Corner of Berkshire & Fairfax Message Board

General Category => Books => Topic started by: ValueMaven on October 13, 2017, 06:24:18 PM

Title: University of Berkshire Hathaway - Daniel Pecaut
Post by: ValueMaven on October 13, 2017, 06:24:18 PM
What an amazing book!! 30 years worth of notes!!

https://www.amazon.com/University-Berkshire-Hathaway-Lessons-Shareholders/dp/099840621X

What are some of your favorable takeaways?!

-VM
Title: Re: University of Berkshire Hathaway
Post by: longinvestor on October 13, 2017, 10:19:58 PM
What an amazing book!! 30 years worth of notes!!

https://www.amazon.com/University-Berkshire-Hathaway-Lessons-Shareholders/dp/099840621X

What are some of your favorable takeaways?!

-VM
It's a great addition to the collection. I happen to take notes during the meeting just as the authors have done. I eagerly read the notes from pre-2006 because I didn't attend before then. Good tidbits include their views on what's now known to be duds.

A slight negative for me was that the notes were too short/condensed, especially from the 1980's. Wish they provided it verbatim.

But to me a book like this, from one meeting attendee to another, is invaluable.
Title: Re: University of Berkshire Hathaway
Post by: maxthetrade on October 14, 2017, 12:37:41 AM
FWIW:
http://alephblog.com/2017/09/08/book-review-university-of-berkshire-hathaway/

"You are much better off reading Buffett and Munger directly, and you can do it for free."

I agree with Mr. Merkel.
Title: Re: University of Berkshire Hathaway
Post by: fuluvu on October 14, 2017, 07:57:21 AM
I also agree.

"You are much better off reading Buffett and Munger directly, and you can do it for free."

FWIW:
http://alephblog.com/2017/09/08/book-review-university-of-berkshire-hathaway/

"You are much better off reading Buffett and Munger directly, and you can do it for free."

I agree with Mr. Merkel.
Title: Re: University of Berkshire Hathaway
Post by: Munger_Disciple on October 14, 2017, 01:31:33 PM
I too agree. I made the mistake of buying this book and regretted it almost immediately after seeing the first few pages. Did not read the rest. The notes are so sketchy that they are almost useless. If you want the actual transcripts of old Berkshire annual meetings, read OID.
Title: Re: University of Berkshire Hathaway
Post by: cubsfan on October 14, 2017, 02:58:19 PM
I too agree. I made the mistake of buying this book and regretted it almost immediately after seeing the first few pages. Did not read the rest. The notes are so sketchy that they are almost useless. If you want the actual transcripts of old Berkshire annual meetings, read OID.

Shows you why OID was worth the money - it was pricey - but the WESCO and BRK meeting transcripts are priceless.
A hell of a lot more expensive than this book - but well worth it.
Title: Re: University of Berkshire Hathaway
Post by: dutchman on October 14, 2017, 03:06:15 PM
Whats oid? Thanks
Title: Re: University of Berkshire Hathaway
Post by: LC on October 14, 2017, 03:10:40 PM
 outstanding investors digest
Title: Re: University of Berkshire Hathaway
Post by: DooDiligence on October 15, 2017, 09:30:40 AM
outstanding investors digest

What ever happened to OID?

https://twitter.com/tunawish/status/910513442431348736
Title: Re: University of Berkshire Hathaway
Post by: longinvestor on October 15, 2017, 10:49:17 AM
With the meeting now archived on YouTube, all these books, publications are extinct.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Voodooking on October 24, 2017, 08:19:39 AM
I've watched the past two BRK Shareholders meetings on Yahoo live stream / YouTube, but they were not recorded before that as far as I'm aware.

Now that OID seems to have disappeared, does anyone know any other way I can get my hands on a transcripts of any of the shareholder meetings from 197X to 2015?

I would love to be able to learn from all of that wisdom.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: John Hjorth on October 24, 2017, 04:09:30 PM
Perhaps your best bet for this, Voodooking, is to order the book linked to by ValueMaven prior in this topic.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on November 07, 2017, 01:35:12 PM
What an amazing book!! 30 years worth of notes!!

Thanks for the kind words, ValueMaven.


I am one of the authors of "University of Berkshire Hathaway (http://www.amazon.com/dp/099840621X)"


As this thread has shown, this book has been somewhat controversial.

To some, like Merkel, there is no reason for such a book to exist--no matter how well executed.

But some very influential and informed thinkers in our field have found value in this book:

Jonathan Brandt, who has been onstage at the meeting asking questions to Buffett and Munger for the last 5 years, said:
Jean-Marie Eveillard, a recipient of Morningstar's 'Fund Manager Lifetime Achievement Award’, said:
We have also sent copies to and received responses from two BRK board members:


Since you are such an astute and free-thinking audience, I have uploaded the full book here (as a PDF attachment).

You can take a look at it and decide for yourself.



Best,
Daniel Pecaut

P.S. I was a longtime reader of Outstanding Investors Digest. I am still proud of being featured in that publication. If I can locate the issues discussed above, I will scan and upload them to this thread.

Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: chesko182 on November 07, 2017, 04:04:13 PM
This is an incredible gift to the members of this community Daniel.
Thanks a lot, I'll be reading this the next few weeks.

:D
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: John Hjorth on November 08, 2017, 03:05:07 AM
Thank you a lot, Daniel,

What an outstanding gesture from you!

Personally, I decided to settle with two versions of the book, for the price of one, - by ordering on Amazon today the hardcover, too. [ : - ) ]
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Voodooking on November 08, 2017, 06:03:42 AM
Thanks Daniel, that's a very kind gesture from you.

I have downloaded the book and plan to read it. I am particularly impressed by the comments from Jean-Marie Eveillard, someone who I admire a lot.

If you are able to provide any transcripts from the meetings, either from your own archives or OID, it would be greatly appreciated.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Liberty on November 08, 2017, 01:14:33 PM
http://www.rationalwalk.com/?p=16299
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: DW on November 09, 2017, 09:12:10 PM
Hi Daniel

Thank you for sharing.

David
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: arbcon on November 09, 2017, 09:24:04 PM
Hi Daniel..this is John Constable writing. Good to see you are well after all of these years!
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: VersaillesinNY on November 10, 2017, 01:23:17 AM
Hi Daniel..this is John Constable writing. Good to see you are well after all of these years!

John Constable: Thanks for your past contributions to the board, I enjoyed your stories.
Board members: This story is from the October 30, 1989 issue of Fortune.

"Mr. Preservation of Capital

This teddy bear of an investor is living his boyhood dream. As a boy in Glencoe, Illinois, John Constable, 33, took Warren Buffett as his hero. ”It amazed me that by simply thinking and being careful you could make money in stocks,” he says. Constable followed his dream to Harvard, where he took night-school extension courses and worked all-day as a block trader for the university’s endowment fund to pay tuition. He went on to apprentice at some of the most successful value-oriented investment shops, including three years at Ruane Cunniff & Co., managers of the redoubtable Sequoia Fund.

Constable went out on his own in August 1988. He has $28 million under management. As befits a value player in a pricey market, Constable is cautious. He owns a few stocks involved in publicly announced deals where he can make, say, 10% in 90 days if the deal goes through. But he prefers to buy ”wonderful companies” like Nestlé for the longer haul. He owns 160,000 shares, bought at an average cost of $24. Why? ”It was one of the world’s superb food companies selling at 9.5 times earnings,” he says. Nestle traded recently at $25 a share.

In large part because Constable has kept 30% of the money entrusted to him in T-bills, his limited partners are only 16% richer than a year ago. That’s not quite up to his 20%-a-year target, but he’s prepared to wait patiently for the day when prices come down and he can accumulate an entire portfolio of Nestles. His clients aren’t restless. ”First and foremost, my investors want preservation of their capital,” he says. "http://fortune.com/2012/11/21/are-these-the-new-warren-buffetts/

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/are-these-the-new-warren-buffetts/10/
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Liberty on November 10, 2017, 09:26:38 AM
Thanks Daniel, that's very kind of you. Cheers!
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on November 17, 2017, 12:52:03 PM
Thanks Daniel, that's very kind of you. Cheers!

This is an incredible gift to the members of this community Daniel.
Thanks a lot, I'll be reading this the next few weeks.

Thank you a lot, Daniel,

What an outstanding gesture from you!

Thanks Daniel, that's a very kind gesture from you.

I have downloaded the book and plan to read it. I am particularly impressed by the comments from Jean-Marie Eveillard, someone who I admire a lot.

Thank you for sharing.

You're welcome.

I'm glad to see that my post was so warmly received.

The PDF copy of the book that I uploaded to this forum has been downloaded 175 times.

I'd love to hear what each person thinks about the book after they read it. Feel free to reach out and personally message me.

Best,
Daniel Pecaut
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on February 13, 2018, 02:30:29 PM
I am happy to announce:

An excerpt of University of Berkshire Hathaway will be featured in Lawrence Cunningham's next book:

"The Warren Buffett Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting"
www.amazon.com/dp/085719700

It comes out on April 20, 2018.

"In this engaging collection of stories, 43 veterans of the Berkshire Hathaway Annual Meeting explain why throngs attend year after year. Beyond the highlights of Warren's wisdom displayed on stage in his day-long Q&A with vice chairman Charlie Munger, these experts reveal the Berkshire meeting as a community gathering of fun, fellowship, and learning."
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: nickenumbers on February 13, 2018, 05:18:25 PM
Thanks for the Book Daniel.  I just downloaded it and I will check it out.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on March 16, 2018, 08:29:13 AM
FYI:
The Kindle version of the book is FREE on Amazon this weekend.
(Friday, March 16 until Tuesday, March 20)
www.amazon.com/dp/B06XT89563

Click 'Buy Now' instead of 'Read for Free.'
[The former is actually free. The latter will try to upsell a Netflix-like subscription service.]
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: boilermaker75 on March 16, 2018, 12:06:42 PM
FYI:
The Kindle version of the book is FREE on Amazon this weekend.
(Friday, March 16 until Tuesday, March 20)
www.amazon.com/dp/B06XT89563

Click 'Buy Now' instead of 'Read for Free.'
[The former is actually free. The latter will try to upsell a Netflix-like subscription service.]

