Bedford Public Library

The essays of Warren Buffett, lessons for corporate America, essays by Warren E. Buffet ; selected, arranged, and introduced by Lawrence A. Cunningham

eng

Includes bibliographical references and index

illustrations

index present

non fiction

The essays of Warren Buffett

bibliography

935694369

essays by Warren E. Buffet ; selected, arranged, and introduced by Lawrence A. Cunningham

lessons for corporate America

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

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