Reading – all resources Compounding Quality This section contains more than 300 PDFs with more than 40,000 (!) pages of Investment Wisdom. Consider it as your personal MBA and your personal library. What you’ll get for free E-book ● Free E-book: The Best of Compounding Quality Courses ● ● ● Free course: What I learned from the Berkshire Weekend Free course: Financial Analysis Free course: 100 Examples of Quality Stocks Reverse DCF ● Reverse DCF Calculator What our Partners get As we’re in this together, all Premium Subscribers are called Partners. Every partner receives every single investment document we collected over the years. You’ll receive more than 500 PDFs with more 40,000 pages of investment files full of wisdom from Warren Buffett, Charlie Munger, Michael Mauboussin, Nick Sleep, Mohnish Pabrai, Terry Smith, and many more. Copyright and Fair Use: We make efforts to comply with copyright laws. If you believe your copyright has been infringed upon, please contact us, and we will investigate and take appropriate action as required by law. Allan Mecham ● ● ● ● ● ● ● ● ● ● ● Arlington Value Annual Letter 2006 Arlington Value Annual Letter 2007 Arlington Value Annual Letter 2008 Arlington Value Annual Letter 2009 Arlington Value Annual Letter 2010 Arlington Value Annual Letter 2011 Arlington Value Annual Letter 2012 Arlington Value Annual Letter 2013 Arlington Value Annual Letter 2014 Arlington Value Annual Letter 2015 Arlington Value Annual Letter 2016 ● Exclusive Interview with Allan Mecham Arnold Van Den Berg ● ● ● ● ● ● ● A Must Read Life and Investing Discussion Five Decades of Investing and Life Lessons The Value of Discipline Exclusive Interview with Van Den Berg Money Manager Review Outstanding Investor Digest Profit Guru - Fair Play Aswath Damodaran ● Aswath Damodaran valuation class Benjamin Graham ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● All public writings Benjamin Graham A Neglected Chain Store Issue A Profitable Switch— From Saint Paul At 41 Into Big Four At 43 American Agricultural and Virginia Carolina An Advisable Exchange -B&O for C&O Annual Dinner Speech 1952 Are C&O Holders Unfairly Treated? Are We Too Comfortable About Invulnerability of Stocks? Arithmetic and Stock Values Attractive industrial preferred stocks Attractive Peace Bonds The Banker as an Investment Counselor Bargain Hunting Through the Bond List Beowulf in Wall Street Government-Business Relations Lessons From the Past The Commercial Banker Curiosities of the Bond List A Diversified List of Low -Priced Stocks Effect of Rail Consolidations Upon Security Values Eight Long-Range Opportunities in Low-Priced Issues Eight Stock Bargains Off the Beaten Track Financial Statements from the Viewpoint of a Financial Analyst The Future of Common Stocks Hidden Assets of Consolidated Gas Hide & Leather versus Central Leather High Yield and Safe Investments ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Hippocratic Method in Security Analysis An hour with Mr. Graham How to Apply the Scientific Theory of Switching to Concrete Cases in the Present Market How to Handle Your Money Industrial Balance Sheets Inflated Treasuries and Deflated Stockholders Inspiration’s Difficulties and Achievements in 1917 Investigation of Economic Problems Investment Policy in 1950 is United Drug Cheap at 53? Long-Term Outlook for Equities Market Opportunities Created by the N. Y. Railways Reorganization Missouri, Kansas & Texas Emerges Nevada Consolidated-a Mining Phoenix New Horizons in Investment The New Speculation in Common Stocks Graham-Newman Corporation Northern Pacific Outstrips Great Northern On Being Right in Security Analysis The Market’s Sleeping Beauty The Reorganizing of St. Paul Rock Island versus Missouri Pacific Sad Case of M. K. & T’s Bond Issues Sears, Roebuck vs. Montgomery Ward Secrets of Invested Capital Securities in an Insecure World Should Rich but Losing Corporations Be Liquidated? Should Rich Corporations Return Stockholders' Cash? Simple Tests for Determining the Value of Railroad Preferred Stocks The Simplest Way to Select Bargain Stocks Six Bargains in Low-Priced Dividend Paying Stocks Speculative Opportunities in Railroad Stocks Stock Dividends Stock Market Study Stock Market Warning: Danger Ahead! Strategic Switches in Railroad Issues Switching in Interborough Securities The Money Men The Art of Hedging The Coal