The Essays of Warren Buffett : : Lessons for Corporate America

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Originally published as part of the Cardozo Law Review's special issue on The Essays of Warren Buffett Symposium in 1995. This title originally published in 2001.
"CAP"--Spine.
Prologue : owner-related business principles -- I. Governance. Full and fair disclosure -- Boards and managers -- The anxieties of business change -- Social compacts -- An owner-based approach to corporate charity -- A principled approach to executive pay -- Risk, reputation and climate change -- Corporate culture -- II. Investing. Farms, real estate and stock -- Mr. Market -- Arbitrage -- Debunking standard dogma -- "Value" investing : a redundancy -- Intelligent investing -- Cigar butts and the institutional imperative -- Life, debt, swoons -- III. Alternatives. Surveying the field -- Junk bonds and the dagger thesis -- Zero-coupon bonds and ski masks -- Preferred stock -- Derivatives -- Foreign currencies and equities -- Home ownership : practice and policy -- Business partnerships -- IV. Common stock. Beating costs with indexing -- Attracting quality shareholders -- Stock splits and the invisible foot -- Berkshire's dual class : thwarting clones -- Buybacks and rationality -- Dividends and capital allocation -- V. Acquisitions. Bad motives and high prices -- Sensible share repurchases versus greenmail -- Leveraged buyouts -- Sound acquisition policies -- On selling one's business -- The buyer of choice -- VI. Valuation. Aesop and inefficient Bush theory -- Intrinsic value, book value, and market price -- Look-through earnings -- Economic versus accounting goodwill -- Owner earnings and the cash flow fallacy -- Option valuation -- VII. Accounting. Satire -- Standard setting -- Audit committees -- ""Adjusted earnings" -- Pension estimates and retiree benefits -- Realization events -- Investments -- VIII. Taxation. Distribution of the corporate tax burden -- Taxation and investment philosophy -- IX. History. The American miracle -- Productivity growth -- Tailwinds --X. Coda. Buffet on Berkshire culture -- Munger on "The Berkshire System" -- Methuselah's estate.
The author's annual letters to the stockholders of Berkshire Hathaway are edited to present the main themes regarding business, investing, price, value, corporate governance, and other important topics.

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