A very nice overview of Buffet and Munger's thoughts and insights over the decades. Since it is a synopsis of annual newsletters reviewing the annual reports, there is a fair amount of reinforcement and a lack of retrospective on previous year's commentary. However, that also reinforces their maxim of never getting caught up in the macro environment while focusing on valuation, moats, and management. The authors are also willing to posit the occasional question and avoid a feeling of breathless amazement at Berkshire's rise.