The Essays of Warren Buffett
Lessons for Investors and Managers
3rd Edition
Published on 9. January 2009
Book
Paperback/Softback
328 pages
978-0-470-82441-2 (ISBN)
Description
Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway Inc. have gained an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. On selecting managers and investments, valuing businesses, and using financial information profitably, the writings are broad in scope and long on wisdom.
The central theme uniting Buffett's lucid essays is that the principles of fundamental valuation analysis, first formulated by his teachers Ben Graham and David Dodd should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investing capital, and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on mergers and acquisitions, accounting and taxation.
In this revised and updated edition of this classic work are the business and investment ideas of the man regarded as the world's most successful investor.
The central theme uniting Buffett's lucid essays is that the principles of fundamental valuation analysis, first formulated by his teachers Ben Graham and David Dodd should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investing capital, and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on mergers and acquisitions, accounting and taxation.
In this revised and updated edition of this classic work are the business and investment ideas of the man regarded as the world's most successful investor.
Reviews / Votes
"...the only compendium of writings from the Sage of Omaha himself...a carefully chosen selection of Buffett's famous annual letters" (CityWire.co.uk, January 16th 2009) 'This book is highly rated by Jason Ashman of Chatfield Private Clint, for both investors and managers.' (The Week, 28th April 2012)More details
Edition
3., Auflage
Language
English
Place of publication
Chichester
United Kingdom
Publishing group
John Wiley and Sons Ltd
Target group
Professional and scholarly
Edition type
Revised edition
Dimensions
Height: 22.9 cm
Width: 15.2 cm
Thickness: 27 mm
Weight
1000 gr
ISBN-13
978-0-470-82441-2 (9780470824412)
Schweitzer Classification
Other editions
New editions
Book
12/2013
Wiley
€41.07
Article exhausted; check for reprint
Previous edition
Book
04/2002
Wiley
€17.90
Article exhausted; check for reprint
Person
Lawrence A. Cunningham is a Professor at George Washington University, Washington, DC, a leading authority on value investing and advocate for investors. He prepared this collection as the centerpiece of a symposium featuring Buffett's letters, held when Cunningham was Director of The Samuel and Ronnie Heyman Center on Corporate Governance at Cardozo Law School, New York City. His numerous other books include What Is Value Investing? , Outsmarting the Smart Money and How to Think Like Benjamin Graham and Invest Like Warren Buffett .
Content
FOREWORD. INTRODUCTION. PROLOGUE. I. CORPORATE GOVERNANCE. A. Owner-Related Business Principles. B. Full and Fair Disclosure. C. Boards and Managers. D. The Anxieties of Plant Closings. E. An Owner-Based Approach to Corporate Charity. F. A Principled Approach to Executive Pay. II. CORPORATE FINANCE AND INVESTING. A. Mr. Market. B. Arbitrage. C. Debunking Standard Dogma. D. "Value" Investing: A Redundancy. E. Intelligent Investing. F. Cigar Butts and the International Imperative. III. ALTERNATIVES TO COMMON STOCK. A. Junk Bonds. B. Zero-Coupon Bonds. C. Preferred Stock. D. Unconventional Commitments. IV. COMMON STOCK. A. The Bane of Trading: Transaction Costs. B. Attracting the Right Sort of Investor. C. Dividend Policy and Share Repurchases. D. Stock Splits and Trading Activity. E. Shareholder Strategies. F. Berkshire's Recapitalization. V. MERGERS AND ACQUISITIONS. A. Bad Motives and High Prices. B. Sensible Share Purchases Versus Greenmail. C. Leveraged Buyouts. D. Sound Acquisition Policies. E. On Selling One's Business. F. Advantages in Acquisitions. VI. ACCOUNTING AND VALUATION. A. A Satire on Accounting Shenanigans. B. Look-Through Earnings. C. Economic Goodwill Versus Accounting Goodwill. D. Owner Earnings and the Cash Flow Fallacy. E. Intrinsic Value, Book Value, and Market Price. F. Aesop and Inefficient Bush Theory. VII. ACCOUNTING POLICY AND TAX MATTERS. A. The Purchase-Pooling Debate. B. Stock Options. C. "Restructuring" Charges. D. Segment Data and Consolidation. E. Deferred Taxes. F. Retiree Benefits. G. Distribution of the Corporate Tax Burden. H. Taxation and Investment Philosophy. EPILOGUE. AFTERWORD AND ACKNOWLEDGMENTS. INDEX. CONCEPT GLOSSARY. DISPOSITION TABLE.