What do you think?
Rate this book
Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Annual Shareholder Meetings
For decades, thousands of people have gathered in Omaha, Nebraska for the Berkshire Hathaway AGM, and quizzed Warren Buffett and Charlie Munger on everything from the psychology of successful investors to the future of Coca-Cola and Apple. But unless you attended, for many years you only had access to what people could remember and report back from the meetings.
In 2018, Berkshire released the archives of the annual meetings going back to 1994. Alex Morris—an equities analyst and financial writer—watched hundreds of hours of video from these annual meetings (as well as the six AGMs held since 2018), covering more than 1,700 questions asked by Berkshire Hathaway shareholders over the past 31 years. He then gathered, organized and edited the most interesting material into a comprehensive and accessible form.
Buffett and Munger Unscripted is the result.
From the art of intelligent capital allocation to the best ways to judge and compensate management, from understanding the nature of markets to embracing the power of long-term time horizons, this is a book with compelling insights on every page. In addition to collecting many famous quotes in their original context, it is a deep treasure trove of profound insights on all aspects of investing and business.
Discover the importance of avoiding difficult decisions, the first question you should ask on a potential new investment, how to recover from unsuccessful investments, the importance of finding the right owners to partner with, Buffett and Munger’s book recommendations—and much more.
The perfect companion to The Essays of Warren Lessons for Corporate America and Poor Charlie’s Almanack, Buffett and Munger Unscripted belongs on the bookshelf of everyone interested in the keys to long-term success in business and investing.
In 2018, Berkshire released the archives of the annual meetings going back to 1994. Alex Morris—an equities analyst and financial writer—watched hundreds of hours of video from these annual meetings (as well as the six AGMs held since 2018), covering more than 1,700 questions asked by Berkshire Hathaway shareholders over the past 31 years. He then gathered, organized and edited the most interesting material into a comprehensive and accessible form.
Buffett and Munger Unscripted is the result.
From the art of intelligent capital allocation to the best ways to judge and compensate management, from understanding the nature of markets to embracing the power of long-term time horizons, this is a book with compelling insights on every page. In addition to collecting many famous quotes in their original context, it is a deep treasure trove of profound insights on all aspects of investing and business.
Discover the importance of avoiding difficult decisions, the first question you should ask on a potential new investment, how to recover from unsuccessful investments, the importance of finding the right owners to partner with, Buffett and Munger’s book recommendations—and much more.
The perfect companion to The Essays of Warren Lessons for Corporate America and Poor Charlie’s Almanack, Buffett and Munger Unscripted belongs on the bookshelf of everyone interested in the keys to long-term success in business and investing.
477 pages, Kindle Edition
Published January 21, 2025
118 people are currently reading
662 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 7 of 7 reviews
Read
April 7, 2025"Buffett and Munger Unscripted" offers readers a rare, behind-the-scenes look into the philosophies and practices that have made Warren Buffett and Charlie Munger two of the most successful investors in history. Drawn from decades of candid Berkshire Hathaway shareholder meetings, the book distills their unscripted wisdom into a coherent and practical guide for anyone seeking to build wealth and think clearly about business, investing, and decision-making.
At the heart of Buffett and Munger’s philosophy is a return to first principles. They strip away the noise and complexity that often clouds financial thinking and focus instead on the basic truths that drive long-term success. Rather than chasing hot stocks or complex trading strategies, they emphasize understanding businesses. Buffett often reminds audiences that buying a stock is buying part ownership in a real business—not just a piece of paper. This mindset anchors his decisions in business fundamentals, encouraging a deeper, more thoughtful approach to investing.
One of Buffett’s most illustrative examples of this is the 1972 purchase of See’s Candies. Instead of relying on detailed projections or macroeconomic forecasts, he simply asked whether another company, even with significant capital, could replicate See’s success in California. The answer was clearly no. That recognition of a durable competitive advantage, or 'moat,' made See’s a valuable addition to Berkshire Hathaway and has yielded billions in profits over the years. It’s this kind of intuitive, business-first thinking that characterizes Buffett’s approach.
