After I spend a week in Omaha to attend a German value investor conference and the show of Buffett and Munger, we have a couple of more ideas to work on and even more valuable readings. Overall I can say that this week was a unique experience and I have to be deeply grateful to the organisations of the event and particularly to two persons from which I learned the most and have such a great personality. The two guys I owe so much are M&MMI, thank you guys for all the lessons which you have taught me.
I bought Berkshire Hathaway`s letters to shareholders from 1965-2013 for 12 Dollar in a book form, which is a pure bargain for a guy who does not like to read so much on a screen. I will try to summarize them all (after I have finished my studies) and upload them.
Furthermore I`d like to highlight the book „Dream big“ which was highlighted by Warren Buffett at the end of the Meeting. You can read a summary here.
You can read the notes of the Meeting here, I would like to highlight WBs answer to the Cost of Capital.
Additionally I would recommend the lessons of failure from the really good moatology blog. As a person who admits to have failed a couple times I can recommend to use such an approach.
Due to the fact that I like entrepreneurship and like to spend my leisure time on edx courses I only can recommend to read about entrepreneurship, strategy and learn something new in an edx online course! And last but not least I have learned how important a franchise is, so go out and lean-to account for it! (We will try it as well)
And always keep in mind that the intelligent investor estimates likely returns, and invests if the returns are worth the risk. Most profitable investing takes an uncomfortable view versus the consensus, and buys when the market offers good deals. If there are no good deals, profitable investing sits on cash, and waits for a better day.
Have a great week!