3 TRAILSEVERY STEP SOURCEDFREE TO READ
An editor's path through the library — each trail follows one question across investors, years, companies and decisions, with the underlying sources linked at every step.
TRAIL · 7 STEPS · 1972–1989
How did a bargain-hunting investor learn to pay up for wonderful businesses?
Berkshire Hathaway began as a struggling textile operation whose economics the shareholder letters describe in unsparing terms. The 1972 purchase of See's Candies posed a different lesson: a business can be worth far mor…
TRAIL · 8 STEPS · 2001–2020
How did five different minds react to the same crisis?
The same market shock reached Howard Marks, Warren Buffett, George Soros, Ray Dalio, and Stanley Druckenmiller — five investors working from very different frameworks. Their indexed statements span years before and after…
TRAIL · 6 STEPS · 1955–2026
How has the margin-of-safety principle been carried from Graham's generation to today's practitioners?
Margin of safety is usually traced to Benjamin Graham, but the principle's life is visible only across the people who kept using it. This trail follows the indexed record from Graham's own testimony and interviews to inv…