Sources

The primary material worth reading, in rough order of value — letters, memos, papers and studies. Links are added only after a stable one has been opened and verified.

• Nomad Investment Partnership letters (2001–2014)

  letters

  Nick Sleep & Qais Zakaria

  Widely circulated as PDFs. The single best free reading on this list; contains 'scale economies shared'. Read in order.

  link: pending verification · verified 2026-08-13

• Fundsmith annual letters and shareholder-meeting transcripts

  letters

  Terry Smith

  The clearest writing on quality investing available, and free. 'Buy good companies, don't overpay, do nothing.'

  link: pending verification · verified 2026-08-13

• Giverny Capital annual letters

  letters

  François Rochon

  Notable for the annual public mistake review — grades his own errors each year.

  link: pending verification · verified 2026-08-13

• Motilal Oswal Annual Wealth Creation Study

  study

  Raamdeo Agrawal

  25+ years of research on what actually created wealth on Indian exchanges. The most directly useful raw material here for the syllabus itself. Free, India-specific.

  link: pending verification · verified 2026-08-13

• Howard Marks memos (Oaktree)

  memos

  Howard Marks

  Free, decades deep. Especially strong on cycles and risk.

  link: pending verification · verified 2026-08-13

• Berkshire Hathaway shareholder letters

  letters

  Warren Buffett

  The full archive. Source of 'owner earnings'.

  link: pending verification · verified 2026-08-13

• Investing in the Unknown and Unknowable

  paper

  Richard Zeckhauser

  ~20 pages, from Harvard Kennedy School. One of the best things written on decision-making under genuine ignorance.

  link: pending verification · verified 2026-08-13