Munger frequently reinforces the importance of staying within your 'circle of competence.' The idea isn’t to understand everything, but to focus on the few areas you can understand deeply. Buffett echoes this with his baseball metaphor: as an investor, you don’t need to swing at every pitch. You can wait for the fat pitch that lands squarely in your sweet spot. That kind of discipline, paired with patience, is what separates great investors from the rest.
The importance of time also plays a major role in their thinking. Buffett often contrasts the short-term volatility of markets—the voting machine—with the long-term reflection of real value—the weighing machine. This long-term outlook allowed Berkshire to hold companies like Coca-Cola through market ups and downs, ultimately earning massive returns over decades. Instead of reacting emotionally to daily price changes, Buffett and Munger focus on underlying value and wait for it to be recognized.
Valuation is central to this framework, but they approach it with clarity and simplicity. For Buffett and Munger, if you need a spreadsheet to justify a price, it’s probably too close to call. They prefer straightforward calculations of intrinsic value—what a business is worth based on its future cash flows, adjusted for time and interest rates. This philosophy was evident again in the See’s Candies deal. Though traditional metrics didn’t suggest an obvious bargain, Buffett recognized the brand’s pricing power, customer loyalty, and consistent performance—intangible strengths that created immense value over time.
They also rely heavily on the concept of margin of safety, popularized by Benjamin Graham, Buffett’s mentor. The idea is simple: only invest when there’s a significant gap between price and value. This cushion helps protect against uncertainty and errors in judgment. Buffett uses a bridge analogy—if you’re carrying a 9,800-pound truck over a 10,000-pound-rated bridge, that’s too close for comfort. You want to drive only 4,000 pounds over that bridge. That kind of conservatism is what protected Berkshire in downturns like the 1970s or 2008 financial crisis, when others panicked and they moved decisively.
Capital deployment is where all these principles converge. Once an opportunity is identified, deciding how much capital to commit and when to act is critical. Buffett and Munger bring a surgeon’s precision to this. Every decision is made by comparing it against all other available uses of capital. During the 2008 crisis, they invested heavily in firms like Goldman Sachs and General Electric—not because they were desperate to invest, but because those were the best uses of capital at that moment, balancing risk, return, and timing.
Even in stock buybacks, a tool many companies misuse, Berkshire applies strict logic. They only repurchase shares when they trade below intrinsic value, ensuring each dollar spent enhances long-term shareholder value. It’s a level of financial discipline rarely seen in public companies, and it reflects their refusal to follow trends or act based on optics.
Preserving capital is as important as growing it. Berkshire’s acquisition strategy avoids fads or aggressive restructuring. They buy companies they want to hold forever, often leaving the original leadership in place. The See’s Candies story is again relevant—they bought the business, kept the management, and let them run things their way. This earned Berkshire a reputation as a trustworthy buyer, attracting more high-quality businesses looking for long-term homes.
The same principle applies to insurance, a cornerstone of Berkshire’s operations. Their purchase of National Indemnity in 1967 laid the foundation for a model where underwriting discipline, patient capital, and a long-term view of risk created an unmatched float—a pool of money from premiums that Berkshire can invest until claims are paid. Unlike typical insurers chasing volume, Berkshire often slashed underwriting when conditions worsened, ensuring long-term solvency and protecting shareholder capital.
Ajit Jain’s entry into the insurance business in the mid-1980s supercharged this advantage. With no prior experience, Jain brought a brilliant mind and relentless discipline to Berkshire’s reinsurance operations, building a world-class unit that tackled risks other insurers couldn’t touch. With their deep capital reserves and refusal to cut corners, Berkshire could take on large, complex deals, like assuming billions in liabilities from AIG or Lloyd’s of London, becoming a trusted partner when others faltered.
