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Brian Bares on His Favorite Investment Books and Resources

Brian Bares on His Favorite Investment Books and Resources

Here are some books he recommends

Berkshire Hathaway letters 

Charlie Munger on buying high quality businesses

All the books about them

Business biographies

Sam Walton

In N Out Burgers for example

McKinsey Valuation Handbook

Annual reports

ValueLine


Mc0:00well conceptually from investment process philosophy standpoint obviously
0:04the Berkshire Hathaway
0:05reports going back in even partnership letters ur
0:08a great source for for understanding
0:11you know the the the concept of view
0:15stock is a business fundamentally understanding
0:19to be successful in stock market you need to be successful
0:23up in only businesses that compound
0:26irate over time I think that’s a fundamental tenet that I took away from
0:30for longer philosophy I think them
0:33the more munger influenza buying high-quality businesses over time
0:37compound because convergence between us stock prices
0:40intrinsic value you know is is probably even more
0:44final 10 our process
0:48I’m so anything by the to them i think is great all the books that have been
0:51written about them
0:52you know I devoured in my early investing career I like this is
0:56biographies
0:57this is biographies tended to show how passionate people
1:02who live and breathe their business created something nothing you know the
1:05same one biography
1:07ir recent biography in Ann Arbor on the west coast
1:10great I’m so anything that your hands on
1:14modern business biographies then extremely beneficial I think
1:18understanding the characteristics management teams their exceptional
1:21especially because they all
1:23don’t look identical there are some common you know
1:26personality characteristics on
1:29you know I think that you can you give me the way she was very helpful in this
1:33constructing our original easier models on
1:37but you know I think more than you know reading the
1:40the entire finance section of Barnes & Noble probably a better approach would
1:44be to
1:45Surrey many reports as you can get your hands on because thats
1:49you know that was really happening and American small business
1:53betrays business and so you start to get a feel
1:57for what exceptional looks like by doing that everybody in our office
2:01oddly enough you not gonna individual mister to or resulting in line
2:05cover to cover every week a British in and it’s just the
2:09certain into weight lifting for us to get a sense for what
2:12on returns on capital returns on sale so common size
2:16financial statements look like for particular industries
2:19overtime and you can sorta see that hey the precision instrument
2:23space is really delivered fantastic results for investors over time
2:27and a with the airline spaces really done the exact opposite
2:31and you can start figuring out you know industries and sectors
2:35are doing really well which ones aren’t that can help hone
2:39you know your doesn’t process a little bit and focus
2:42your time and energy on the right places

Brian Bares