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The Essays of Warren Buffett: Lessons for Corporate America Paperback – Import, 8 Mar 2013

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Description for The Essays of Warren Buffett: Lessons for Corporate America

Review

"Larry Cunningham has done a great job collating our philosophy. First class."<div>--Warren  Buffett <div></div><div></div></div>

<div>"One of the top investment books of all time."</div> --The Motley Fool

"Two thumbs up."
--CNN

"The book on Buffett. A superb job."
--Forbes

"Extraordinary."
--Money

"A classic on value investing and the definitive source on Buffett."
--Financial Times

<span id="span_contact_Locked_A3PF1D57JBK4MM" style="display: inline;">One of "the smartest books we know."
--Fortune</span>

"Of incalculable and timeless value. Cunningham's Introduction (all by itself) is worth much more than the cost of the book."
--Robert Morris, Amazon Hall of Fame Reviewer

"Recommended reading for the President of the United States and everyone else, not only corporate executives."
--Joe Nocera, The New York Times

"Warren Buffett’s shareholder letters are available on the Berkshire website, but this is a brilliant alternative to the forbidding prospect of working through all of them.  In The Essays of Warren Buffett, released in a new edition about every five years, most recently in a 3rd edition in 2013,  Lawrence Cunningham has created a highly readable and topically indexed volume."
--Kevin LaCroix, The D&O Diary

"Larry Cunningham takes Buffett's brilliant letters to a still-higher level by reorganizing them into single-subject chapters. The book begins, moreover, with an excellent introduction by Larry."
--Carol Loomis

About the Author

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  • See biographies of Buffett and Cunningham elsewhere on this Amazon page. 
</div>

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Product details

  • Paperback: 307 pages
  • Publisher: Carolina Academic Pr; 3 edition (8 March 2013)
  • Language: English
  • ISBN-10: 1611634091
  • ISBN-13: 978-1611634099
  • Product Dimensions: 1.9 x 18.4 x 26 cm
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: #1,77,215 in Books (See Top 100 in Books)
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Format: Kindle Edition
There is a lot of investing wisdom in this book. The books is divided according to different topics.
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Most Helpful Customer Reviews on Amazon.com (beta) (May include reviews from Early Reviewer Rewards Program)

Amazon.com: 4.7 out of 5 stars 249 reviews
5 of 5 people found the following review helpful
4.0 out of 5 stars Mr. Buffett's Good Life - Enjoy What You Do 22 April 2015
By Robert J Guild - Published on Amazon.com
Format: Paperback Verified Purchase
This is the first investment book I have read for pleasure, and I wish it had been required reading in one of my college Finance or Accounting classes. It certainly helps if one gets (at a basic level) the technical terms and is familiar with most of the economic and political circumstances that Mr. Buffett references, but I am confident one would enjoy the book even if he or she didn't. Here is the key - you won't find a more humble, thoughtful and honest business manager than Mr. Buffett. He understands human behavior, the limits of an individual's abilities, the factors that motivate employees, managers, and owners, and the power of capital - both human and financial. These essays are pretty easy reads; the genius of Mr. Buffett is at least in part his ability to communicate complicated things in an understandable way. The subject matter is diverse - the ideal characteristics of a manager (particularly a CEO), investment tools, acquisitions, GAAP accounting treatments, and taxes - but all concepts are deftly woven together by Mr. Cunningham.

Inspiring and achievable philosophy for more than just investments - Mr. Buffett seems genuinely happy with his life, and I honestly believe it's because he enjoys what he does and who he is working with more than the billions in the bank he has.
119 of 122 people found the following review helpful
5.0 out of 5 stars Here in the Third Edition are business information, insights, and counsel of incalculable and timeless value 6 November 2008
By Robert Morris - Published on Amazon.com
Format: Paperback Verified Purchase
This is my review of the THIRD EDITION, dated March 18, 2013. If you wish to read my review of the SECOND EDITION, it follows.

This is the Third Edition of an ongoing process by which Warren Buffett presents a "chairman's letter" (i.e. progress report with his unique reflections) to Berkshire Hathaway shareholders at their annual meeting. Lawrence A. Cunningham edited each of the three editions, with the latest including Buffett's annual letters to Berkshire shareholders since 2008, the date of the prior edition. Other new material includes:

o The financial crisis and its continuing implications for investors, managers and society;
o The housing bubble at the bottom of that crisis
o The debt and derivatives excesses that fueled the crisis and how to deal with them
o Controlling risk and protecting reputation in corporate governance
o Berkshire's acquisition and operation of Burlington Northern Santa Fe
o The role of oversight in heavily regulated industries
o Investment possibilities today
o Weaknesses of popular option valuation models

Some other material has been rearranged to deepen the themes and lessons that the collection has always produced:

o Buffett's "owner-related business principles" are in the prologue as a separate subject
o Valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff.

