It is difficult to judge this as a book, because it really is just a collection of Warren Buffet’s letters to the shareholders. There is a very nice introduction that sums up Buffet’s views, and is great for people who have not been exposed to, or are not very familiar with value investing.
The books lacks flow, with the order that the letters are listed in sometime jumping back and forth by a decade and two without preparing the reader to make the appropriate context switch. Since these are letters to shareholders, there is also an underlying assumption that the reader has some knowledge/experience on the matter at hand, making it slightly more difficult to read. To some extent, it is analogous to picking up a newspaper from three decades ago. While it is an unbiased look into the past, showing that history does repeat itself, the book does a poor job at preparing the reader from entering the proper mindset.
This shouldn’t be the first book any value investor picks up, but it should still be read early into one’s “investment career” since there are invaluable lessons directly from one of the world’s greatest investors.