essays of warren buffett 6th edition

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The Essays of Warren Buffett: Lessons for Investors and Managers Paperback – 13 May 2021

A gold mine of investing advice from the most successful investor in history

THE ESSAYS OF Warren Buffett SIXTH EDITION

When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate value for his holding company, Berkshire Hathaway, approaching US$600 billion. Time magazine lists Buffett as among the most influential people in the world―and he is.

According to Buffett, the best book collating his philosophy is The Essays of Warren Buffett by Lawrence A. Cunningham, the internationally renowned scholar and expert on Buffett and Berkshire. Through many updated editions dating to 1997, The Essays is the definitive account of Buffett’s approach to investing and management, consisting of a carefully curated and thematically organized compendium of Buffett’s original annual letters, along with Cunningham’s priceless commentaries.

" The book on Buffett. A superb job." ― Forbes

"Extraordinary." ― Money

"A classic on value investing and the definitive source on Buffett." ― Financial Times

One of "the smartest books we know." ― Fortune

• Print length 400 pages
• Language English
• Publisher Wiley
• Publication date 13 May 2021
• Dimensions 15.2 x 2.33 x 22.9 cm
• ISBN-10 1119803276
• ISBN-13 978-1119803270
• See all details

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From the Publisher

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From the inside flap.

“ The book on Buffett. A superb job.” ― Forbes

“Extraordinary.” ― Money

“A classic on value investing and the definitive source on Buffett.” ― Financial Times

One of “the smartest books we know.” ― Fortune

From the Back Cover

About the author.

Lawrence A. Cunningham is the Tucker Research Professor at George Washington University in Washington DC and New York City and Director of its Quality Shareholders Initiative. A leading authority on corporate culture and quality investing, Cunningham's dozen books include Quality Investing , Quality Shareholders , Dear Shareholders , and Margin of Trust .

Product details

• Publisher ‏ : ‎ Wiley; 6th edition (13 May 2021)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 400 pages
• ISBN-10 ‏ : ‎ 1119803276
• ISBN-13 ‏ : ‎ 978-1119803270
• Dimensions ‏ : ‎ 15.2 x 2.33 x 22.9 cm
• 25 in Business Consolidations & Mergers (Books)
• 35 in Valuation
• 55,989 in Textbooks & Study Guides

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The essays of warren buffett: lessons for investors and managers, 6th edition - softcover.

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• About this edition
• Publisher Wiley
• Publication date 2021
• ISBN 10  1119803276
• ISBN 13  9781119803270
• Binding Paperback
• Edition number 6
• Number of pages 400
• Editor Cunningham Lawrence A.

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Publisher's summary

The fifth edition of The Essays of Warren Buffett: Lessons for Corporate America continues a 25-year tradition of collating Warren Buffett's philosophy in a historic collaboration between Mr. Buffett and Prof. Lawrence Cunningham. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Mr. Buffett’s thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced listeners alike will gain an invaluable informal education by perusing this classic arrangement of Mr. Buffett's best writings.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

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Excellent content

This edition does deliver what the description promises with several hours of easy to consume essays from Warren Buffett’s shareholder communications. Very worth the listen for those who like the market and want to understand Buffet’s methods. The performance is clearly spoken and easy to listen to. The only poor part of the performance is the literal reading of things best visually consumed. Examples being reading of financial statement numbers, and a literal reading of the index complete with page numbers absent in this audiobook. Makes no sense. Would be much better if the producers included those financial statement examples in an ‘accompanying PDF’ like several other audible titles use.

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• Overall 4 out of 5 stars
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• Anonymous User

Great book to understand the mindset of Warren Buffet and get the insights of how he ran he company.

• Performance 5 out of 5 stars

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Wisdom for the ages!

I listen to every bit of this book, and I plan to listen to it again. It is true wisdom for the agents well presented,

What I learn from this is something very special because it take one step closer to investing

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The fifth edition of The Essays of Warren Buffett: Lessons for Corporate America continues a 25-year tradition of collating Warren Buffett's philosophy in a historic collaboration between Mr. Buffett and Prof. Lawrence Cunningham. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Mr. Buffett’s thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Mr. Buffett's best writings.

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The Essays of Warren Buffett : Lessons for Investors and Managers (6TH) [Paperback]

by Cunningham, Lawrence A.

THE ESSAYS OF Warren Buffett A gold mine of investing advice from the most successful investor in history THE ESSAYS OF Warren Buffett SIXTH EDITION When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate value for his holding company, Berkshire Hathaway, approaching US$600 billion. Time magazine lists Buffett as among the most influential people in the world—and he is. According to Buffett, the best book collating his philosophy is The Essays of Warren Buffett by Lawrence A. Cunningham, the internationally renowned scholar and expert on Buffett and Berkshire. Through many updated editions dating to 1997, The Essays is the definitive account of Buffett's approach to investing and management, consisting of a carefully curated and thematically organized compendium of Buffett's original annual letters, along with Cunningham's priceless commentaries. "The book on Buffett. A superb job." —Forbes "Extraordinary." —Money "A classic on value investing and the definitive source on Buffett." —Financial Times One of "the smartest books we know." —Fortune

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The Essays of Warren Buffett: Lessons for Corporate America, Third Edition (PDF)

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Summary The Essays of Warren Buffett: Lessons for Corporate America, Third Edition

THE ESSAYS OF WARREN BUFFETT: LESSONS FOR CORPORATE AMERICA

THE ESSAYS OF WARREN BUFFETT: LESSONS FOR CORPORATE AMERICA ESSAYS BY WARREN E. BUFFETT SELECTED, ARRANGED, AND INTRODUCED BY LAWRENCE A. CUNNINGHAM THIRD EDITION