According to Cunningham, "Those who are familiar with The Essays will notice that we have made the cover snappier than has been our custom. (Thanks for the cover design to Tim Colton, of Carolina Academic Press, which will continue to partner with me in the distribution of the book.) The main reason: the book's traditional covers could be seen well in physical form but pictures of them, shown on the internet, could not. Since most sales are done over the Internet these days, the cover needed a face-lift.

"The adage remains, however, that one should not judge a book by its cover. This book should continue to be judged on its content and organization, in which a distinctive investment and business philosophy is coherently articulated. Thanks to the many fans of the book, first published in 1997. I hope you enjoy the updated edition. And I hope to see many of you in Omaha for the Berkshire shareholders' meeting in May."

With regard to the Third Edition's subtitle, "Lessons for Corporate America," my own opinion is that almost all of the lessons can be of substantial value to leaders in any organization, whatever its size and nature may be. Among Buffett's most important and yet least appreciated talents is his ability to establish a direct and personal rapport with each person he meets or who reads any of his letters as well as any of his articles such as those included in Carol Loomis' superb book, Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012.

I watched three segments of Buffett and Loomis' appearances on The Charlie Rose Show and their informal but gracious manner made me feel as if I had been a personal friend of theirs for many years. (I wish I had purchased Berkshire stock 50 years ago!) Credit Cunningham with brilliant editing as well as his own contributions to what continues to be a "moveable feast" of information, insights, wisdom, and wit. Once again, his Introduction (all by itself) is worth much more than the cost of the book as he again discusses with rigor and eloquence what he considers to be key points about Buffett and his leadership of Berkshire Hathaway in recent years.

* * *

Review of Second Edition:

Over the years, I have read several of the essays that Warren Buffett included in Berkshire Hathaway's annual reports. After reading two biographies of him (Alice Schroeder's The Snowball: Warren Buffett and the Business of Life and Roger Lowenstein's Buffett: The Making of an American Capitalist), I purchased a copy of this volume and began to work my way through the contents selected, arranged, and introduced by Lawrence A. Cunningham. I began with Cunningham's Introduction (all by itself, worth much more than the cost of the book) in which he reviews what he considers to be key points about Buffett and his leadership of Berkshire Hathaway.

For example, "The CEOs of Berkshire's various operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run their business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for a hundred years." With regard to investment thinking, "one must guard against what Buffett calls the `institutional imperative.' It is a pervasive force in which institutional dynamics produce resistance to change, absorption of available corporate funds, and reflexive approval of suboptimal CEO strategies by subordinates. Contrary to what is often taught in business and law schools, this powerful force often interferes with rational business decision-making. The ultimate result of the institutional imperative is a follow-the-pack mentality producing industry imitators, rather than industry leaders - what Buffett calls a lemming-like approach to business."

Cunningham organizes the essays within seven sections between Buffett's Prologue (Pages 27-28) and his Epilogue (Pages 273-282):

I Corporate Governance
II Corporate Finance and Investing
III Alternatives to Common Stock
IV Common Stock
V Mergers and Acquisitions
VI Accounting and Valuation
VII Accounting Policy and Tax Matters

As Buffett explains in his Prologue, members of Berkshire Hathaway's shareholder group receive communications directly "from the fellow you are paying to run the business. Your Chairman has a firm belief that owners are entitled to hear directly from the CEO as to what is going on and how he evaluates the business, currently and prospectively. You should demand that in a private company; you should expect no less in a public company. A once-a-year report of stewardship should not be turned over to a staff specialist or public relations consultant who is unlikely to be in a position to talk frankly on a manager-to-owner basis."

Those who share my own keen interest in Warren Buffett's leadership and management principles will learn a great deal from a careful reading of these essays. They are quite literally "from the horse's mouth." The substantial value-added benefits include the fact that Buffett thinks and writes so clearly, duly acknowledges bad decisions and personal regrets (yes, there were several), explains what he learned from them, and meanwhile reveals a playful (albeit dry) sense of humor. He also includes a number of personal observations about America, especially about its culture and economy, at various times throughout the last 25-30 years. The two aforementioned biographies indicate that throughout his life, Buffett thoroughly enjoyed each and every opportunity to increase others' understanding of sound business principles that include but are by no means limited to investments.

Readers who are not among Berkshire Hathaway's shareholders will especially appreciate the fact that, in each of these essays, Buffett establishes and then sustains a direct and personal rapport. The tone is conversational and, better yet, inclusive. He never talks down to his reader. He never "dumbs down" the material. Inevitably and appropriately, he cites Berkshire Hathaway situations when illustrating certain key points but, really, most of the material in this book will have wide and deep general interest to executives as well as to shareholders who otherwise have no association with either Buffett or his company. I highly recommend this book without hesitation or qualification.
5 of 5 people found the following review helpful
4.0 out of 5 stars Straight from the Oracle's Mouth 25 February 2012
By F. Tyler B. Brown - Published on Amazon.com
Format: Paperback Verified Purchase
Lawrence A. Cunningham opens this book with an appropriate excerpt from the essays of Michel de Montaigne: "The speech I love is simple, natural speech, the same on paper as in mouth; a speech succulent and sinewy, brief and compressed, not so much dainty and well-combed as vehement and brusque."

