Annual Selections 2014

“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.” -

Annual Meeting Savings Save 20% on most items during the Berkshire Annual Meeting, Saturday, May 3. Please shop early as quantities are limited, sorry no rain checks.

Shipping Service at Annual Meeting Ship your purchases during the Annual Meeting at the “Pack and Ship Center,” located adjacent to the Show Office and across from See’s Candies.

The Bookworm 20% Discount for Shareholders Berkshire shareholders with credentials will receive a 20% discount on purchases at The Bookworm, Friday, May 2 - Monday, May 5. Not all items or “one day only” pricing featured at the Berkshire Hathaway Annual Meeting will be available at The Bookworm. Exclusions apply.

Meet the Authors at The Bookworm, Sunday, May 4 Many authors of featured selections will be in attendance at The Bookworm. There is no set time or list, just come by and enjoy during Sunday hours, 11 a.m. - 4 p.m.

The Bookworm Location & Hours Countryside Village, 87th & Pacific Streets, minutes between Borsheim’s and NFM. Directions and information, 402-392-2877.

Store hours: Monday-Friday, 9 a.m. - 8 p.m. Saturday, 9 a.m. - 6 p.m. Sunday, 11 a.m. - 4 p.m.

Shop Online www.bookwormomaha.com Items featured may not be available online. Berkshire shareholder savings not applicable to online orders. > About Warren Buffett < unique, in-depth look into Buffett’s life or that she and Buffett would become close Berkshire Hathaway Let- and mind. This is the “Buffett Bible” - the friends. Now Loomis has collected and ters to Shareholders, collected by Max definitive story, updated to include recent updated the best Buffett articles Fortune Olson ($19.95 list price, $16 events. published between 1966 and 2012, including shareholder price, 2014). War- thirteen cover stories and a dozen pieces ren Buffett first took control A Few Lessons for Investors and Managers authored by Buffett himself. of Berkshire Hathaway Inc., a from Warren E. Buffett by Peter Bevelin small textile company, in April ($12.50 list price, $10 Warren Buffett: An Illustrated Biography of 1965. A share changed hands shareholder price, 2012). This of the World’s Most Successful Investor for around $18 at the time. is a selection of useful and by Ayano Morio ($22 list price, Forty-nine letters to shareholders later, the timeless wisdom where Warren $17.60 shareholder price, Wiley, same share traded for $177,900, compound- Buffett tells us how to think 2004). Tracing his story from ing investor capital at just under 21% per about business valuation, what paperboy in Omaha to one of year. This book compiles all of Buffett’s let- is a good and bad business, the world’s wealthiest men, ters to the shareholders of Berkshire Hatha- acquisitions and their traps, this cartoon-strip biography way from 1965 to 2013 into a well-designed, yardsticks, compensation issues, how to entertainingly depicts events in easily readable format. There are hundreds of reduce risk, corporate governance, the the life of Buffett and how they contributed books about Buffett’s life, advice, and meth- importance of trust and the right culture, to his unique investment philosophy. ods. These are his actual letters—word for learning from mistakes, and more. word—a “lesson plan” of his views on busi- Warren Buffett Speaks: Wit and Wisdom ness and investing. The Oracle & Omaha: How Warren Buffett from the World’s Greatest Investor, Second and His Hometown Shaped Each Other Edition, by Janet Lowe, with Buffett’s Bites: The Essen- by Steve Jordan, ($29.95 list Warren Buffett ($19.95 list price, tial Investor’s Guide to Warren Buffett’s price, $24 shareholder price, $16 shareholder price, Wiley, Shareholder Letters by Laura Omaha World-Herald, 2013). 2007). Readers will laugh and Rittenhouse ($18 list price, Warren Buffett, “The Oracle learn from the down-to-earth $14.40 shareholder price, Mc- of Omaha,” often speaks billionaire’s business smarts Graw-Hill, 2014). Rittenhouse, fondly of his hometown. The city provided and unique sense of humor. A a leading authority on evaluat- him a comfortable home base, away from tribute to Buffett’s all-American personality ing CEO performance, extracts Wall Street’s distractions. In return, Omaha and extraordinary business success, this witty the best, most useful and en- benefited from the worldwide attention and wise ensemble covers everything from lightening nuggets from Buffett’s famous let- that came his way and from the generosity friends and family to business and investing. ters to Berkshire Hathaway shareholders, and of his early investors. It turned out to be a combines them with practical take-aways profitable relationship for both The Oracle & The Warren Buffett Way, that readers can immediately apply to im- Omaha. Third Edition by Robert G. Hagstrom ($29.95 prove their own portfolios. list price, $24 shareholder The Oracle Speaks: Warren Buffett in His price, Wiley, 2013). This edition Buffett: The Making of an American Own Words by David Andrews ($10.95 list updates readers on the latest Capitalist, Second Edition by Roger price, $8.80 shareholder price, investments by Buffett and Lowenstein ($19 list price, Agate, 2012). From his office draws on the new field of $15.20 shareholder price, in Nebraska, Warren Buffett behavioral finance to explain Random House, 2008). has