文档介绍：The Essays of Warren Buffett:
Lessons for Corporate America
Essays by
Warren E. Buffett
Selected, Arranged, and Introduced by
Lawrence A. Cunningham
Includes Previously Copyrighted Material
Reprinted with Permission
THE ESSAYS OF WARREN BUFFETT:
LESSONS FOR CORPORATE AMERICA
Essays by
Warren E. Buffett
Chairman and CEO
Berkshire Hathaway Inc.
Selected, Arranged, and Introduced by
Lawrence A. Cunningham
Professor of Law
Director, The Samuel and Ronnie Heyman Center
on Corporate Governance
Benjamin N. Cardozo School of Law
Yeshiva University
© 1997; 1998
Lawrence A. Cunningham
All Rights Reserved
Includes Previously Copyrighted Material
Reprinted with Permission
TABLE OF CONTENTS
INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
PROLOGUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
I. CORPORATE GOVERNANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
A. Owner-Related Business Principles................ 29
B. Boards and Managers............................. 38
C. The Anxieties of Plant Closings 43
D. An Owner-Based Approach to Corporate Charity. 47
E. A Principled Approach to Executive Pay.......... 54
II. CORPORATE FINANCE AND INVESTING. . . . . . . . . . . . . . . . 63
A. Mr. Market........................................ 63
B. Arbitrage.......................................... 66
C. Debunking Standard Dogma 72
D. "Value" Investing: A Redundancy................. 82
E. Intelligent Investing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
F. Cigar Butts and the Institutional Imperative 93
G. Junk Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
H. Zero-Coupon Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 103
I. Preferred Stock 110
III. COMMON STOCK. . . . . . . . . . . . . . . .