How does that work? Does the author get any say? Does that mean you receive nothing for each free purchase?
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on March 16, 2018, 12:59:58 PM
FYI:
The Kindle version of the book is FREE on Amazon this weekend.
(Friday, March 16 until Tuesday, March 20)

How does that work? Does the author get any say? Does that mean you receive nothing for each free purchase?

Correct. Over the course of the weekend, we won't profit from Kindle sales. It's purely a gift from us.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: boilermaker75 on March 16, 2018, 03:30:55 PM
FYI:
The Kindle version of the book is FREE on Amazon this weekend.
(Friday, March 16 until Tuesday, March 20)

How does that work? Does the author get any say? Does that mean you receive nothing for each free purchase?

Correct. Over the course of the weekend, we won't profit from Kindle sales. It's purely a gift from us.

I had already purchased your book. But I'll say thanks for those who acquire it this weekend and just say this is generous of you!
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on April 06, 2018, 01:48:35 PM
A quick update:

I’ve searched, but I was unable to locate my past issues of Outstanding Investors Digest. If anyone finds the issues describing the meetings (especially before 1994), please upload them here.

Warren Buffett has plans to release all of the video recordings of the meetings (starting in 1994):
http://www.omaha.com/money/buffett/warren-buffett-plans-to-release-video-archive-of-past-shareholder/article_06c5c9f3-6133-523c-a7e9-5d7cdea8d677.html
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on May 24, 2018, 11:21:09 AM
Speaking of CNBC's Warren Buffett Archive, I was pleasantly surprised to find the recording of a question I asked in 1996:

https://buffett.cnbc.com/video/1996/05/06/afternoon-session---1996-berkshire-hathaway-annual-meeting.html?&start=8340
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on May 02, 2019, 08:03:00 AM
In case anyone is interested:

University of Berkshire Hathaway is now available as an audiobook:
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on December 29, 2019, 03:12:31 PM
A fan of University of Berkshire Hathaway posted a video about the book. He’s the host of a popular YouTube channel: “The Swedish Investor.”

The video has received over 67K views!

https://youtu.be/bcn73uiKmig

Enjoy.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Lakesider on January 09, 2020, 02:08:21 PM
This works really well as an audiobook. An entertaining and well informed summary of buffet highlights.

I usually go for a walk on my lunch break so i'm listening to this for the second time. It really helps me recognise the mistakes I have been making. Thank you Daniel
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: John Hjorth on January 10, 2020, 08:03:54 AM
Daniels story in the book about undaunted buying a Berkshire Hathaway share for USD 2,570 in the yearly '80's to get meeting credentials for the Berkshire AGM is still one of my favorite Berkshire stories. -Mind you, a ticket that has kept on giving and giving!
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: longinvestor on January 12, 2020, 07:24:13 PM
Daniels story in the book about undaunted buying a Berkshire Hathaway share for USD 2,570 in the yearly '80's to get meeting credentials for the Berkshire AGM is still one of my favorite Berkshire stories. -Mind you, a ticket that has kept on giving and giving!

My favorite was from the couple who were just in front of me last year in the line waiting to get into the Meeting arena during the early morning hour of 6:30 AM. The couple (both school teachers) were working with a broker in the early 70's who talked them out of buying a few BRK shares. "Too expensive" in the broker's words. The couple must have bought later but we changed subjects quickly to move on to more pleasant topics! 
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: DocSnowball on January 13, 2020, 03:44:49 AM
This works really well as an audiobook. An entertaining and well informed summary of buffet highlights.

I usually go for a walk on my lunch break so i'm listening to this for the second time. It really helps me recognise the mistakes I have been making. Thank you Daniel

Thanks for the feedback! Just purchased, excited to listen to it. Thank you Daniel!
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: cknucks on January 18, 2020, 03:10:27 PM
This works really well as an audiobook. An entertaining and well informed summary of buffet highlights.

I usually go for a walk on my lunch break so i'm listening to this for the second time. It really helps me recognise the mistakes I have been making. Thank you Daniel

Same.  Just finished the audiobook.  I find that it's always a good practice to immerse myself in "Buffetology" at the beginning of every year, if only to re-ground myself and my thinking.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Lakesider on January 18, 2020, 04:11:12 PM
Same.  Just finished the audiobook.  I find that it's always a good practice to immerse myself in "Buffetology" at the beginning of every year, if only to re-ground myself and my thinking.

Its surprisingly easy to stray from the path.
Title: Re: University of Berkshire Hathaway - Daniel Pecaut
Post by: Daniel Pecaut on March 20, 2020, 11:58:15 AM
University of Berkshire Hathaway has been selected (as one of 65 business books) for the Prime Reading program.

The Kindle eBook edition is FREE to all Amazon Prime customers for about 90 days (from March 17 to June 23, 2020).

https://www.amazon.com/University-Berkshire-Hathaway-Lessons-Shareholders-ebook/dp/B06XT89563

We'd love for as many people as possible to read this while free. So please tell your friends.