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Reading

February 10, 2026 BooksValue InvestingMental Models

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Warren Buffett’s Picks

  1. The Intelligent Investor （《聪明的投资者》）— Benjamin Graham
    Buffett calls it “the definitive book on investing.” Focus on Ch. 8 (market fluctuations) and Ch. 20 (margin of safety). He has read it at least four times.

  2. Security Analysis （《证券分析》）— Benjamin Graham & David Dodd
    A more detailed treatment; The Intelligent Investor is the distilled version of the ideas developed here.

  3. Philip Fisher’s works Taught Buffett to “buy a wonderful company at a fair price” — the complement to Graham’s “buy a fair company at a wonderful price.”

    • Common Stocks and Uncommon Profits
    • Paths to Wealth Through Common Stocks

  4. The Outsiders （《局外人》）— William Thorndike, Jr.
    Called “an outstanding book” in Buffett’s 2012 annual letter. About CEOs who excel at capital allocation.

  5. The Essays of Warren Buffett: Lessons for Corporate America — Lawrence Cunningham （劳伦斯·坎宁安）

  6. The Money Masters （《财富大师》）— John Train
    Profiles the most influential investors of the era.

  7. John Bogle’s works — especially The Little Book of Common Sense Investing （《共同基金常识》）

  8. Other essentials

    • Adam Smith, The Wealth of Nations （《国富论》）
    • Keynes — The Economic Consequences of the Peace; The General Theory of Employment, Interest and Money （《就业、利息和货币通论》）
    • Katharine Graham, Personal History
    • Annual letters by Howard Marks and Jamie Dimon (JPMorgan)
    • Bill Bryson, A Short History of Nearly Everything （《万物简史》）

Comprehensive Buffett Q&A archive: buffettfaq.com — Nick Webb

Charlie Munger’s Picks

Munger’s core idea: build a “latticework of mental models” drawn from many disciplines — far beyond investing.

To-read: Andrew Carnegie (Wall), Titan (Chernow), The Ants (Wilson), Only the Paranoid Survive (Grove), High Output Management (Grove), Personal History (Graham)

  1. Influence （《影响力》）— Robert Cialdini, also Yes!
    Munger called the author “a genius” and has given away more copies of this than any other book.

  2. Biology & Evolution

    • The Selfish Gene （《自私的基因》）— Richard Dawkins
    • The Gene: An Intimate History — Siddhartha Mukherjee （穆克吉）
    • Guns, Germs, and Steel （《枪炮、病菌与钢铁》）— Jared Diamond (Pulitzer Prize)
    • The Ants — Bert Hölldobler & E. O. Wilson
    • The Blind Watchmaker; Darwin’s Blind Spot

  3. Biographies
    Munger believes reading biographies is among the best ways to acquire wisdom.

    • Benjamin Franklin’s Autobiography
    • Ron Chernow, Titan: The Life of John D. Rockefeller, Sr. （《泰坦》）
    • Joseph Frazier Wall, Andrew Carnegie, Oxford University Press, 1970
    • Katharine Graham, Personal History
    • Walter Isaacson, Einstein: His Life and Universe （《爱因斯坦》）
    • Robert Hagstrom, The Warren Buffett Portfolio （《巴菲特的投资组合》）
    • Andy Grove — Only the Paranoid Survive; High Output Management （《格鲁夫给经理人的第一课》）

  4. Poor Charlie’s Almanack — Appendix Reading List

    • John Gribbin, Deep Simplicity （《深奥的简洁》）
    • Frank Partnoy, F.I.A.S.C.O. （《诚信的背后》，又名《泥鸽靶》）
    • John & Mary Gribbin, Ice Age, Barnes & Noble, 2002
    • Arthur Herman, How the Scots Invented the Modern World （《苏格兰》）
    • Herbert A. Simon, Models of My Life — autobiography （《科学迷宫里的顽童与大师》）
    • Gino Segrè, A Matter of Degrees （《迷人的温度》）
    • David Landes, The Wealth and Poverty of Nations （《国富国穷》）
    • Jared Diamond, The Rise and Fall of the Third Chimpanzee （《第三种黑猩猩》）
    • Garrett Hardin, Living within Limits （《生活在极限之内》）
    • Matt Ridley, Genome （《基因组》）
    • Roger Fisher et al., Getting to Yes （《谈判力》）
    • Robert Wright, Three Scientists and Their Gods, HarperCollins, 1989

  5. More

    • Joseph Nocera, A Piece of the Action — a history of consumer credit in America
    • 《伟大的交易》

段永平 (Duan Yongping) Picks