Jump to content

University of Berkshire Hathaway - Daniel Pecaut


ValueMaven
 Share

Recommended Posts

Guest longinvestor

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

  • 2 weeks later...

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.

Link to comment
Share on other sites

  • 2 weeks later...

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"


 

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:

  • "For 25 years, I have religiously read Daniel and Corey's annual commentaries about Berkshire Hathaway. I know of no keener observers on what has made Berkshire such a wonderful wealth-builder. You can't help but learn valuable lessons by reading this book.”

Jean-Marie Eveillard, a recipient of Morningstar's 'Fund Manager Lifetime Achievement Award’, said:

  • "This book is a true gem."

We have also sent copies to and received responses from two BRK board members:

  • "You have provided a wonderful service that I believe will have meaning long into the future."


  •  
  • "I have always enjoyed your notes about Berkshire. Your firm does a wonderful job of covering Berkshire in a very interesting way."


 

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.


University_of_Berkshire_Hathaway_by_Daniel_Pecaut__Corey_Wrenn_Corner_of_Berkshire__Fairfax.pdf

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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/

Link to comment
Share on other sites

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

University_of_Berkshire_Hathaway_by_Daniel_Pecaut__Corey_Wrenn_Corner_of_Berkshire__Fairfax.pdf

Link to comment
Share on other sites

  • 2 months later...

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."

Link to comment
Share on other sites

  • 1 month later...

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.]

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...