Brian Bares on His Favorite Investment Books and Resources
Here are some books he recommends
Charlie Munger on buying high quality businesses
All the books about them
Business biographies
In N Out Burgers for example
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
