The essays of Warren Buffett : lessons for corporate America

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Title:

The essays of Warren Buffett : lessons for corporate America

Author:

Buffett, Warren, author.

Cunningham, Lawrence A., 1962- editor.

Summary:

The author's annual letters to the stockholders of Berkshire Hathaway are edited to present the main themes regarding business, investing, price, value, corporate governance, and other important topics.

General Note:

Originally published as part of the Cardozo Law Review's special issue on The Essays of Warren Buffett Symposium in 1995. This title originally published in 2001.

"Celebrating 50 years of Berkshire Hathaway. Celebrating 20 years of Buffett's essays"--Front cover

Edition:

Fourth edition.

Contents:

Prologue : Owner-related business principles -- I. Corporate governance. Full and fair disclosure -- Boards and managers -- The anxieties of business change -- Social compacts -- An owner-based approach to corporate charity -- A principled approach to executive pay -- Risk, reputation and oversight corporate culture -- II. Finance and investing. Farms, real estate and stock -- Mr. Market -- Arbitrage -- Debunking standard dogma -- "Value" investing : a redundancy -- Intelligent investing -- Cigar butts and the institutional imperative -- Life and debt -- III. Investment alternatives. Surveying the field -- Junk bonds and the dagger thesis -- Zero-coupon bonds and ski masks -- Preferred stock -- Derivatives -- Foreign currencies and equities -- Home ownership : practice and policy -- IV. Common stock. The bane of trading : transaction costs -- Attracting the right sort of investor -- Dividend policy and share repurchases -- Stock splits and the invisible foot -- Shareholder strategies -- Berkshire's recapitalization -- Berkshire's dividend policy -- V. Mergers and acquisitions. Bad motives and high prices -- Sensible share repurchases versus greenmail -- Leveraged buyouts -- Sound acquisition policies -- On selling one's business -- The buyer of choice -- VI. Valuation and accounting. Aesop and inefficient Bush theory -- Intrinsic value, book value, and market price -- Look-through earnings -- Economic versus accounting goodwill -- Owner earnings and the cash flow fallacy -- Option valuation -- VII. Accounting shenanigans. Satire -- Standard setting -- Stock options -- "Restructuring" changes -- Pension estimates and retiree benefits -- Realization events -- VIII. Taxation. Distribution of the corporate tax burden -- Taxation and investment philosophy -- IX. Berkshire at fifty and beyond. Conglomerates and succession -- Munger on "The Berkshire System" -- Methuselah's estate.

Physical Description:

313 pages : illustrations ; 26 cm

Genre:

Essays.

Subject Term:

Corporations -- Finance.

Corporate governance.

Investments.

Stocks.

Consolidation and merger of corporations.

Accounting.

Author(s):

Cunningham, Lawrence A., 1962-

Publisher:

[Carolina Academic Press],

Publication Date:

2015

ISBN:

9781611637588

Publication Information:

[Durham, North Carolina] : [Carolina Academic Press], [2015]

Call Number:

332.6 BUFFETT

Holds: Copies:

Available:*

Item Barcode	Collection	Call Number	Status	Item Holds
33607003410753	Adult Nonfiction	332.6 CUNNING	Searching... Unknown	Searching... Unavailable

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Summary

The year 2015 marks the fiftieth anniversary of Berkshire Hathaway under Warren Buffett's leadership, a milestone worth commemorating. The tenure sets a record for chief executive not only in duration but in value creation and philosophizing. The fourth edition of The Essays of Warren Buffett: Lessons for Corporate America celebrates its twentieth anniversary. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Buffett's thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Warren's best writings.

The fourth edition's new material includes:

Warren's 50th anniversary retrospective, in what Bill Gates called Warren's best letter ever, on conglomerates and Berkshire's future without Buffett; Charlie Munger's 50th anniversary essay on "The Berkshire System"; Warren's definitive defense of Berkshire's no-dividend practice; and Warren's best advice on investing, whether in apartments, farms, or businesses.

"Larry Cunningham has done a great job at collating our philosophy." -- Warren Buffett

"Larry Cunningham takes Buffett's brilliant letters to a still-higher level by organizing them into single-subject chapters. The book begins, moreover, with an excellent introduction by Larry." -- Carol Loomis

"This is a very important book. I recommend it to everyone who is interested in learning about investing, corporate governance, and business judgement." -- Bill Ackman

"The book on Buffett--a superb job." -- Forbes

"Extraordinary--full of wisdom, humor, and common sense." -- Money

"A classic on value investing and the definitive source on Buffett." -- Financial Times

"Cunningham has done a truly commendable job distilling and organizing the essence of Buffett's letter to Berkshire shareholders...While the essays reviewed in the latest edition of this volume range across a broad assortment of topics, for most readers the most valuable part of this book will be Buffett's lessons and insights on investing. It is extraordinarily rewarding to be able to survey the accumulated wisdom of one of the world's most successful investors." -- Kevin M. LaCroix, The D&O Diary