The Essays of Warren Buffett · Lessons for Corporate America, Fourth Edition by Cunningham, Lawrence A. -- Read -- Imperial Library of Trantor

Index

Title Page Copyright Table of Contents Preface Introduction Prologue: Owner-Related Business Principles I. Corporate Governance

A. Full and Fair Disclosure B. Boards and Managers C. The Anxieties of Business Change D. Social Compacts E. An Owner-Based Approach to Corporate Charity F. A Principled Approach to Executive Pay G. Risk, Reputation and Oversight H. Corporate Culture

II. Finance and Investing

A. Farms, Real Estate and Stock B. Mr. Market C. Arbitrage D. Debunking Standard Dogma E. “Value” Investing: A Redundancy F. Intelligent Investing G. Cigar Butts and the Institutional Imperative H. Life and Debt

III. Investment Alternatives

A. Surveying the Field B. Junk Bonds and the Dagger Thesis C. Zero-Coupon Bonds and Ski Masks D. Preferred Stock E. Derivatives F. Foreign Currencies and Equities G. Home Ownership: Practice and Policy

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 the Invisible Foot E. Shareholder Strategies F. Berkshire's Recapitalization G. Berkshire's Dividend Policy

V. Mergers and Acquisitions

A. Bad Motives and High Prices B. Sensible Share Repurchases Versus Greenmail C. Leveraged Buyouts D. Sound Acquisition Policies E. On Selling One's Business F. The Buyer of Choice

VI. Valuation and Accounting

A. Aesop and Inefficient Bush Theory B. Intrinsic Value, Book Value, and Market Price C. Look-Through Earnings D. Economic versus Accounting Goodwill E. Owner Earnings and the Cash Flow Fallacy F. Option Valuation

VII. Accounting Shenanigans

A. Satire B. Standard Setting C. Stock Options D. “Restructuring” Charges E. Pension Estimates and Retiree Benefits F. Realization Events

VIII. Taxation

A. Distribution of the Corporate Tax Burden B. Taxation and Investment Philosophy

IX. Berkshire at Fifty and Beyond

A. Conglomerates and Succession B. Munger on “The Berkshire System” C. Methuselah's Estate

Index Concept Glossary Disposition Summary