The book is a collection of Buffett’s 38 companies where he made mistakes of either commission or omission. Each chapter is a company or an industry written in a short story followed by Buffet’s and Munger’s quotes. They end with lessons for an investor to evolve to maximize Profits and build enduring Wealth.

 

The timeframe starts from 1965 when Buffett acquired Berkshire Hathaway Inc. till recently in 2023, Taiwan Semiconductor Manufacturing Company Ltd. (TSMC). They are loaded with wisdom. Also, fun to read.

 

The focus of the book is to help an investor to learn the following lessons –

1. Investment Framework and Processes

2. Investment Strategies

3. Risk Management

4. Capital Allocation

5. Valuation

6. Smart Diversification

7. Decision Making

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The whole book is written to evolve you into a better investor to guard against your own emotional biases. Learn to evaluate a company’s economic outcome, competitive strength, how to think about the market price movement, and much more. These valuable lessons unleash your potential to maximize profit and build wealth.