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The Essays for Warren Buffett: Lessons for Corporate America (Paperback)
by Warren Buffett, Lawrence A. Cunningham (Editor)
| Category:
Investing, Value investing, Stock investing |
| Market price: ¥ 278.00
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¥ 248.00
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Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
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 Good for Gifts |
| MSL Pointer Review:
Listen to this man, every word, every utterance, and every point of view, to be a top player in stock investing. |
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Author: Warren Buffett, Lawrence A. Cunningham (Editor)
Publisher: The Cunningham Group
Pub. in:
ISBN: 0966446119
Pages: 256
Measurements: 0.8 x 6.8 x 9.8 inches
Origin of product: USA
Order code: BA00143
Other information: First revised edition.
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- Awards & Credential -
Cunningham's Buffett Essays ranked #3 on JP Morgan's 10-book list of "Summer Must-Reads for Millionaires”. (Wall Street Journal) |
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- MSL Picks -
Warren Buffett - the world's second wealthiest man and one of the biggest philanthropists is not an enigma. Studied by students and professors, as well as investors and investment advisors, this fascinating man has a story to tell. If you take the time to really listen and read about his value investing philosophy, you will learn how to protect your assets in the hard times, and grow them in the good times. If you can develop one approach, and stick to it, you will reap the reward.
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Contents of The Essays of Warren Buffett
Introduction
Prologue
I. Corporate Governance
Owner-Related Business Principles
Boards and Managers
The Anxieties of Plant Closings
An Owner-Based Approach to Corporate Charity
A Principled Approach to Executive Pay
II. Corporate Finance and Investing
Mr Market
Arbitrage
Debunking Standard Dogma
'Value' Investing: a Redundancy
Intelligent Investing
Cigar Butts and the Institutional Imperative
Junk Bonds
Zero-Coupon Bonds
Preferred Stock
III. Common Stock
The Bane of Trading: Transaction Costs
Attracting the Right Sort of Investor
Dividend Policy
Stock Splits and Trading Activity
Shareholder Strategies
Berkshire's Reputation
IV. Mergers and Acquisitions
Bad Motives and High Prices
Sensible Stock Repurchases versus Greenmail
Leveraged Buyouts
Sound Acquisition Policies
On Selling One's Own Business
V. Accounting and Taxation
A Satire on Accounting Shenanigans
Look-Through Earnings
Economic Goodwill versus Accounting Goodwill
Owner Earnings and the Cash Flow Fallacy
Intrinsic Value, Book Value and Market Price
Segment Data and Consolidation
Deferred Taxes
Retiree Benefits and Stock Options
Distribution of the Corporate Tax Burden
Taxation and Investment Philosophy
Epilogue
Afterword and Acknowledgements
Target readers:
Executives, investment bankers, individual investors, investment consultants, Buffett fans, and anyone else who is doing or is interested in personal finance and stock investing.
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Buffett, The Making of An American Capitalist
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From Publisher
Lawrence Cunningham has collated Warren Buffett's letters into a single volume, providing readers with the chance to gain an insight into this master of investment. The letters distil all the basic principles of Buffett's business practices.
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 practice. 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 invested 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.
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Contents of The Essays of Warren Buffett
Introduction
Prologue
I. Corporate Governance
Owner-Related Business Principles
Boards and Managers
The Anxieties of Plant Closings
An Owner-Based Approach to Corporate Charity
A Principled Approach to Executive Pay
II. Corporate Finance and Investing
Mr Market
Arbitrage
Debunking Standard Dogma
'Value' Investing: a Redundancy
Intelligent Investing
Cigar Butts and the Institutional Imperative
Junk Bonds
Zero-Coupon Bonds
Preferred Stock
III. Common Stock
The Bane of Trading: Transaction Costs
Attracting the Right Sort of Investor
Dividend Policy
Stock Splits and Trading Activity
Shareholder Strategies
Berkshire's Reputation
IV. Mergers and Acquisitions
Bad Motives and High Prices
Sensible Stock Repurchases versus Greenmail
Leveraged Buyouts
Sound Acquisition Policies
On Selling One's Own Business
V. Accounting and Taxation
A Satire on Accounting Shenanigans
Look-Through Earnings
Economic Goodwill versus Accounting Goodwill
Owner Earnings and the Cash Flow Fallacy
Intrinsic Value, Book Value and Market Price
Segment Data and Consolidation
Deferred Taxes
Retiree Benefits and Stock Options
Distribution of the Corporate Tax Burden
Taxation and Investment Philosophy
Epilogue
Afterword and Acknowledgements |
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| View all 9 comments |
J. Esbech (MSL quote), USA
<2006-12-28 00:00>
There is little doubt that Warren Buffett is one of the most successful business men of our time. The track record of Berkshire Hathaway speaks for it self, as does Warren Buffett. He has made a point out of speaking frankly and openly at the Annual Meetings for the shareholders and printing the yearly reports will give you all his thoughts throughout the years.