racked up an investment how investors can overcome Lowenstein reveals how the record that far surpasses his the common obstacles that famously sensible investment counterparts on Wall Street prevent them from investing like Buffett. strategy of buying stocks that - or anyone else in the world. The greatest challenge to emulating Buffett are undervalued and hanging The most thought-provoking is not in the selection of the right stocks on until their worth invariably and inspiring quotes from Buffett are now but in having the fortitude to stick with surfaces is a reflection of the values by which compiled in a single book with hundreds of sound investments in the face of economic Warren Buffett has always lived. Lowenstein his best quotes. and market uncertainty. The new edition explores his human qualities-patience, explains the psychological foundations loyalty, integrity, conviction-and shows how The Real Warren Buffett: Managing of Buffett’s approach, thus giving readers these were always as important as his nimble Capital, Leading People by James the best roadmap yet for mastering both mind. O’Loughlin ($19.95 list price, the principles and behaviors that have $16 shareholder price, Nicholas made Buffett the greatest investor of our The Essays of Warren Buffett, Lessons for Brealey, 2004). Book buyers generation. Corporate America, 3rd Edition, collected and Buffett admirers alike have by Lawrence Cunningham ($35 praised The Real Warren Buffett > About < list price, $28 shareholder price, for its compelling insights into Damn Right!: Behind the Scenes with 2013). Gems of wisdom harvested how one of the richest men in Berkshire Hathaway Billionaire Charlie from the annual reports Warren America achieved his astounding success. Munger by Janet Lowe, forward Buffett writes for Berkshire by Warren Buffett ($26.50 Hathaway. Tap Dancing to Work: list price, $21.20 shareholder Warren Buffett on Practically Everything, price, Wiley, 2003). Investors Of Permanent Value: The Carol Loomis ($18 list price, worldwide have struggled Story of Warren Buffett, 2014 Endless $14.40 shareholder price, to learn more about Warren Edition by Andrew Kilpatrick Portfolio, 2014). When Carol Buffett’s cerebral sidekick. Janet ($75 list price, $60 shareholder Loomis first mentioned a little- Lowe’s unprecedented access price, 2014). This best-selling known Omaha hedge fund to Charlie Munger and Warren Buffett has biography provides insights manager in a 1966 Fortune resulted in a first-class book that investors, into the tactics and strategies article, she didn’t dream that academics, and CEOs will find entertaining of the “Oracle of Omaha.” Kilpatrick traces Warren Buffett would one day and highly useful. Buffett from childhood, and provides a be considered the world’s greatest investor Poor Charlie’s Almanack: The Wit and thorough understanding of how to apply to distinguish between the various measures Wisdom of Charles T. Munger, Third Graham’s principles. of value, including going concern, replace- Edition, edited by Peter ment value, fair market value, book value, Kaufman ($49 list price, $39.20 Investing Between the Lines: How to and intrinsic value, identify undervalued shareholder price, 2008). The Make Smarter Decisions by Decoding CEO companies before everyone else, and know wit and wisdom of Charlie Communications by Laura what to look for, what to avoid, when to buy, Munger is available in a single Rittenhouse ($28 list price, and when to sell. The authors teach you how volume: all his talks, lectures $22.40 shareholder price, to establish a dispassionate value investing and public commentary. And, McGraw-Hill, 2012). CEO philosophy tailored to your needs and pro- it has been written and compiled with communications expert, L. J. vide the tools you need to adhere to this of- both Charlie Munger and Warren Buffett’s Rittenhouse offers a proven ten contrarian approach. encouragement and cooperation. Enjoy the methodology for accurately unique humor, wit and insight that Charlie analyzing the worthiness of an investment. The Ten Commandments for Business Munger brings to the world of business, She shows you how to: Decipher the fog Failure by Donald R. Keough ($15 list price, investing and life itself. of confusing company communications. $12 shareholder price, Portfolio, Decode the real meaning behind corporate 2011). Keough, former top > On Investing < jargon and platitudes. Separate the facts executive at Coca-Cola, has Clash of the Cultures: Investment vs. from the fluff in annual reports and quarterly witnessed plenty of failures and Speculation by John Bogle ($29.95 list price, earnings calls. Safeguard your money by has also been friends with some $24 shareholder price, Wiley, investing in companies that steward investor of the most successful people 2012). Major changes have capital. in business history, including taken place in the financial Warren Buffett, , Jack sector in recent years, changes The Outsiders: Eight Unconventional CEOs Welch, Rupert Murdoch, and Peter Drucker. that reflect two very different and Their Radically Rational Blueprint for He writes, “after a lifetime in business I have cultures that have existed in Success by William Thorndike never been able to develop a step-by-step the world of capital formation ($27 list price, $21.60 share- formula that will guarantee