A key reason Berkshire’s model works so well is its people. Buffett and Munger believe in selecting leaders based on character, not credentials. Intelligence and drive are worthless without integrity. The Salomon Brothers scandal drove this point home—when reputation was threatened, Buffett acted swiftly and decisively. He often says he can forgive a business mistake, but not a reputation-damaging one.
This value system extends to compensation. Berkshire avoids overly complex bonus structures. Managers are paid based on what they can control and what drives long-term value. At GEICO, bonuses are tied to customer retention and policy growth, not abstract stock price goals. Munger has compared typical incentive systems to letting rats guard the grain—perverse incentives lead to perverse behavior.
Berkshire’s famously lean corporate structure—just a handful of people at headquarters overseeing hundreds of thousands of employees—is a testament to their belief in autonomy. Businesses like Nebraska Furniture Mart or BNSF Railway are run independently, by leaders trusted to make the right calls. This hands-off model attracts people who don’t want to be micromanaged but are highly competent and aligned with Berkshire’s values.
Succession planning is handled with the same clarity. Rather than trying to clone Buffett or Munger, Berkshire built a culture designed to last beyond them. Incoming managers know their work won’t be undone by future short-term thinkers or activist investors. That stability attracts top talent and keeps existing leaders focused on creating long-term value.
In the end, it’s Berkshire’s insurance engine that powers this entire system. With more than $160 billion in float, Berkshire can invest at scale without raising capital or selling assets. Most insurers treat float as a liability—Berkshire treats it as an advantage. With careful underwriting and strong capital reserves, they turn float into a stable, long-term source of investment funding, enabling bold moves when markets are in turmoil.
This model takes decades to build, combining conservative financial management with bold opportunism. It requires discipline, patience, and a deep understanding of human nature. But as Buffett and Munger have shown, it’s a model that works.
"Buffett and Munger Unscripted" captures this system in vivid, accessible terms. Through decades of unfiltered conversations, the book reveals how two brilliant minds built one of the most successful enterprises of all time—not through secrets or shortcuts, but by thinking clearly, acting patiently, and focusing relentlessly on value. Their approach isn’t flashy, but it’s proven. For investors, entrepreneurs, and thinkers alike, their timeless principles offer a roadmap to long-term success in business and life.
At the heart of Buffett and Munger’s philosophy is a return to first principles. They strip away the noise and complexity that often clouds financial thinking and focus instead on the basic truths that drive long-term success. Rather than chasing hot stocks or complex trading strategies, they emphasize understanding businesses. Buffett often reminds audiences that buying a stock is buying part ownership in a real business—not just a piece of paper. This mindset anchors his decisions in business fundamentals, encouraging a deeper, more thoughtful approach to investing.
One of Buffett’s most illustrative examples of this is the 1972 purchase of See’s Candies. Instead of relying on detailed projections or macroeconomic forecasts, he simply asked whether another company, even with significant capital, could replicate See’s success in California. The answer was clearly no. That recognition of a durable competitive advantage, or 'moat,' made See’s a valuable addition to Berkshire Hathaway and has yielded billions in profits over the years. It’s this kind of intuitive, business-first thinking that characterizes Buffett’s approach.
Munger frequently reinforces the importance of staying within your 'circle of competence.' The idea isn’t to understand everything, but to focus on the few areas you can understand deeply. Buffett echoes this with his baseball metaphor: as an investor, you don’t need to swing at every pitch. You can wait for the fat pitch that lands squarely in your sweet spot. That kind of discipline, paired with patience, is what separates great investors from the rest.
The importance of time also plays a major role in their thinking. Buffett often contrasts the short-term volatility of markets—the voting machine—with the long-term reflection of real value—the weighing machine. This long-term outlook allowed Berkshire to hold companies like Coca-Cola through market ups and downs, ultimately earning massive returns over decades. Instead of reacting emotionally to daily price changes, Buffett and Munger focus on underlying value and wait for it to be recognized.