There is no shortage of books on Warren Buffet. It is an interesting state of affairs: numerous writers, pundits, and other Warren Buffet "experts" opining on the life and investing decisions of perhaps the greatest investing and capitalist "expert" of all time.

Others opining on the life of a genius is often necessary, when it comes to understanding the broader impact that genius has had on society. A masterful investor, scientist, engineer, or whatever is not also necessarily always an effective writer and communicator. Mr. Buffet, however, is a rare breed.

Not only has Mr. Buffet, across his lifetime, compiled the most impressive track record capitalism has ever produced- one of growth, achievement, societal awareness and improvement, but he can also write. He writes in a language that is, in the words of Montaigne, "simple...succulent and sinewy, brief and compressed...brusque."

Lawrence A. Cunningham through this book expresses an important truth- when a man such as Mr. Buffet writes with the clarity and power that he does, not much benefit is given to the reader by adding words on top of what is already clear and powerful prose. If one is trying to make sense of Mr. Buffet and his philosophies, the best place to start is with Mr. Buffet's own "sinewy" words, which are presented, unadorned except with a short preface, in this book.

"Essays" is a bit of a misnomer for the content of this book. In fact, this book is actually a compilation of excerpts from the Annual Letters Mr. Buffet has written to the shareholders of his company, Berkshire Hathaway, over the last thirty plus years. Worth noting, these very letters are available, in their entirety, on the World Wide Web for free. Something, however, is definitely gained through reading Mr. Buffet's words as Mr. Cunningham has arranged them.

Mr. Cunningham has arranged this book by subject, rather than time- and the effect is pleasing and effective. The way that Mr. Cunningham chose to arrange Mr. Buffet's letters is into the following categories: Corporate Governance, Corporate Finance and Investing, Alternatives to Common Stock, Common Stock, Mergers and Acquisitions, Accounting and Valuation, and Accounting Policy and Tax Matters.

The effect of Cunningham's carefully-chosen delineations is a book that has more the feel of an educational guide, than a story of Mr. Buffet's investing career and his company, Berkshire Hathaway.

What emerges out of this educational guide is the philosophy and teachings of a gifted Professor and practitioner. No matter whether Mr. Buffet is waxing poetic on business or outlining his scruples over how corporations account for equity stock options, out of his writing emerges a consistent and eloquent philosophy on the "right" and effective approach to business, investing, capitalism, and life.

The "Buffet Way", perhaps impossible to summarize fully in a few short sentences, is stoic and original. The practitioner of this philosophy is one who stands apart from society, ignores any "institutional imperative" that may impede rational decision-making. The "Buffet Way" is a mode of analysis that knows the bounds of its own limitations, and is free of emotion. The Buffet Way demands that every decision require a "margin of safety" or room for error.

Most importantly, Mr. Buffet's view of investing, and particularly of investing in the stock market or in other marketable securities, grasps a simple but important concept that is lost on so many market pundits and practitioners: stocks are not abstractions. Stocks are certificates that represent a share of ownership in an underlying business. Too often people don't look through stocks to the underlying business they represent. This book aptly is subtitled, "Lessons for Corporate America", because Mr. Buffet is after all an evaluator of businesses.

Stocks and their prices are only relevant when they become disjointed, in a favorable way, from the underlying realities of the business they represent.

To think the "Buffet Way" takes more, though, than knowing the concept's basic precepts. It takes discipline, and a stoic fight against the animal spirits that so often lead investors astray. This book and its precepts are worth reading, and rereading, until hopefully its lessons are engrained in the psyche in a way that they become impossible to ignore.
5.0 out of 5 stars Warren Buffett's Essays. 13 March 2017
By J.L. Populist - Published on Amazon.com
Format: Paperback Verified Purchase
This is a collection of Warren Buffett's essays.
In it I found a lot of information about investing and an education about many aspects of investing and accounting schemes.
Mr. Buffett supplied plenty of wit and quotes that made the book an easier read than it could have been. Let's face it, for people that aren't in that profession, this can be a boring or laborious read. It's easy to get lost in a book with a lot of numbers and accounting jargon. This book is an exception. It's highly readable and pertinent for anyone that wants to know more about investing or if you take an active interest in your 401K plan.
1 of 1 people found the following review helpful
4.0 out of 5 stars Must love Warren Buffet! 18 September 2016
By Bruce Meibos - Published on Amazon.com
Format: Kindle Edition Verified Purchase
Love the Warren Buffet philosophy of investing. As a shareholder of Berkshire-Hathaway I love the company. Better than buying a mutual fund with predictable and great returns. Hearing about his common-sense views of capital allocation and valuation is very useful as is the evaluation of egos in the C Suite (mostly the CEO). Shows what can happen if you spend less than you make on a consistent basis.