University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

One error was option trading.

I distinctly remember that first meeting in 1985.

A $10,000 investment in his partnership in 1956 grew to $200,000 by 1969. That’s a 25.9% compounded annualized return.

This is the fruit of Buffett and Munger’s “Don’t lose” philosophy. It’s the losing ideas avoided, as much as the money made in bull markets that has built Berkshire’s superior wealth over the long run.

Over the years, these films feature skits that have featured every kind of celebrity, including soap opera legend Susan Lucci, boxer Floyd Mayweather, and actor Bryan Cranston (appearing in his role as Walter White from Breaking Bad).

Those write-ups are what make up this book.

You’ll quickly be swept up by the highlight reel of what has been a fascinating, informative, and often hilarious ride through 32 years of the Warren and Charlie show.

This isn’t a book about dusty old “investment theory.” This is a curated collection of the best advice and insights Buffett and Munger have shared over the last three decades. Shocking revelations. Funny moments. Devilishly insightful strategies.

We believe these notes (excluding the annual reports) are the best substitute for attending Berkshire’s annual meetings in person over the last 32 years.

The layout of the book is simple. It’s designed to put you in the room with Buffett and Munger, every year for the past 32 years (1986–2017).(18)

You have in your hands fly-on-the-wall analyses of 32 years of annual meetings.