1998: What books does Munger recommend?

AUDIENCE MEMBER: I’m Ben Knoll and I’m from Minneapolis. And first, I just wanted to thank you for providing your past annual letters to the shareholders, and Mr. Munger for providing your speech to the graduate students at USC a couple years ago.

Drawn a lot of insights from that, not only in investing but also in my day job as a business manager.

And I’m wondering if you could help me with my summer reading list and provide some additional suggestions for reading in the fields of investing and management, other than the standards of Graham and Fisher and so forth.

WARREN BUFFETT: Charlie?

CHARLIE MUNGER: Yeah. I have recently read a new book twice, which I very seldom do. And that book is “Guns, Germs and Steel” by Jared Diamond. And it’s a marvelous book. And the way the guy’s mind works would be useful in business. He’s got a mind that is always asking why. Why, why, why. And he’s very good at coming up with answers.

I would say it’s the best work of its kind I have ever read.

WARREN BUFFETT: I read a little easier book — (laughter) — recently.

I’m not even sure of the title. I don’t pay much attention to titles when I get into the book, but it’s something to the effect of “The Quotable Einstein.” I mean it’s a lot of his commentary over the years, and it’s great reading.

“The Fermat Theorem” was the book that — that isn’t an exact title either — but it’s the story of the discovery of the answer. That’s a very interesting book. One of our shareholders from Sweden gave me a copy of that when I was in New York and I’ve enjoyed it.