancy Rips, illustrated by Tom Kerr
The Oracles’ Fables: Life Lessons for Children Inspired by the Oracle of Omaha – by John Prescott, illustrated by Tom Kerr
The Secret Millionaires Club: Warren Buffett’s 26 Secrets to Success in the Business of Life – by Andy & Amy Heyward
The Secret Millionaires Club DVDs
The Secret Millionaires Club Business in a Box
Berkshire Hathaway Annual Book Selections 2015
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Benjamin Graham – also known as The Dean of Wall Street and The Father of Value Investing – was a scholar and financial analyst who mentored legendary investors such as Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss.
Warren Buffett once wrote a detailed article explaining how Graham’s record of creating exceptional investors (such as Buffett himself) is unquestionable, and how Graham’s principles are everlasting. The article is called “The Superinvestors of Graham-and-Doddsville”.
Buffett describes Graham’s book – The Intelligent Investor – as “by far the best book about investing ever written” (in its preface).
Graham’s first recommended strategy – for casual investors – was to invest in Index stocks.
For more serious investors, Graham recommended three different categories of stocks – Defensive, Enterprising and NCAV – and 17 qualitative and quantitative rules for identifying them.
For advanced investors, Graham described various special situations or “workouts”.
The first requires almost no analysis, and is easily accomplished today with a good S&P500 Index fund.
The last requires more than the average level of ability and experience. Such stocks are also not amenable to impartial algorithmic analysis, and require a case-specific approach.
But Defensive, Enterprising and NCAV stocks can be reliably detected by today’s data-mining software, and offer a great avenue for accurate automated analysis and profitable investment.