The best-performing fund manager in history got his ideas from a supermarket, a doughnut shop and a motel car park.
For thirteen years, he ran the most successful mutual fund on record, compounding at more than twice the market rate. He did it by turning over more rocks than anyone else — visiting hundreds of companies a year, holding fourteen hundred stocks at once, and buying things his wife found in the shops.
This is the story of thirty-two decisions, told as a narrative and sourced entirely from his own books, his shareholder letters, contemporaneous reporting, and the public record.
It covers the pantyhose that returned sixfold, the motel chain he found while researching a competitor, the car company everyone had written off, and the year he beat almost nobody and stayed the course anyway.
It is candid about what the record does not show: the six-day weeks, the research department behind him, the analysts and traders who executed his decisions, and the fact that he walked away at forty-six because the cost had become too high.
The closing chapter separates what an amateur can genuinely borrow from what requires an institution — and the answer is more encouraging than you might expect.
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