Learn

Notes on the businesses we study, and the letters we write about our work.

Businesses we learn from

A few companies we study closely, and what we take from each. Our notes, written from their letters and filings.

Berkshire Hathaway Owners as partners, and a head office of 28 people
Constellation Software A hurdle rate it rarely lowers, and businesses it keeps
Danaher One way of working, taught on the floor across many businesses
Alpine Investors Building its own chief executives instead of hiring them
Permanent Equity Patient money for family companies, paid from their cash
PRAN-RFL From local farms to the village shop, built in Bangladesh

Essays

What cheap money built Cheap money paid for stories. Today's money pays for cash.

What we read

Most of what we believe, someone wrote down first. A short list, added to as we go.

An Owner's Manual Warren Buffett, Berkshire Hathaway
The shareholder letters Warren Buffett, 1977 onwards
Poor Charlie's Almanack Charlie Munger
The Dhandho Investor Mohnish Pabrai
Permanent Equity Brent Beshore and team, on holding businesses for the long run
Why I started Alpine Graham Weaver, on building operators

Last added October 2026.

Letters

Every December we write one letter on what we learned and what we got wrong. They will live here.

Back to the firm