success. What I and capital markets throughout holder price, Harvard Business could do was talk about how to lose.” history. The Clash of the Cultures is Bogle’s School Press, 2012). You will assortment of speeches guaranteed to excite, meet eight individualistic CEOs Where Are the Customers’ Yachts? Or inspire, and motivate investors to rethink whose firms’ average returns a Good Hard Look at Wall Street by how they invest. outperformed the S&P 500 Fred Schwed, Jr. ($19.95 list by a factor of twenty. Humble, price, $16 shareholder price, The Great Crash: 1929 by John Kenneth unassuming, and often frugal, these “outsid- Wiley, 2005). Humorous and Galbraith ($14.95 list price, $12 shareholder ers” shared specific traits that put them and entertaining, this book exposes price, Mariner, 2009 edition). the companies they led on winning trajec- the folly and hypocrisy of Wall This classic examination of the tories: a laser-sharp focus on per share value Street. Full of wise contrarian 1929 financial collapse provides as opposed to earnings or sales growth; an advice and offering a true look insights on the legacy of our exceptional talent for allocating capital and at the world of investing, in past and the consequences human resources; and the belief that cash which brokers get rich while their customers of blind optimism and power flow, not reported earnings, determines a go broke, this book continues to open the plays within the financial company’s long-term value. eyes of investors to the reality of Wall Street. community. Galbraith distills a good deal of fun from the whopping errors Security Analysis: Sixth Edition by Benja- > General Interest < of the nation’s oracles and the wondrous min Graham & David Dodd ($75 list price, Dream Big by Cris Correa ($20 list antics of the financial community. $60 shareholder price, Mc- price, $16 shareholder price, 2014). Jorge Graw-Hill, 2008). The teach- Paulo Lemann, Marcel Telles The Intelligent Investor: The Classic ings of Graham, the father of and Beto Sicupira built the Text on Value Investing by Benjamin value investing, have withstood biggest empire in the history Graham ($29.99 list price, $24 the test of time across a wide of Brazilian capitalism and shareholder price, HarperCollins, diversity of market conditions, launched themselves onto the 2005 reissue of 1949 edition). countries, and asset classes. world stage, acquiring three This classic bestseller offers the This sixth edition is enhanced globally-recognized American investing principles as Benjamin with 200 additional pages of commentary brands: Budweiser, Burger Graham originally laid them out. from some of today’s leading money man- King and . The management method Time and market developments agers. These masters of value investing ex- they developed is based on meritocracy, have proven the wisdom of Graham’s basic plain why the principles and techniques of simplicity and constant cost cutting. Their strategies, and this is the most important Graham and Dodd are still highly relevant culture is as efficient as it is merciless and book you will ever read on making the right even in today’s vastly different markets. The leaves no room for mediocre performances. investment decisions. accompanying CD-ROM contains the 1940 Dream Big presents a detailed behind-the- classic edition text. scenes portrait of the meteoric rise of these The Intelligent Investor (Revised Edition) three businessmen. “My friend – and now by , revised by Jason Strategic Value Investing: Practi- partner – Jorge Paulo and his team are Zweig ($22.99 list price, cal Techniques of Leading Value Inves- among the best businessmen in the world. $18.40 shareholder price, tors by Stephen Horan, Robert He is a fantastic person and his story should HarperCollins, 2003). While Johnson and Thomas Robinson be an inspiration to everybody, as it is for preserving the integrity of ($30 list price, $24 sharehold- me.” – Warren Buffett. the original text, this edition er price, McGraw-Hill, 2013). includes commentary by Zweig, Strategic Value Investing reveals Foods You Will Enjoy: The Story of Buffett`s whose perspective incorporates what you need to know to build Store by Bill Buffett ($24.50 list price, $19.60 the realities of today’s market, draws a world-class portfolio using shareholder price, 2008). Buffett’s Grocery parallels between Graham’s examples and value investing, breaking it all down into an was founded in Omaha in 1869. When it today’s headlines, and gives readers a more easy-to-implement process. You’ll learn how closed in 1969, Buffett’s was the oldest independent grocery store in the state of president of GEICO, spent nearly five hours on The Universe from Nothing: Why There Nebraska. Back then, individuals owned a Saturday, when he had gone into the office Is Something Rather Than Nothing by businesses, and they were usually to get some extra work done, Lawrence Krauss ($15 list price, on the premises to greet and to talking with a then 20-year- $12 shareholder price, Atria, wait on customers. Over those old man about the insurance 2013). The astounding New York years, whenever a customer business. That man was Warren Times bestseller - updated with walked in, someone was always Buffett. The friendship and an explanation of the Higgs there to say, “May I help you?” mentoring between them Boson