Situation and Coal Stocks The Collapse of American International The Future of Financial Analysis The Goodyear Reorganization The Grandfather of Investment Value The Great Steel Tax Mystery The Present Level of Stock Prices The Problems of Pennsylvania The Rediscovered Benjamin Graham Lecture The Renaissance of Value ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● The Stock Market is Like a Pendulum The Stock Market Situation The Two American Ships The Unscrambling of Reading Three Simple Methods Common Stock Selection Three Switches in New York Tractions Towards a Science of Security Analysis Valuation of Great Northern Ore Certificates Value Avatar War Taxation and Cash Position of Industrials What Every Small Investor Should Know Which is the Best Sugar Stock? Will Market Tree Grow to Sky? Will War Taxation Affect Dividends? Mr. Shareholder New Era Discrimination Selection Securities The Nickel Plate Decision The Riddle US Steels Book Value Bernard Baruch ● ● ● Baruch Stock Market Study Bernard Baruch’s Own Story - The 1929 Crash Baruch: My Own Story Bill Ackman ● All public writings Bill Ackman Bill Miller ● ● ● ● ● ● ● Conversation with a Money Master How to Profit from Falling Prices Funds & Personal Finance It’s Bill Miller’s Time Original Air Date 2005 What's luck got to do with it? Original Air Date 2007 Bruce Flatt ● All public writings Brookfield Asset Management (Bruce Flatt) Bruce Greenwald ● All class notes Bruce Greenwald Charlie Munger ● ● ● ● ● ● ● ● ● ● ● ● All public writings of Charlie Munger The Art of Stock Picking Great Recession Parody Legal Matters with Charlie Munger Charlie Munger’s Master Class Charlie Munger on Institutional Fund Management Opinion Piece Charlie Munger (1984) The Psychology of Human Misjudgment Redlands Forum Interview (2020) Speech to Harvard Business School (1986) The Not So Silent Partner Charlie Munger in conversation with Todd Combs Chuck Akre ● ● ● All Public Writings Chuck Akre 'An Investor's Odyssey: The Search for Outstanding Investments' Exclusive Chuck Akre Interview Chuck Akre about how to find Compounding Machines: Cliff Asness ● ● ● Bubble Logic Seven Thoughts On Running Big Money For the Long-Term (2009) My Top 10 Peeves Daniel Kahneman ● All public writings Daniel Kahneman Edward Thorp ● ● ● ● Bridge with Buffett My Encounters With Madoff’s Scheme and Other Swindles Welcome Dr. Thorp Words From the Wise François Rochon ● ● ● ● ● ● ● ● ● ● ● ● All shareholder letters of Francois Rochon (Giverny Capital) Crème De La Crème High confidence + humble approach = happy investor Indexed or not indexed? Lessons from the Barnes Foundation Affordable Quality Three expensive myths about the stock market Interview with François Rochon Keeping It Simple Never a Good Time The Art of Investing Wall Street Transcript George Soros ● ● ● ● ● ● ● ● ● After Black Monday Crisis Is Endemic to the Financial System Fallibility, reflexivity, and the human uncertainty principle George Soros on Investing In the Eagle’s Nest Lone Eagle Risks that Hedge Funds Pose to the Banking System The International Financial Crisis George Soros Theory of Reflexivity MIT Speech ● When Internet Boom Went Bust Henry Singleton ● ● ● ● ● ● ● ● ● Henry Singleton's Mystifying s400-Million Flyer The Sphinx Speaks The singular Henry Singleton The Rocket-Like Pace at Teledyne Teledyne: Threat to the Establishment Teledyne: Tender Offer Proxy Statement Portfolio Strategy Teledyne As They See It An Unconventional Conglomerateur: Henry Singleton Howard Marks ● ● ● ● ● ● ● ● ● ● Capturing inefficiencies The Graham + Dodd Luncheon Symposium The Value of Predictions Interview with Columbia Business School Nobody Knows What Will Happen Surviving Market Storms Talks at Goldman Sachs The Human Side of Investing Why Do So Many Investors Sell Too Early Why You May Be Your Own Worst Enemy James Montier ● ● ● ● ● ● ● ‘Capital Ideas’ or ‘CRAP’? Cooking the Books Inflation: Tall Tales and True Causes Joining the Dark Side Process Not Outcomes: Gambling, Sport and Investment! The Late Cycle Lament: The Dual Economy, Minsky Moments, and Other Concerns What to Do in the Case of Sustained Inflation Jamie Dimon ● All shareholder letters Jamie Dimon Jeff Bezos ● All shareholder letters Jeff Bezos Joel Greenblatt ● ● ● Adding Your Two Cents May Cost a Lot Over the Long Term Anyone - Even The Little Guy - Can Beat The Market