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

Index

P REFACE I NTRODUCTION P ROLOGUE : O WNER -R ELATED B USINESS P RINCIPLES

I. C ORPORATE G OVERNANCE

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

II. F INANCE AND I NVESTING

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

III. I NVESTMENT A LTERNATIVES

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

IV. C OMMON S TOCK

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. M ERGERS AND A CQUISITIONS

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. V ALUATION AND A CCOUNTING

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. A CCOUNTING S HENANIGANS

A. A Satire on Accounting Shenanigans B. Standard Setting C. Stock Options D. “Restructuring” Charges E. Pension Estimates F. Realization Events

VIII. A CCOUNTING P OLICY

A. Mergers B. Segment Data and Consolidation C. Deferred Taxes D. Retiree Benefits

IX. T AX M ATTERS

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

E PILOGUE I NDEX C ONCEPT G LOSSARY D ISPOSITION S UMMARY