W. Buffett随笔 修订版THE ESSAYS OF WARRENT BUFFETT: LESSONS FOR INVESTOS AND MANAGERS REVISED EDITION
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作者： Lawrence A Cunningham 著
出 版 社：
出版时间： 2002-12-1字数：版次： 1页数： 216印刷时间： 2002/08/01开本：印次：纸张： 胶版纸I S B N ： 9780470820780包装： 平装编辑推荐
作者简介：
Lawrence A. Cunningham is Director of TheSamuel and Ronnie Heyman Center on
Corporate Governance and Professor of Lawat Cardozo Law School, New York City. He
prepared this collection as the centerpiece ofa symposium featuring Buffett's letters. Hisother books include How to Think LikeBenjamin Graham and Invest Like WarrenBuffett.
内容简介
Lesson s for Inve stors and Manage rsExperienced readers ofWarren Buffett’S lettersto the shareholders of Berkshire Hathaway Inc．have gained an enormously valuable informaleducation．The letters distillin plain words all
the basic principles of sound business pracfices．0n selecting managers and investments，valuing businesses，and using financialinformation profitably,the writings are broadin scope，and long on wisdom．
目录
FOREWORD
INTRODUCTION
PROLOGUE
I. CORPORATE GOVERNANCE
A. Owner-Related Business Principles
B. Full and Fair Disclosure
C. Boards and Managers
D. The Anxieties of Plant Closings
E. An Owner-Based Approach to Corporate Charity
E A Principled Approach to Executive Pay
II. CORPORATE FINANCE AND INVESTING
A. Mr. Market
B. Arbitrage
C. Debunking Standard Dogma
D. "Value" Investing: A Redundancy
E. Intelligent Investing
F. Cigar Butts and the Institutional Imperative
III. ALTERNATIVES TO COMMON STOCK
A. Junk Bonds
B. Zero-Coupon Bonds
C. Preferred Stock
D. Unconventional Commitments
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 Trading Activity
E. Shareholder Strategies
E Berkshire'sRecapitalization
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. Advantages in Acquisitions
VI. ACCOUNTING AND VALUATION
A. A Satire on Accounting Shenanigans
B. Look-Through Earnings
C. Economic Goodwill Versus Accounting
Goodwill
D. Owner Earnings and the Cash Flow Fallacy
E. Intrinsic Value, Book Value, and Market Price
F. Aesop and Inefficient Bush Theory
VII. ACCOUNTING POLICY AND TAX MATTERS
A. The Purchase-Pooling Debate
B. Stock Options
C. "Restructuring" Charges
D. Segment Data and Consolidation
E. Deferred Taxes
F. Retiree Benefits
G. Distribution of the Corporate Tax Burden
H. Taxation and Investment Philosophy
EPILOGUE
AFTERWORD AND ACKNOWLEDGMENTS
INDEX
CONCEPT GLOSSARY
DISPOSITION TABLE