Book recommendations: Charlie Munger reads a lot. Some of his book recommendations including The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy by Robert G. Hagstrom (Irrelevant Investor)

Quote of the Day

"In most areas of life, most things that pay off well take effort. If people present you with easy or hidden ways to make above average money, be skeptical. Doing it right takes discipline and effort."

(David Merkel)

Chart of the Day

Berkshire Hathaway ($BRKB) is reportedly near a deal to buy Precision Castparts ($PCP).