This book organises his thoughts very well into a number of key areas and thereby leads you through the Buffett Universe. It is a very intelligent and surprisingly unsofisticated one, build on a set of core values the corporate businesses should take a careful look at.
If you like investing yourself, this also gives you a few hints on what to focus on and what not to focus on.
The Oracle from Omaha is always entertaining and this book makes that very obvious and is well worth a read.
Be aware... it is not a normal business book, you may find yourself laughing from time to time...(J. Esbech, USA)
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M. Nowacki (MSL quote), USA
<2006-12-28 00:00>
The most famed investor of his time, Warren Buffett, has never written a book. Although there are dozens of books that are written about him, this is the only book in Buffett's own words. This collection of Buffett's writings on different topics come from his annual reports. It is true that you could go to the Berkshire Hathaway website and look at the annual reports yourself, but not everyone wants to flip through 15 annual reports. Moreover, this book is organized by topic and not by year, unlike the annual reports.
This is an invaluable for both investors and managers. I emphatically recommend this book to CFOs, investment bankers, financial analysts, and anyone else interested in corporate finance and business valuation.
For those people that wish to learn about Buffett's philosophy this is the book to read. Who better to learn about Buffett than from Buffett himself? |
Brian Lomax (MSL quote), USA
<2006-12-28 00:00>
Buffett has a very uniquely apt understanding of many modern business practices and investment strategy along with the ability to explain these concepts in a down to earth framework. I highly recommend this book to anyone who has ever felt they didn't understand what was going on in corporate America. |
Francis Mchinerney (MSL quote), USA
<2006-12-28 00:00>
I cannot imagine that Mr. Warren Buffet is not on any investor's top 10 list of the greatest investors since there were markets in this Country. I would also suggest that a dispassionate appraisal of his performance argues quite eloquently that he is the best to have ever amassed his fortune, and that of his shareholders on Wall Street.
Thanks to the efforts of Mr. Lawrence A. Cunningham readers have access to essays that previously were available primarily to shareholders, and which are organized in this book thematically for the first time. Annual reports are generally easy to come by, however as I write, 1 Share Of Berkshire Hathaway "A" requires $59,900.00, and the "Baby Berkshires" $1,966.00 per share. Many are quick to respond the price is so high as Mr. Buffet has not split the stock, ever. But what is more important is why he has never done this. This book explains his theory on this matter, and dozens of others.
Mr. Buffet has his critics, they range from the idiotic, "he's lucky", "his success allows him to make attractive deals", and to those who feel he missed the money that was made in tech stocks. As for the luck theory, who else has earned 23.8% compounded annually for over 25 years? Winning the lottery is probably more likely an event. As to the attractive deals his wealth is said to facilitate, I guess the answer is, is the questioner serious? He made what he has, his reputation allowed him to have the Federal Government allow Solomon Brothers to continue participating in the bond market based on one thing, his word! This is a man who has rescinded very successful trades because news arrived within days of his buying that could have given the appearance of his having had information others were not privy to.
This book has more useful information and ideas that have been proven over decades than any 10 hot Business Books of the moment. Mr. Buffet has had off years, but he has never gone bust.
One of my favorite stories is when he was hanging out with friends as a kid, his pals were collecting bottles for the deposit. He was collecting bottle caps, sorting them, and determining who was drinking what brand! He clearly was put amongst us for a reason.
On a time invested basis there is no better or more rewarding reading than these essays. No one can match what he has accomplished, why would someone not wish to hear what he has to say on dozens of topics? |
View all 9 comments |
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