litvestments
AVAILABLE SOON
Build Your
Own Berkshire
A practical guide to long-term investing for the individual investor
The investment principles of Buffett, Munger, Graham, and Fisher are scattered across thousands of pages of letters, interviews, speeches, and books. This book distils them into a clear, usable framework.
— 1,000+ pages of Berkshire shareholder letters analyzed — 50+ Warren Buffett interviews & Charlie Munger talks reviewed — Primary works of Benjamin Graham & Philip Fisher studied — Written by an investment professional with an academic background in finance
THE PROBLEM
The principles are public
The framework is missing
There are over a hundred books written about Warren Buffett. Thousands of hours of video. Decades of shareholder letters. The information has never been more abundant and accessible — yet for most individual investors, turning these ideas into a coherent, actionable approach remains elusive.
Meanwhile, the investing environment is growing more hostile to long-term thinking. Retail platforms blur the line between investing, entertainment, and gambling. Pension systems are under strain. The responsibility for financial security has shifted to individuals — many of whom are navigating markets for the first time.
THE SOLUTION
A step-by-step guide
from first principles to fair price
This book was written to fill a gap. Rather than another biography or a loose collection of insights, the book is organised around the key questions individual investors need to tackle. These include:
How can an individual investor compete in a market dominated by sophisticated professionals with vastly more resources?
How should a portfolio be constructed and managed over a lifetime?
What role should leverage play?
How do you filter the noise of financial news, social media, and conflicting advice?
How do you stay rational when markets are not?
Which assets actually build wealth over the long term?
What makes a business truly wonderful - and how do you know when the price is fair?
I
Written for the world investors face today
Every major book on Berkshire's principles was written before gamified platforms, meme stocks, and social media reshaped how individuals invest. This one applies timeless principles to the environment investors have to navigate today.
II
A professional framework, built for the individual investor
The analytical framework in this book asks the same demanding questions institutional investors would. It makes each step explicit and flags where commonly used metrics can mislead — keeping all of it within reach of investors managing their own money.
III
Academic rigor meets professional experience
My background combines academic training in finance with professional experience in investment management. The frameworks, tools, and ideas are therefore both theoretically grounded and tested in practice.
Three things this book does that others do not
WHAT YOU WILL FIND INSIDE
CONTENTS
Balance between behavioral principles
and quantitative methods
CHAPTER 1
Find Your Edge
CHAPTER 4
Life and Debt
CHAPTER 7
Value Investing Revisited
CHAPTER 10
See if the Price Is Fair
CHAPTER 2
Focus and Concentrate
CHAPTER 5
Beware of Incentives and Conflicts of Interest
CHAPTER 8
From the Big Picture to the Bottom Line
CHAPTER 11
Let Creative Destruction Work for You
CHAPTER 3
Navigate Uncertainty and Market Fluctuations
CHAPTER 6
Assets That Perform Best over the Long Term
CHAPTER 9
Measure if a Business Generates Value to Shareholders
CHAPTER 12
Conclusions
CHALLENGING ASSUMPTIONS
Breaking myths about investing using
Buffett's own words
MYTH 1
Warren Buffett was a value investor — and you should be one too. Not exactly.
MYTH 2
Diversification reduces risk — spreading your portfolio protects you from losing money. Barely.
MYTH 3
Bonds are safer than stocks — fixed income is the conservative investor's natural home. Not really.
Great investing is unglamorous. It involves long stretches where nothing seems to happen. It demands fewer decisions, not more
FROM BUILD YOUR OWN BERKSHIRE
THE AUTHOR
Marek Hruby
Born into a family of teachers, I was lucky to grow up in an environment where education and learning were always a priority. Curiosity is what drew me to investing. Investing demands continuous learning and the ability to analyze businesses across industries and geographies, piecing together insights that go beyond quantitative aspects, such as human psychology and behavioral forces. It is this multidisciplinary nature of investing that keeps me inspired.
Over the years, I have lived in four different countries. My academic path took me across four universities, ultimately earning a master’s degree in finance, and eventually to London, where I now work for an investment firm that manages over $100 billion in assets. My role involves analyzing investment opportunities in businesses across both public and private equity markets.
Inspired by my family’s teaching legacy, I enjoy passing on knowledge. This has led me to participate in mentoring programs, including coaching teams for stock-pitching competitions and supporting students - from undergraduates to MBA students - with applications and interviews for investment roles. Now, aiming to reach a wider audience, I have decided to write this book, drawing on timeless principles of financial literacy.
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