Valuation is central to this framework, but they approach it with clarity and simplicity. For Buffett and Munger, if you need a spreadsheet to justify a price, it’s probably too close to call. They prefer straightforward calculations of intrinsic value—what a business is worth based on its future cash flows, adjusted for time and interest rates. This philosophy was evident again in the See’s Candies deal. Though traditional metrics didn’t suggest an obvious bargain, Buffett recognized the brand’s pricing power, customer loyalty, and consistent performance—intangible strengths that created immense value over time.
They also rely heavily on the concept of margin of safety, popularized by Benjamin Graham, Buffett’s mentor. The idea is simple: only invest when there’s a significant gap between price and value. This cushion helps protect against uncertainty and errors in judgment. Buffett uses a bridge analogy—if you’re carrying a 9,800-pound truck over a 10,000-pound-rated bridge, that’s too close for comfort. You want to drive only 4,000 pounds over that bridge. That kind of conservatism is what protected Berkshire in downturns like the 1970s or 2008 financial crisis, when others panicked and they moved decisively.
Capital deployment is where all these principles converge. Once an opportunity is identified, deciding how much capital to commit and when to act is critical. Buffett and Munger bring a surgeon’s precision to this. Every decision is made by comparing it against all other available uses of capital. During the 2008 crisis, they invested heavily in firms like Goldman Sachs and General Electric—not because they were desperate to invest, but because those were the best uses of capital at that moment, balancing risk, return, and timing.
Even in stock buybacks, a tool many companies misuse, Berkshire applies strict logic. They only repurchase shares when they trade below intrinsic value, ensuring each dollar spent enhances long-term shareholder value. It’s a level of financial discipline rarely seen in public companies, and it reflects their refusal to follow trends or act based on optics.
Preserving capital is as important as growing it. Berkshire’s acquisition strategy avoids fads or aggressive restructuring. They buy companies they want to hold forever, often leaving the original leadership in place. The See’s Candies story is again relevant—they bought the business, kept the management, and let them run things their way. This earned Berkshire a reputation as a trustworthy buyer, attracting more high-quality businesses looking for long-term homes.
The same principle applies to insurance, a cornerstone of Berkshire’s operations. Their purchase of National Indemnity in 1967 laid the foundation for a model where underwriting discipline, patient capital, and a long-term view of risk created an unmatched float—a pool of money from premiums that Berkshire can invest until claims are paid. Unlike typical insurers chasing volume, Berkshire often slashed underwriting when conditions worsened, ensuring long-term solvency and protecting shareholder capital.
Ajit Jain’s entry into the insurance business in the mid-1980s supercharged this advantage. With no prior experience, Jain brought a brilliant mind and relentless discipline to Berkshire’s reinsurance operations, building a world-class unit that tackled risks other insurers couldn’t touch. With their deep capital reserves and refusal to cut corners, Berkshire could take on large, complex deals, like assuming billions in liabilities from AIG or Lloyd’s of London, becoming a trusted partner when others faltered.
A key reason Berkshire’s model works so well is its people. Buffett and Munger believe in selecting leaders based on character, not credentials. Intelligence and drive are worthless without integrity. The Salomon Brothers scandal drove this point home—when reputation was threatened, Buffett acted swiftly and decisively. He often says he can forgive a business mistake, but not a reputation-damaging one.
This value system extends to compensation. Berkshire avoids overly complex bonus structures. Managers are paid based on what they can control and what drives long-term value. At GEICO, bonuses are tied to customer retention and policy growth, not abstract stock price goals. Munger has compared typical incentive systems to letting rats guard the grain—perverse incentives lead to perverse behavior.
Berkshire’s famously lean corporate structure—just a handful of people at headquarters overseeing hundreds of thousands of employees—is a testament to their belief in autonomy. Businesses like Nebraska Furniture Mart or BNSF Railway are run independently, by leaders trusted to make the right calls. This hands-off model attracts people who don’t want to be micromanaged but are highly competent and aligned with Berkshire’s values.
