I just finished reading the second book I acquired by Peter Bevelin about Munger and Buffett: Seeking Wisdom: From Darwin to Munger. I really, really liked this one! It was like a compendium of all the major lessons from biology, psychology, math, and business along with applications to everyday life and investing. I can tell that Peter is an avid reader, and I was impressed by the enormous number of references to both classical and modern texts of "wisdom." He's clearly also someone who likes to take notes on the biggest lessons he learns from his reading! It'd be awesome to meet him one day. It was also fascinating to read what he learned firsthand from Munger and Buffett and through their prolific writing. After reading this book, I am now even more impressed by the simplicity and wisdom of Munger and Buffett, and I took a lot away from this book about how they view life and approach business. A recurring theme in this book and others I've read this year (like What I Learned Losing A Million Dollars) is that studying and avoiding mistakes and acting rationally will get you pretty far in life; it's not about hitting it out of the park through unlikely genius or strokes of luck.
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I just finished reading A Few Lessons for Investors and Managers From Warren Buffett by Peter Bevelin. It was a quick read with lots of quotes from various writings of Buffett categorized by topic. It was mainly around how they think about business and investments, and there were many great bits of wisdom. Below are my biggest takeaways and most memorable quotes. I heard about What I Learned Losing a Million Dollars by Jim Paul and Brendan Moynihan on Tim Ferriss's podcast. According to Nassim Nicholas Taleb, it is "One of the rare noncharlatanic books in finance." That was enough of an endorsement for me because I know how many BS "get rich quick" and "how to earn a million dollars" books there are out there, and I buy in to the idea of learning from mistakes and via negativa. I enjoyed the book, though mostly the first half. I found it a bit odd how the first half was an entertaining narrative demonstrating how the author kept getting lucky in the markets (and in life) and attributing that luck to himself and how "special" and "different" he must be whereas the second half was a much more academic and dry overview of cognitive biases and the trading psychology issues that led the author to lose his fortune. That firsthand account had many lessons within it which were fun to read, whereas the second half seemed like it was almost a totally separate book; I would've wanted to hear more interweaving and a return to the author's original voice from the first half even while going over the lessons in the second half. I also yearned to hear about how the author "changed his ways" and what he did after losing his fortune and learning all these lessons; how did that change his trading (or career) and what he does now. |
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