Description : Berkshire Hathaway, the $300 billion conglomerate that Warren Buffett built, is among the world's largest and most famous corporations. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves them wrong. In a comprehensive portrait of the corporate culture that unites Berkshire's subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate's continued prosperity. Riveting stories of each subsidiary's origins, triumphs, and journey to Berkshire reveal how managers generate economic value from intangibles like thrift, integrity, entrepreneurship, autonomy, and a sense of permanence. Rich with lessons for those wishing to profit from the Berkshire model, this engaging book is a valuable read for entrepreneurs, business owners, managers, family business members, and investors, and it is an important resource for scholars of corporate stewardship. General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate legacy.
Description : In this engaging collection of stories, 43 veterans of the Berkshire Hathaway Annual Shareholders Meeting explain why throngs attend year after year. Beyond the famous Q&A with Warren Buffett and Charlie Munger, these experts reveal the Berkshire Meeting as a community gathering of fun, fellowship and learning. The contributors whisk readers through the exciting schedule of surrounding events--book signings, panel discussions and social gatherings--and share the pulse of this distinctive corporate culture. Spanning decades, the book offers glimpses of the past and ideas of what lies ahead. To learn about what makes Buffett’s shareholders tick and all the happenings at the Berkshire Meeting, and to reminisce about past Meetings, make this delightful book your companion. Includes work by these bestselling authors: - Robert Hagstrom - Robert Miles - Jason Zweig - Joel Greenblatt - Vitally Katsenelson - Jeff Matthews - Charlie Tian - Whitney Tilson - Prem Jain - Karen Linder
Description : Margin of Trust is the first book to distill Warren Buffett's approach to management and corporate life. It provides a definitive analysis of the tenets of the Berkshire Hathaway, system, its costs and benefits, and how it can be adapted for other organizations.
Description : Among the landmark occasions in the legendary history of Berkshire Hathaway and its iconic co-leaders, Warren Buffett and Charlie Munger, was a 1996 symposium held in New York at Cardozo Law School. The focus of the symposium was Warren's letters to Berkshire shareholders. The format was a series of panels with two dozen different experts dissecting all the ideas in the letters, about corporate governance, takeovers, investing, and accounting. Intellectual sparks illuminated the two-day affair, which drew unusual press interest for an academic convocation. While the principal tangible result of the conference was the publication of the international best-seller, The Essays of Warren Buffett: Lessons for Corporate America, the transcript of the symposium is now being made available with annotations and updated commentary that show just how timeless the topics are and how venerable the principles Buffett laid out remain. I had the honor of hosting the event, editing The Essays, and now publishing this archival treasure, with current assessments by such luminaries as Robert Hagstrom as well as several participants from the original symposium.
Description : A detailed look at how Warren Buffett really invests In this engaging new book, author Prem Jain extracts Warren Buffett's wisdom from his writings, Berkshire Hathaway financial statements, and his letters to shareholders and partners in his partnership firms-thousands of pages written over the last fifty years. Jain uncovers the key elements of Buffett's approach that every investor should be aware of. With Buffett Beyond Value, you'll learn that, contrary to popular belief, Warren Buffett is not a pure value investor, but a unique thinker who combines the principles of both value and growth investing strategies. You'll also discover why understanding CEOs is more important than studying financial metrics; and why you need an appropriate psychological temperament to be a successful investor. Reveals Buffett's multifaceted investment principles Discusses how Buffett thinks differently from others about portfolio diversification, market efficiency, and corporate governance Highlights how you can build a diverse and profitable investment portfolio With this book as your guide, you'll learn how to successfully invest like Warren Buffett.
Description : Construct a portfolio that is sure to outperform marketaverages Warren Buffett had it right all along. Now it's your turn tolearn how to construct a portfolio that is sure to outperform themarket averages, as well as almost every professional money managerin the world. Warren Buffett's method of predictability candetermine a future target price, which in turn determines hisall-important purchase price. However, Buffett doesn't drawconclusions of his predictability method relative to the futuretotal returns of portfolios. That's where Buffett and Beyondcomes in, taking Buffett's method one giant step beyond,proving that if you select a portfolio of stocks using thepredictability method in this book, you will outperform 96% ofprofessional money managers over the long term. In addition to the information in the book, readers will haveaccess to a password-protected website that includes tutorialvideos, PowerPoint slides, free trial access to a video newsletter,and a trial subscription to the author's computer program, whichfollows the research presented in the book. Explains Clean Surplus Accounting (CSA) to determine Return onOwners' Equity (ROE) Uses CSA to determine ROE in a unique way to verify Buffett'sall-important purchase price Draws conclusions between Clean Surplus Return on Equity andfuture total returns Shows that every portfolio selected from the S&P 500 indexwith above-average Clean Surplus ROEs outperformed the S&Paverage during the test periods from 1987 to the present If you're an investor, this book will impact your financial lifeforever.
