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The essays of warren buffett, lessons for corporate america - Lawrence…
The essays of warren buffett, lessons for corporate america - Lawrence Cunningham
Part 1. Corporate governance
A. Full and fair disclosure
B. Boards and managers
C. The anxieties of business change
D. Social compacts
E. An owner-based approach to corporate charity
F. A principled approach to executive pay
G. Risk, Reputation and oversight
Part 2. 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
G. Life and debt
Part 3. Investment alternatives
A. Surveying the field
B. Junk bonds
C. Zero-coupon bonds
D. Preferred stocks
E. Derivatives
F. Foreign currencies and equities
G. Home ownership: practice and policy
Part 4. 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
F. Berkshire's Recapitalization
Part 5. 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. The buyer of choice
Part 6. Valuation and accounting
A. Aesop and inefficient bush theory
B. Intrinsic value, book value, and market price
C. Look-through earnings
D. Economic versus accounting goodwill
E. Owner earnings and the cash flow fallacy
F. Option valuation
Part 7. Accounting shenanigans
A. A satire on accounting shenanigans
B. Standard setting
C. Stock options
D. "Restructuring" charger
E. Pension estimates
F. Realization events
Part 8. Accounting policy
A. Mergers
B. Segment data and consolidation
C. Deferred taxes
D. Retiree Benefits
Part 9. Tax matters
A. Distribution of the corporate tax burden
B. Taxation and investment philosophy