The Essays of Warren Buffett : Lessons for Corporate America
by Warren E. Buffett
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Book Summary Information
Author: Warren E. BuffettEditor: Lawrence A. Cunningham
Edition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2001-04-11
ISBN: 0966446119
Number of pages: 256
Publisher: The Cunningham Group
Book Reviews of The Essays of Warren Buffett : Lessons for Corporate America
Book Review: There's only one Warren Buffett
Summary: 4 Stars
Crazyman's Economics
Warren Buffet is a true success story when it comes to American entrepreneurs. If you follow his advice, your chances of making money in the market will increase, but you're still gambling on a game of chance. Buffett himself admits that the greater the motion, the smaller the return to the investor.
In the end, we should celebrate Buffett's success and his willingness to share his advice. But please remember, that Buffett's advice will not make you any richer than a book on basketball by Michael Jordan will make you a hall-of fame basketball player.
Summary of The Essays of Warren Buffett : Lessons for Corporate America
The definitive work concerning Warren Buffett and intelligent investment philosophy, this is a collection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past few decades that together furnish an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. They are arranged and introduced by a leading apostle of the "value" school and noted author, Lawrence Cunningham. Here in one place are the priceless pearls of business and investment wisdom, woven into a delightful narrative on the major topics concerning both managers and investors. These timeless lessons are ever-more important in the current environment.Buffett, the Bard of Omaha, is a genuine American folk hero, if folk heroes are allowed to build fortunes worth upward of $15 billion. He's great at homespun metaphor, but behind those catchy phrases is a reservoir of financial acumen that's generally considered the best of his generation. For example, in an essay on CEO stock options, he writes, "Negotiating with one's self seldom produces a barroom brawl." This is his way of saying that an executive who can give himself compensation totally disproportionate to his performance surely will. There are uncountable gems of financial wisdom to be harvested from these essays, taken from the annual reports he writes for Berkshire Hathaway, his holding company. Just to pick one more, here's a now-famous line about those he competes with when making stock-market investments: "What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?"
While Buffett has a policy of seldom commenting on stocks he owns--he feels public pronouncements will only lead to the public's expectation of more public pronouncements, and he likes to keep his cards close to his vest--he loves to discuss the principles behind his investments. These come primarily from Ben Graham, under whom Buffett studied at Columbia University and for whom he worked in the 1950s. First among them is the idea that price is what you pay and value is what you get--and if you're a smart investor, the first will always be less than the second. In that sense, the value of the lessons learned from Buffett's Essays could be far greater than the book's price. --Lou Schuler
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