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The cover of The Essays of Warren Buffett: Lessons for Corporate America, Third Edition

The Essays of Warren Buffett: Lessons for Corporate America, Third Edition

Warren E. Buffett, Lawrence A. Cunningham

Warren Buffett explains business valuation, capital allocation, governance, and accounting through Berkshire’s decisions. These essays make the habits and limits of patient ownership concrete.

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53 parts, about 53 minutes to read.

At a glance

Author
Warren E. Buffett, Lawrence A. Cunningham
Parts
53 parts
Reading time
about 53 minutes
The whole book
Also to read in full

What the summary covers

  1. P Prologue: Owner Related Business Principles1 min
  2. I.A Full and Fair Disclosure1 min
  3. I.B Boards and Managers1 min
  4. I.C The Anxieties of Business Change1 min
  5. I.D Social Compacts1 min
  6. I.E An Owner Based Approach to Corporate Charity1 min
  7. I.F A Principled Approach to Executive Pay1 min
  8. I.G Risk, Reputation and Oversight1 min
  9. II.A Mr. Market1 min
  10. II.B Arbitrage1 min
  11. II.C Debunking Standard Dogma1 min
  12. II.D “Value” Investing: A Redundancy1 min
  13. II.E Intelligent Investing1 min
  14. II.F Cigar Butts and the Institutional Imperative1 min
  15. II.G Life and Debt1 min
  16. III.A Surveying the Field1 min
  17. III.B Junk Bonds1 min
  18. III.C Zero Coupon Bonds1 min
  19. III.D Preferred Stock1 min
  20. III.E Derivatives1 min
  21. III.F Foreign Currencies and Equities1 min
  22. III.G Home Ownership: Practice and Policy1 min
  23. IV.A The Bane of Trading: Transaction Costs1 min
  24. IV.B Attracting the Right Sort of Investor1 min
  25. IV.C Dividend Policy and Share Repurchases1 min
  26. IV.D Stock Splits and Trading Activity1 min
  27. IV.E Shareholder Strategies1 min
  28. IV.F Berkshire’s Recapitalization1 min
  29. V.A Bad Motives and High Prices1 min
  30. V.B Sensible Share Repurchases Versus Greenmail1 min
  31. V.C Leveraged Buyouts1 min
  32. V.D Sound Acquisition Policies1 min
  33. V.E On Selling One’s Business1 min
  34. V.F The Buyer of Choice1 min
  35. VI.A Aesop and Inefficient Bush Theory1 min
  36. VI.B Intrinsic Value, Book Value, and Market Price1 min
  37. VI.C Look Through Earnings1 min
  38. VI.D Economic versus Accounting Goodwill1 min
  39. VI.E Owner Earnings and the Cash Flow Fallacy1 min
  40. VI.F Option Valuation1 min
  41. VII.A A Satire on Accounting Shenanigans1 min
  42. VII.B Standard Setting1 min
  43. VII.C Stock Options1 min
  44. VII.D “Restructuring” Charges1 min
  45. VII.E Pension Estimates1 min
  46. VII.F Realization Events1 min
  47. VIII.A Mergers1 min
  48. VIII.B Segment Data and Consolidation1 min
  49. VIII.C Deferred Taxes1 min
  50. VIII.D Retiree Benefits1 min
  51. IX.A Distribution of the Corporate Tax Burden1 min
  52. IX.B Taxation and Investment Philosophy1 min
  53. E Epilogue1 min

Read it alongside

  • Puts it into practicePhilip A. Fisher Collected Works

    Buffett asks investors to understand business economics and managers within their competence; Fisher adds a sequence of cross checking informed outsiders before questioning management, so the company's own presentation does not frame the entire investigation.

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