Succession planning is handled with the same clarity. Rather than trying to clone Buffett or Munger, Berkshire built a culture designed to last beyond them. Incoming managers know their work won’t be undone by future short-term thinkers or activist investors. That stability attracts top talent and keeps existing leaders focused on creating long-term value.
In the end, it’s Berkshire’s insurance engine that powers this entire system. With more than $160 billion in float, Berkshire can invest at scale without raising capital or selling assets. Most insurers treat float as a liability—Berkshire treats it as an advantage. With careful underwriting and strong capital reserves, they turn float into a stable, long-term source of investment funding, enabling bold moves when markets are in turmoil.
This model takes decades to build, combining conservative financial management with bold opportunism. It requires discipline, patience, and a deep understanding of human nature. But as Buffett and Munger have shown, it’s a model that works.
"Buffett and Munger Unscripted" captures this system in vivid, accessible terms. Through decades of unfiltered conversations, the book reveals how two brilliant minds built one of the most successful enterprises of all time—not through secrets or shortcuts, but by thinking clearly, acting patiently, and focusing relentlessly on value. Their approach isn’t flashy, but it’s proven. For investors, entrepreneurs, and thinkers alike, their timeless principles offer a roadmap to long-term success in business and life.
April 7, 2025
building lasting wealth stems from a complete system of investing � one that transforms market complexity into methodical decisions through deep business understanding, disciplined valuation, and intelligent capital deployment.
For Buffett and Munger, investing isn’t a guessing game, it’s a systematic process. It begins with an owner’s mindset, seeing stocks not as ticker symbols but as real stakes in real businesses. This perspective supports practical valuation, where being approximately right is far better than being precisely wrong. When combined with disciplined capital allocation and strong management partnerships, it creates a powerful framework for identifying and capitalizing on opportunities.
At the core of this approach is the insurance model, providing steady capital that fuels patient investing and drives compounding success. These principles have stood the test of time, proving their worth across decades of market cycles by focusing on what truly matters: the fundamental value creation of exceptional businesses.
For Buffett and Munger, investing isn’t a guessing game, it’s a systematic process. It begins with an owner’s mindset, seeing stocks not as ticker symbols but as real stakes in real businesses. This perspective supports practical valuation, where being approximately right is far better than being precisely wrong. When combined with disciplined capital allocation and strong management partnerships, it creates a powerful framework for identifying and capitalizing on opportunities.
At the core of this approach is the insurance model, providing steady capital that fuels patient investing and drives compounding success. These principles have stood the test of time, proving their worth across decades of market cycles by focusing on what truly matters: the fundamental value creation of exceptional businesses.
February 19, 2025
Much of this will be familiar to people who have previously encountered Buffett and Munger previously. But it's a great idea, nicely executed, and even the most devoted discipline of the investing world's best-loved power couple will find some new or forgotten stuff here, I expect. My one slight quibble is that it's a bit repetitive - in some very small cases literally - but it's not overly so. The decision of the editor may well have been to err on the side of completeness, and given the nature of the book, that seems reasonable. Plus if anyone is dipping into specific sections rather than reading cover-to-cover, it makes perfect sense. Overall, a really valuable addition to the finance library.
March 31, 2025
A coda for the annual meetings helpful to use to find the specifics to most topics of concern with Buffett & Munger.
Key to success is only swinging at high probability home runs just wait for the fat pitch they always come in life - it’s also all about avoiding big errors that can wipe out your equity. Stay long enough at the table you eventually get an easy hand.
Key to success is only swinging at high probability home runs just wait for the fat pitch they always come in life - it’s also all about avoiding big errors that can wipe out your equity. Stay long enough at the table you eventually get an easy hand.
March 16, 2025
Absolute Five Stars.
April 18, 2025
Found a lot more useful than I thought. Great value book!
April 26, 2025
kill me now. I had to read this for work. I couldn't get through it without putting it at 3.5 speed. so repetitive!
Displaying 1 - 7 of 7 reviews
Can't find what you're looking for?
Get help and learn more about the design.