and its implications This book is about that store, where both never stopped after that very - offers new answers to the Warren Buffett and Charlie Munger got their first meeting. most basic philosophical business start. questions. With wry humor and wonderfully My First Berkshire ABC by Nancy Rips, clear explanations, Krauss goes back to the Forty Chances: Finding Hope in a illustrated by Tom Kerr ($16.95 list price, beginning of the beginning. Hungry World by Howard G. Buffett ($26 list $13.60 shareholder price, price, $20.80 shareholder price, 2013). Explore the alphabet The Women of Berkshire Hathaway: 2013). If you had the resources with Berkshire Hathaway! A is Lessons from Warren Buffett’s Female to accomplish something great for Acme, B is for , CEOs and Directors by Karen in the world, what would you C is for Clayton, D is for Dairy Linder ($24.95 list price, S20 do? Warren Buffett posed this Queen…… In My First Berkshire shareholder price, Wiley, 2012). challenge to his son Howard ABC, children will discover the Linder looks closely at the female in 2006, when he announced alphabet while being introduced to Berkshire board members and the female he was leaving the bulk of his Hathaway in a fun and memorable way. managers who run Berkshire fortune to philanthropy. Howard set out to Hathaway companies, following help the most vulnerable people on earth- The Secret Millionaires Club: the paths that brought these women to -nearly a billion individuals who lack basic Warren Buffett’s 26 Secrets to Success in their current positions, and exploring their food security. And Howard has given himself the Business of Life by Andy working relationship with their employees a deadline: 40 years to put more than $3 & Amy Heyward ($24.95 list and Warren Buffett, and how they balance billion to work on this challenge. Howard price, $20 shareholder price, work and their private lives. The only book learned farmers can expect to have about 2013). Warren Buffett tells us focusing on eight of the most powerful 40 growing seasons, giving them just 40 that at the heart of any wealth- women at Berkshire Hathaway, The Women chances to improve on every harvest. This building system there are of Berkshire Hathaway is an inspirational read lesson applies to all of us, however, because certain core beliefs, not just about the triumph of a group of remarkable we all have about 40 productive years to do about finance, but about business, work, women within a company once dominated the best job we can, whatever our passions morality, your responsibility to yourself, your by men. may be. 40 Chances captures Howard’s family, and society, and about living a decent journey as he seeks out new approaches to life. The Secret Millionaires Club gives you a ease the suffering of so many. treasure trove of wisdom and expert advice from which you and your kids will benefit Giving It All Away: The Doris Buffett for a lifetime, including Warren Buffett’s Story by Michael Zitz ($28 list price, $22.40 personal reflections on money, life, business, “I insist on a lot of time shareholder price, Permanent and ethics. Press, 2010). When she was a being spent, almost every toddler in Omaha, her parents Seeking Wisdom: From Darwin to called her Mary Sunshine. Munger by Peter Bevelin ($28 list price, day, to just sit and think. Warren Buffett’s big sister Doris $22.40 shareholder price, has never lost that quality, 2007). Seeking Wisdom is the That is very uncommon despite personal problems that result of Bevelin’s study about would have soured others on attaining wisdom. Bevelin in American business. the world. Instead, her own problems have cites an encyclopedic range of caused empathy for others to deepen over thinkers and describes ideas I read and think. So I the years. She has donated $100 million of and research findings from her own money, mostly to individuals in many different fields. Using exemplars of do more reading and trouble through no fault of their own. clear thinking and attained wisdom, Bevelin thinking, and make less focuses on how our thoughts are influenced, Life Is What You Make It: Find Your Own why we make misjudgments and tools to impulse decisions than Path to Fulfillment by ($15 list improve our thinking. price, $12 shareholder price, most people in business. Three Rivers, 2011). Buffett Unbeatable by Henry Cordes ($29.95 list expounds on the strong set price, $24 shareholder price, Omaha World- I do it because I like this of values given to him by his Herald, 2012). Three national trusting and broadminded championships in four years. A kind of life.” mother, his industrious and five-year record of 60-3. As the talented father, and the many Nebraska Huskers’ coach in the life teachers he has met along 1990s, Tom Osborne enjoyed the way. Instructive and intuitive, Life Is What the best career-finishing run - Warren Buffett You Make It is about living your life to the in college football history. fullest. These were nearly unbeatable teams, and for Nebraska’s fans, unbeatable times. But Life Lessons in Business: Wisdom from beyond names, games, scores and statistics, Warren E. Buffett & L.A. “Davy” Davidson the story of these Husker teams is a human by Gwyn Davidson Larsen ($9.95 list price, one, played out by genuine, flawed and $8 shareholder price, 2007). Davy Davidson, exceptional people.