Description : The shareholder letters of corporate leaders are a rich source of business and investing wisdom. There is no more authoritative resource on subjects ranging from leadership and management to capital allocation and company culture. But with thousands of shareholder letters written every year, how can investors and students of the corporate world sift this vast swathe to unearth the best insights? Dear Shareholder is the solution! In this masterly new collection, Lawrence A. Cunningham, business expert and acclaimed editor of The Essays of Warren Buffett, presents the finest writers in the genre of the shareholder letter, and the most significant excerpts from their total output. Skillfully curated, edited and arranged, these letters showcase the ultimate in business and investment knowledge from an all-star team. Dear Shareholder holds letters by more than 20 different leaders from 16 companies. These leaders include Warren Buffett (Berkshire Hathaway), Tom Gayner (Markel), Kay Graham and Don Graham (The Washington Post and Graham Holdings), Roberto Goizueta (Coca-Cola), Virginia Rometty (IBM), and Prem Watsa (Fairfax). Topics covered in these letters include the long-term focus, corporate culture and commitment to values, capital allocation, buybacks, dividends, acquisitions, management, business strategy, and executive compensation. As we survey the corporate landscape in search of outstanding companies run by first-rate managers, shareholder letters are a valuable resource. The letters also contain a wealth of knowledge on the core topics of effective business management. Let Dear Shareholder be your guide.
Description : They come to Omaha by the tens of thousands, flocking to an annual meeting that has become legendary for investors, businesspeople, and fans of one of the most savvy capitalists on the planet. They come to eat steak, buy furniture at a discount, and bask in the brilliance of value investor extraordinaire, Warren Buffet. Hedge fund founder, financial blogger, and professional skeptic Jeff Matthews got his own highly-coveted ticket to the Berkshire Hathaway meeting held only for shareholders and their guests--and proceeded to post reports on his blog, offering tempting glimpses into the much-discussed meeting. Now Matthews delivers a full-length account of his adventures at this infamous financial hoedown. In addition to offering a thoroughly entertaining first-hand account of Berkshire Hathaway's meeting, he answers questions investor's are asking, including: Does Buffett's famed penny-pinching cripple his companies? Why does Buffet--a bridge partner and best friend of Bill Gates--not own any technology stocks? How does the extremely rational Buffett square his well-known social progressiveness with his lily-white audience of investors? Is Buffet really an "Oracle"? What information, insights, and ideas do the meeting's attendees pick up-and how do they put this information to use in their own investments? Will Berkshire-Hathaway survive his death? Matthews also applies his financial acumen to harvesting potent lessons from his experiences that you can use as you survey the investment field, from finding how the world’s greatest investor evaluates not only businesses but the people who run them, to the importance of “just reading and thinking” and the value of having a smart, cynical partner. With the dispatches from this exclusive financial carnival, Pilgrimage to Warren Buffett's Omaha puts you at the forefront of an investor's dream come true. "There are very few secrets to be revealed about a man who really doesn’t have many secrets. But this book does take you inside that secret place – the Mecca of the Midwest. It’s very easy to read and full of classic Buffett-isms – well worth the pilgrimage for those of us who don’t own any Berkshire Hathaway shares or for anyone who wants to learn more about investing from the man who says the first rule of investing it to, 'read everything.'" --CNBC.COM
Description : Revealed! The secret behind Warren Buffett’s 20% return rate over 60 YEARS The Warren Buffett Philosophy of Investment reveals—for the first time—how the world’s #1 investor combines his trademark value investing with a unique approach to mergers and acquisitions. The huge interest in Warren Buffett stems from the challenge to understand his history of earning more than 20% on capital annually during the last 60 years. Modern financial theory does not allow for this degree of success, nor has anyone else been able to replicate it. The book argues that Buffett's secret can be explained only if one looks beyond the theory of investing. The author sees the major drivers of his success as the transformation of Mr. Buffett's name into a super-brand of mergers and acquisitions, as well as his hands-off policy with respect to the acquired companies. As a result, Buffett enjoys numerous opportunities to buy first-class companies at moderate prices and keeps the existing good managers responsible for further value creation. Elena Chirkova is a professor of finance in the Higher School for Economics in Moscow and was previously Head of Corporate finance for Deloitte’s office in Russia.