The Essays of Warren Buffett

Lessons for Corporate America

Cunningham, Lawrence A. , Buffett, Warren E. 저자(글)

Cunningham Group · 2023년 03월 28일

책 소개

A modern classic, The Essays of Warren Buffett: Lessons for Corporate America is the book Buffett autographs most and likes best. Its popularity and longevity over three decades attest to the widespread appetite for this definitive statement of Mr. Buffett’s thoughts that’s uniquely comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Mr. Buffett's best writings.

작가정보

저자(글) Cunningham, Lawrence A.

Lawrence Cunningham's two dozen books include The Essays of Warren Buffett, which Cunningham self-published into an international best-seller that he has arranged for translation into a dozen languages. An influential thought leader in both value investing and corporate governance, Cunningham's other notable books include Quality Investing (long time best seller with AKO Capital), The AIG Story (with Hank Greenberg) and Margin of Trust (which Warren Buffett singled out for special mention in his 2020 letter to Berkshire Hathaway shareholders). Cunningham advises companies, boards and shareholders, currently as the founder of Quality Shareholders Group and special counsel at Mayer Brown LLP. He has served on numerous corporate boards, of both private and public companies, including Constellation Software Inc., where is currently vice chairman, and Kelly Partners Group.

저자(글) Buffett, Warren E.

1930년 8월 30일 미국 오마하 출생. 미국 투자가, 자본가, 자선가다. 세계에서 가장 성공한 투자가로 널리 존경받고 있다. 흔히 전설적인 투자가로 불리며, 버크셔 해서웨이의 대주주이자 회장 겸 CEO다. 컬럼비아대 경영대학원에서 벤저민 그레이엄에게 가치투자를 배웠고, 버핏투자조합을 운영하면서 1965년 버크셔 해서웨이를 인수해 총자산 9,500억 달러(2022년)가 넘는 복합기업으로 성장시켰다. 늘 세계 최고의 부자로 꼽히고 있으며, 2008년에는 세계 1위였고 2011년에는 세계 3위였다. 버핏은 '오마하의 현인'으로도 불리며, 가치투자철학을 고수하면서 대부호인데도 검소하게 사는 인물이다. 탁월한 자선가이기도 해서, 재산의 99퍼센트를 주로 게이츠재단을 통해서 기부하기로 약정했다.

목차

• Chapter Page
  Editor's Note 1
  Introduction 3
  Prologue: Owner-Related Business Principles 17
  I Governance and Management 27
  A Corporate Purpose: Partnership Value Creation 27
  B Shareholder Quality: Five Buckets 29
  C Full and Fair Disclosure 32
  D Boards and Managers 36
  E Employees and Business Change 47
  F Society and Social Compacts 54
  G An Owner-Based Approach to Charitable Giving 56
  H A Principled Approach to Executive Pay 62
  I Risk, Reputation and Climate Change 71
  J Corporate Culture 75
  II Investing 77
  A Farms, Real Estate and Stock 77
  B Mr. Market 81
  C Arbitrage 85
  D Debunking Standard Dogma 91
  E "Value" Investing: A Redundancy 100
  F Intelligent Investing 106
  G Cigar Butts and the Institutional Imperative 113
  H Life, Debt and Swoons 116
  III Common Stock 121
  A Attracting Quality Shareholders 121
  B Stock Splits and the Invisible Foot 124
  C Berkshire's Dual Class: Thwarting Clones 129
  D Buybacks and Rationality 133
  E Dividends and Capital Allocation 140
  F Retained Earnings 148
  G Beating Costs with Indexing 150
  IV Alternatives 157
  A Surveying the Field 157
  B Junk Bonds and the Dagger Thesis 161
  C Zero-Coupon Bonds and Ski Masks 168
  D Preferred Stock 174
  E Derivatives 184
  F Foreign Currencies and Equities 193
  G Home Ownership: Practice and Policy 199
  H Business Partnerships 202
  V Acquisitions 207
  A Bad Motives and High Prices 207
  B Sensible Share Repurchases Versus Greenmail 218
  C Leveraged Buyouts 218
  D Sound Acquisition Policies 221
  E On Selling One's Business 224
  F The Buyer of Choice 228
  VI Valuation 231
  A Aesop and Inefficient Bush Theory 231
  B Intrinsic Value, Book Value, and Market Price 234
  C Look-Through Earnings 241
  D Economic versus Accounting Goodwill 246
  E Owner Earnings and the Cash Flow Fallacy 256
  F Option Valuation 263
  VII Accounting 267
  A Satire 268
  B Standard Setting 274
  C Audit Committees 275
  D "Adjusted Earnings" 277
  E Pension Estimates and Retiree Benefits 284
  F Realization Events 287
  G Investments 288
  VIII Taxation 291
  A Distribution of the Corporate Tax Burden 292
  B Taxation and Investment Philosophy 294
  C American Government as a Silent Partner 298
  IX American History 301
  A The American Miracle 301
  B Productivity Growth 303
  C Tailwinds 308
  X Coda 311
  A Buffett on Berkshire Culture 311
  B Munger on "The Berkshire System" 323
  C The Road Ahead 328
  D Methuselah's Estate 329
  Index 333
  Concept Glossary 338
  Disposition Summary 339

기본정보

ISBN	9780966446142 ( 0966446143 )
발행(출시)일자	2023년 03월 28일
쪽수	350쪽
크기	168 * 254 * 20 mm / 70 g
총권수	1권
언어	영어