I borrowed this book on Joel Greenblatt’s recommendation and just finished reading the last half, after the sections I was already familiar with. I appreciated the chapter on the importance of shareholder equity which distills the reasons why earnings growth isn’t always good.

The gem in this book was the chapter on arbitrage. I didn’t know special situations played such an important role in Buffett’s success. I recently entered this realm of investment (with prudence and caution) and it’s comforting to know I am going where he has already been.

The end of the book has a good listing of financial web sites. It’s out of date, but the live ones went into my del.icio.us list.