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How to build your investment knowledge

We read a lot: daily publications, annual reports, 10Ks, 10Qs, business magazines, etc.

Fortunately, the investment business is one where knowledge accumulates and builds into a knowledge base that’s useful. There’s a lot to absorb over time. 40-50 years ago, I visited a lot of companies, but haven’t done this in a long, long time.

Charlie Munger: The more basic knowledge you have, the less new knowledge you have to get. The guy who plays chess blindfolded [a chess master comes to Omaha during Berkshire’s annual meeting weekend and, in an exhibition, plays multiple players blindfolded] — he has a knowledge of the board, which allows him to do this.

I’d hate to give up The Wall Street Journal.

You’d also hate to give up the Buffalo News [which Berkshire owns]. [Laughter.] You want to read a lot of financial publications. The New York Times has a much better business section than it had 25 years ago. Read Fortune.

I don’t read any analyst reports. If I read one, it’s because the funny pages weren’t available. I don’t know why anyone does it.

Source: Berkshire Hathaway Annual Meeting
Time: 2003

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