Learning paths
Learning paths for long‑term investors
For long-term investors, fund managers and fund founders
01
Paths for long-term investors
TL;DR: Eight paths to learn how good investors think, pick stocks and hold them for years.
Path 1 · 4 reads
Start here: how great investors think
See how top investors find ideas, judge managers and build a process.
1. Rob Vinall
His process from first idea to selling
His process from first idea to selling
2. Cliff Sosin
Where good ideas come from
Where good ideas come from
3. Rob Vinall
How to judge the people running a company
How to judge the people running a company
4. Christopher Tsai
Lessons from a career that began in his 20s
Lessons from a career that began in his 20s
Path 2 · 5 reads
Quality compounders
Learn how to spot companies that can grow for decades.
1. Dev Kantesaria
A formula for quality with 8 to 12 stocks
A formula for quality with 8 to 12 stocks
2. Chris Mayer
What his book 100 Baggers teaches
What his book 100 Baggers teaches
3. Matthias Riechert
The financial engine behind compounding
The financial engine behind compounding
4. Alex Furmanski
Quality businesses at a fair price, held for years
Quality businesses at a fair price, held for years
5. Simon Kold
His book On the Hunt for Great Companies
His book On the Hunt for Great Companies
Path 3 · 3 reads
Concentrated portfolios
See how investors run a portfolio with only a few stocks.
1. Andrew Rosenblum
Why one or two ideas a year can be enough
Why one or two ideas a year can be enough
2. Mark Cohen & Raphael Rabin-Havt
How they find, hold and sell
How they find, hold and sell
3. Alex Kopel
A ten-stock portfolio and zero management fees
A ten-stock portfolio and zero management fees
Path 4 · 4 reads
Small and mid caps
Find out how investors pick smaller companies.
1. Edward Chang
Small and mid caps on the right side of change
Small and mid caps on the right side of change
2. Felix Gode
Small and mid caps in German-speaking markets
Small and mid caps in German-speaking markets
3. Sam Hollanders
How he picks European small caps
How he picks European small caps
4. Andreas Aaen
Small founder-led companies
Small founder-led companies
Path 5 · 3 reads
Special situations
Learn where spin-offs, rights issues and crises open up chances.
1. Richard Howe
Why spin-offs get mispriced
Why spin-offs get mispriced
2. Gokul Raj P.
Rights issues and tender offers in India
Rights issues and tender offers in India
3. Axel Krohne
Why he goes looking for crisis
Why he goes looking for crisis
Path 6 · 5 reads
Owner-operators and capital allocation
Hear founders and CEOs explain how they put each euro and dollar to work.
1. Wolfgang Grenke
How he built Grenke AG
How he built Grenke AG
2. Marco Pescarmona
Three crises, buybacks and M&A discipline
Three crises, buybacks and M&A discipline
3. Piet Mouton
How PSG Group was built in South Africa
How PSG Group was built in South Africa
4. Irakli Gilauri
Buying businesses, mistakes and capital allocation
Buying businesses, mistakes and capital allocation
5. Tom Gayner
Markel’s four buckets for capital
Markel’s four buckets for capital
Path 7 · 4 reads
Investing in Europe
Learn how investors find good companies across Europe.
1. Daniel Gehlen & Marc-Lennart Bräutigam
How to find the best European stocks
How to find the best European stocks
2. Roger Peeters
A deep dive on German stocks
A deep dive on German stocks
3. Daniel Glaser
Compounding in the Nordics
Compounding in the Nordics
4. Steve Gorelik
The best markets in Eastern Europe
The best markets in Eastern Europe
Path 8 · 5 reads
Emerging markets: Asia and Africa
Learn how investors find value in India, Korea, China and Africa.
1. Raghav Mittal
What allocators get wrong about India
What allocators get wrong about India
2. Chan H. Lee & Albert H. Yong
Chaebol discounts and activism in Korea
Chaebol discounts and activism in Korea
3. Xin Wu
How a Chinese manager invests
How a Chinese manager invests
4. Axel Krohne
Investing in Africa and other emerging markets
Investing in Africa and other emerging markets
5. Rudi van Niekerk
Long-term value investing in South Africa
Long-term value investing in South Africa
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02
Paths for fund managers
TL;DR: Three paths on building a firm that lasts, talking to your investors and doing better research.
Path 9 · 4 reads
Running a fund for decades
Hear how managers built firms that last.