Intelligent Investing - Briefing Book John Bogle ● ● Black Monday and Black Swans Putting the Shareholder First John Maynard Keynes ● ● National Mutual Chairman Letters The General Theory John Templeton ● ● Adam Smith’s Money Game After the Bubble Burst ● ● ● ● Capital Gains Templeton Letter The Bubble Will Burst The Eternal Optimist Larry Page ● Owners manual Google (Larry Page) Li Lu ● All public writings Li Lu Lou Simpson ● ● ● A Maestro of Investments in the Style of Buffett “One of the Investment Greats” Explains His Portfolio Strategy Geico’s Top Market Strategist Churning Our Profits Mark Leonard ● All shareholder letters Mark Leonard (Constellation Software) “Over the long term, stock returns will be determined largely by which capital allocation decisions the CEO makes. Two companies with identical operating results and different approaches to allocating capital will derive two very different long-term outcomes for shareholders.” - Mark Leonard Mario Gabelli ● All public writings Mario Gabelli Michael Mauboussin ● ● ● ● ● ● ● ● ● ● Animating Mr. Market BIN There, Done That Birth, Death, and Wealth Creation Capital Allocation Categorizing for Clarity Celebrating the Summit Confidence Corporate Longevity Cost of Capital Death, Taxes, and Reversion to the Mean ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Decision-Making for Investors Disbursing Cash to Shareholders Dispersion and Alpha Conversion Everything is a DCF Model Explaining the Wisdom of Crowds Feedback Fill and Kill Good Losses, Bad Losses How Well Do You Compare Intangibles and Earnings Integrating the Outliers Looking for Easy Games Looking for Easy Games in Bonds Managing the Man Overboard Moment Market Share Measuring the Moat Methods to Improve Decisions Myth Busting, Popular Delusions, and the Variant Perception New Business Boom and Bust On the Future of Active Management On the Shoulders of Giants One Job Public to Private Equity in the United States Reflections on the Ten Attributes of Great Investors Return on Invested Capital ROIC and Intangible Assets ROIC and the Investment Process Stock-Based Compensation The Babe Ruth Effect The Base Rate Book The Coffee Can Approach The Economics of Customer Businesses The Math of Value and Growth The More Things Change The Triumph of Bits To Buy or Not To Buy Turn and Face the Strange Turtles in Omaha Underestimating the Red Queen WACC and Vol What Does an EV/EBITDA Multiple Mean? What Have You Learned in the Past 2 Seconds? What’s Going On in Your Brain? Who Is On the Other Side? Winning the Easy Game Mohnish Pabrai ● ● ● All public writings Mohnish Pabrai Steer Clear of the Short Side The Yellowstone Factor Nick Sleep ● Nomad Investment Partnership Letters ● Short Term versus Long Term Peter Bernstein ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● A Conversation with Peter Bernstein A Modest Proposal: Portfolio Management Practice for Modern Times A Simple Story Are Common Stocks Really Good Investments? Are Financial Markets the Solution or the Problem? Can You Forecast the Stock Market? ‘Capital Ideas’ or ‘CRAP’? Channeling Pascal Crazy Little Thing Called Risk Diversification: Old, New, and Not-So-New Is the System Still Working? Peter’s Uncertainty Principle Society of Actuaries Keynote Wealthtrack Transcript Growth Companies vs Growth Stocks How Long Can You Run, And Where You Are Running? If Beta is Dead, Where is the Corpse? Is Investing for the Long Term Theory or Just Mumbo-Jumbo? Philosopher of Risk Risk Management, Financial Markets, and Insurance: The Hidden Linkages Risk Management: Facing the Consequences Risky Business Surprising the Smoothies ● ● ● ● ● ● The 60/40 Solution Throw Out the Rulebook Watch Earnings, Not the Ticker Tape What Happens if We’re Wrong? What Prompts Paradigm Shifts? Who Needs Bonds? Peter Lynch ● ● ● ● ● ● ● ● ● ● ● ● Betting On the Market Investing in Volatile Markets Peter Lynch: Why he's buying now A collection of articles by Peter Lynch Coping with Market Volatility Peter Lynch Draws on 50 Years of Stock-Picking to Find Growth Opportunities in Today’s Market Lessons from an investing legend The Peter Lynch Playbook Peter Lynch on the Meaning of Life Sticking with a Winning Formula Stockpicker Heaven Thoughts of a Top Stock Picker Philip Fisher ● ● ● ● ● A Talk with Philip Fisher Maybe its 1928 Again The Grandfathers (1968) The Grandfathers (1974) The