The Essays of Warren Buffett

This book is essentially a collection of Warren Buffett's letters to BERKSHIRE HATHAWAY shareholders in the last thirty odd years. The book organizes these letters in such a way that the paragraphs addressing the same topic are clustered togather, make reading much easier. If you have absolutely too much time to kill, you can read pretty much all of it here.

The book is a fun read and many ideas from the "value investing" (a term that's redudant according to Warren Buffett) master are simply brilliant. I particularly enjoyed his critics on EMH:

"What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?"

I think B-schools should give more weights to this type of thinking when teaching modern portfolio theories. This should not be completely off the chart given that we are still debating whether to teach both the Bible and Nature Evolution in high schools...