1. Andrew Brenton
20% a year over 21 years at Turtle Creek
20% a year over 21 years at Turtle Creek
2. Dennis Hong
Seven years of building ShawSpring Partners
Seven years of building ShawSpring Partners
3. Soo Chuen Tan
Building Discerene since 2010
Building Discerene since 2010
4. Christopher Tsai
How he built Tsai Capital
How he built Tsai Capital
Path 10 · 4 reads
Letters, meetings and your audience
Learn how managers talk to their investors and earn trust over time.
1. Fred Liu
How he writes his investor letters
How he writes his investor letters
2. Fred Liu
What he gains from sharing his research
What he gains from sharing his research
3. Rob Vinall & Andreas Lechner
Answering investors at the yearly meeting
Answering investors at the yearly meeting
4. Pieter Slegers
How he grew a large investor audience
How he grew a large investor audience
Path 11 · 4 reads
The research toolkit
Pick up tools that make your research faster and clearer.
1. Will Barnes & Will Oliver
How to interview executives
How to interview executives
2. Jake Taylor
A journal for your investment decisions
A journal for your investment decisions
3. Matthew Brown
Organize your research in Notion
Organize your research in Notion
4. Dennis Hong & Fred Liu
Why they network so much
Why they network so much
03
Paths for fund founders and emerging managers
TL;DR: Three paths for the first years of a fund, from launch to your first allocators.
Path 12 · 4 reads
Starting your own fund
Learn what the first years of your own fund look like.
1. Guy Spier
Advice for young managers starting a fund
Advice for young managers starting a fund
2. Philipp Haas
Building a fund with social media
Building a fund with social media
3. Marko Graßmann
The goal of a brand-new fund
The goal of a brand-new fund
4. Shaurya Gupta
His first five years, started at 21
His first five years, started at 21
Path 13 · 4 reads
Building the fund business
See how managers handle seed capital, fees, structure and marketing.
1. Txomin Zaratiegui, Pratyush Rastogi & Rom Wilson
Seed capital, structures, fees and marketing
Seed capital, structures, fees and marketing
2. Guy Spier
Building a business and the power of giving
Building a business and the power of giving
3. Rom Wilson
From China to a global investment firm
From China to a global investment firm
4. Thatcher Martin
Building a firm for the long term
Building a firm for the long term
Path 14 · 5 reads
How allocators pick managers
Hear endowments and allocators explain what makes them invest in a manager.
1. Patrick Maurenbrecher, Claudine Innes & James Ferguson
What allocators look for in emerging managers
What allocators look for in emerging managers
2. Endowment panel
What endowments look for in new managers
What endowments look for in new managers
3. Nate Chesley
How MITIMCo judges the way managers think
How MITIMCo judges the way managers think
4. Joel Cohen
Low costs, long horizon, aligned investors
Low costs, long horizon, aligned investors
5. Michael Oliver Weinberg
An allocator at a large Dutch pension fund
An allocator at a large Dutch pension fund
04
Paths on Berkshire and Buffett
TL;DR: Three paths on Buffett’s thinking, Berkshire through an analyst’s eyes and the annual meeting.
Path 15 · 5 reads
Learning from Buffett and Munger
Four authors and a longtime friend show how Buffett invested and thought.
1. Adam Mead
The complete financial history of Berkshire
The complete financial history of Berkshire
2. Brett Gardner
Ten Buffett investments from the 1950s and 1960s
Ten Buffett investments from the 1950s and 1960s
3. Jacob McDonough
The textile mill behind Berkshire
The textile mill behind Berkshire
4. Yefei Lu
Why Buffett bought Coca-Cola and railroads
Why Buffett bought Coca-Cola and railroads
5. Gisela Baur
30 years with Warren Buffett
30 years with Warren Buffett
Path 16 · 4 reads
Understanding Berkshire with Greggory Warren
A Morningstar analyst from the meeting’s question panel explains how Berkshire works.
1. Greggory Warren
Berkshire’s culture and its leaders
Berkshire’s culture and its leaders
2. Greggory Warren
Five reasons to own Berkshire
Five reasons to own Berkshire
3. The meeting, normally
How he asks Buffett questions on stage
How he asks Buffett questions on stage
4. Greggory Warren
Kraft Heinz, Nestle and Unilever margins
Kraft Heinz, Nestle and Unilever margins
Path 17 · 3 reads
Berkshire meetings, past and present
From decades of meeting records to the four leaders on stage in 2026.
1. Meeting records
The meeting’s records in numbers
The meeting’s records in numbers
2. Alex Morris
Three decades of meetings in one book
Three decades of meetings in one book
3. Berkshire’s 2026 panel
The four leaders who took the stage
The four leaders who took the stage
Get every new interview transcript by email
Read the full conversation with each new guest, at your own pace.