Grandfathers (1996) Rakesh Jhunjhunwala ● All public writings Rakesh Jhunjhunwala Ray Dalio ● ● Paradigm Shift Stock Market Bubble Sam Zell ● ● ● ● ● ● ● ● ● ● ● ● ● ● “Am I Being Too Subtle?” Intro Conversation with Sam Zell Executive Profile From Cassandra, With Love Keynote Conversation with Sam Zell Leading by Example Modern Sardine Management Passion and Purpose Perspectives on the REIT Industry Profiles in Investing Real Estate: Past, Present, and Future Take Care of Your Best Assets — Your Tenants The Grave Dancer Zell Comes Clean Seth Klarman ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● All shareholder letters Seth Klarman A Bottom Fisher Reveals His Catch A Response to Lowenstein’s Searching for Rational Investors in a Perfect Storm Alpha Magazine Interview Alumni Bulletin Interview Blundering Down Wall Street Caution: Do Not Feed the Wild Bull Do They Eat at Home? Don’t Be A Yield Pig Graham and Dodd Luncheon Symposium Leadership in Investing and Life Lessons for Strategists in Graham & Dodd’s Security Analysis MIT Remarks Opportunities for Patient Investors The 2008 Collapse and Its Aftermath The Art of Deep Value Investing The Forgotten Lessons of 2008 TIFF Interview What I’ve learned from Warren Buffett Who’s to Blame When the Market Drops Stanley Druckenmiller ● ● ● ● ● ● Battening Down for a Recession Lost Tree Club Speech Quantum Limp Talks at Goldman Sachs Transcript: Druckenmiller [April 2023] The End Game Thomas Gayner ● All public writings Thomas Gayner (Markel) Ted Weschler ● ● ● Peninsula Capital Advisors Letter 2011 Roth IRA Statement The Recipe for Financial Success Terry Smith ● ● ● ● ● ● ● ● All shareholder letters Terry Smith` The unique advantage of equity investment Owner’s manual Fundsmith Owner’s manual Smithson Share buybacks: Friend or Foe? Return Free Risk Banned Words and Phrases Lessons from the Tour De France Walter Schloss ● ● ● ● ● ● ● ● ● ● ● ● 16 Factors to Make Money in the Market CBS Seminar in Value Investing Going Out on Top Making Money Out of Junk OID Interview Searching for Value Sixty Five Years on Wall Street The Over-Valuation of Some Blue Chip Stocks The Right Stuff The Superinvestor Walter & Edwin Schloss Associates Why We Invest the Way We Do Warren Buffett ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● All annual letters and public writings of Warren Buffett Adam Smith’s Money Game Warren Buffett on Adam Smith’s Money World (1985) Buffett’s Interview with Charlie Rose (2008) Buffett’s Interview with Charlie Rose (2009) Interview with University of Nebraska Spring Meeting in Omaha with Waren Buffett FCIC Interview of Warren Buffett (2010) How Inflation Swindles the Equity Investor (1977) How to Tame the Casino Society Warren Buffett’s Letter to John Dingell on S&P Index Futures Warren Buffett’s Letter to See’s Candies The Market Laboratory Warren Buffett on the Stock Market Office Hours with Warren Buffett Partnership Letters (1959-1969) The Security I Like Best The Superinvestors of Graham-and-Doddsville The Convictions of a Long Distance Investor The Inside Story of Warren Buffett Lecture University of Florida (1998) Warren Buffett on the Stock Market (2001) Warren Buffett on Moats The School of Hard Knocks Living Legends Nebraska Business (2001) ● ● ● ● The Bill and Warren show The Genius of America (2018) Speech University of Georgia (2001) The Warren Buffett Way Stock Market Bubbles 1929 ● ● ● ● ● ● ● ● ● ● ● ● After 50 Years, Nothing New, Nor Likely Bulls on America Fred Schwed: Twenty Years Ago This Week How I Came to Be the Oldest Man Around I was There In Goldman, Sachs We Trust Lessons Learned and Never Learned Raskob: Everybody Ought to Be Rich Running Past the Signal The Great Crash The Great Slump of 1930 With Blue Chips This Time 1987 Crash ● ● ● The October 1987 Market Break Shiller Factors in the 1987 Crash Investors Behavior in 1987 LTCM ● LTCM Promo Material Cheat Sheets ● ● ● ● Finance cheat sheet Excel Cheat Sheet CFA Cheat Sheet Macroeconomics Cheat Sheet Valuation ● Valuation Masterclass Disclaimer Disclaimer: Use of Publicly Available Content Compounding Quality occasionally contains content, including but not limited to articles, documents, and writings, which may include publicly available information attributed to famous investors or other individuals ("Content"). 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