Library of Congress Cataloging-in-Publication Data eISBN: 978-1-61163-447-1 Cunningham, Lawrence A., 1962- Buffett, Warren E., 1930— The Essays of Warren Buffett: Lessons for Corporate America / selected, arranged, and introduced by Lawrence A. Cunningham—3d ed. 308 p. 26 cm. Includes previously copyrighted material. Reprinted with permission. Includes bibliographical references and index. 1. Corporations—United States—Finance. 2. Corporate governance— United States. 3. Investments—United States. 4. Stocks—United States. 5. Consolidation and merger of corporations—United States. 6. Accounting— United States. I. Buffett, Warren E. II. Cunningham, Lawrence A. III. Title. HG4061.B8372 2001 (OCoLC) 38497313 Originally published as part of the Cardozo Law Review’s special issue on The Essays of Warren Buffett Symposium. Copyright © Lawrence A. Cunningham, 1997, 2001, 2008, and 2013. Includes previously copyrighted materials, © Warren E. Buffett, reprinted with permission. All rights reserved. Printed in the United States of America. ISBN: 978-1-61163-409-9 Copies of this collection are available in larger quantities at special discounts to use for teaching, training, promotions, premiums or other purposes. For more information, please contact Carolina Academic Press, 700 Kent Street, Durham, NC 27701, http://www.cap-press.com.

“The speech I love is a simple, natural speech, the same on paper as in the mouth; a speech succulent and sinewy, brief and compressed, not so much dainty and well-combed as vehement and brusque.” Michel de Montaigne The Essays of Montaigne (1580) “The sincerity and marrow of the man reaches to his sentences. I know not anywhere a book that seems less written. Cut these words and they would bleed; they are vascular and alive.” Ralph Waldo Emerson Representative Man (1850) (Referring to Montaigne and his Essays)

TABLE OF CONTENTS PREFACE INTRODUCTION PROLOGUE: OWNER-RELATED BUSINESS PRINCIPLES I. 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 II. 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 III. INVESTMENT ALTERNATIVES A. Surveying the Field B. Junk Bonds C. Zero-Coupon Bonds D. Preferred Stock E. Derivatives F. Foreign Currencies and Equities G. Home Ownership: Practice and Policy IV. 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 V. 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 VI. 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 VII. ACCOUNTING SHENANIGANS A. A Satire on Accounting Shenanigans B. Standard Setting C. Stock Options D. “Restructuring” Charges E. Pension Estimates F. Realization Events VIII. ACCOUNTING POLICY A. Mergers B. Segment Data and Consolidation C. Deferred Taxes D. Retiree Benefits IX. TAX MATTERS A. Distribution of the Corporate Tax Burden B. Taxation and Investment Philosophy EPILOGUE

INDEX CONCEPT GLOSSARY DISPOSITION SUMMARY

PREFACE The original edition of The Essays of Warren Buffett: Lessons for Corporate America was the centerpiece of a symposium held two decades ago at the Benjamin N. Cardozo School of Law under the auspices of its Samuel and Ronnie Heyman Center on Corporate Governance. This gathering brought hundreds of Cardozo students together for a two-day dissection of all the ideas in the collection, featuring a series of vibrant debates among some 30 distinguished professors, investors, managers, and other students, with Warren E. Buffett and Charles T. Munger participating throughout from their seats in the front row. The Essays was the standard textbook for a specialized course I taught at Cardozo in proper business practices and is adopted by scores of professors at other law and business schools for classes such as investment, finance and accounting. Some investment firms have distributed copies to their professional employees and clients as part of training programs. I am grateful for the positive feedback from these students, teachers, and other users and delighted to know that the lessons are being taught and learned. Special thanks to Professor Tom Johansen (Ft. Hays State University, Kansas) and Professor Leo Chan (Delaware State College). Continuing thanks also to Mr. Buffett’s good friend and advisor, Robert Denham, whom I have had the pleasure of getting to know in the years following the symposium. Mr. Denham, a partner in the law firm Munger, Tolles & Olsen, introduced Mr. Buffett to Cardozo and me through another mutual friend, former Munger, Tolles colleague and now Cardozo professor Monroe Price, and I thank both of them for opening that door. Thanks also to Carol Loomis, a close friend of Mr. Buffett’s and the person who annually edits each shareholder letter. For institutional support in countless ways, thanks as always to Sam and Ronnie Heyman. As in previous editions of The Essays, this one retains the architecture and philosophy of the original edition but adds selections from Mr. Buffett’s most recent annual shareholder letters. All the letters are woven together into a fabric that reads as a complete and coherent narrative of a sound business and investment philosophy. As an aid to all readers, and to enable readers of the previous editions to see what is new in this one, a disposition table at the end of the book shows the various places in this collection where selections from each year’s letter appear. Footnotes throughout indicate the year of the annual report

from which essays are taken. To avoid interrupting the narrative flow in this collection, omissions of text within excerpts are not indicated by ellipses or other punctuation. The new edition is called for not because anything has changed about the fundamentals of sound business and investment philosophy but because Mr. Buffett’s articulation of that philosophy is always done in the context of contemporary events and business conditions. So periodic updating is warranted to maintain its currency. In preparing the previous editions, I was aided by numerous people, to whom I expressed gratitude in those editions, and I want to thank them again. Among those, I especially thank Mr. Buffett. His generosity not only made the symposium possible but his participation enriched it manifold; his willingness to entrust the rearrangement and republication of his letters to me is a great honor. His partner, Charlie Munger, deserves repeated thanks too, for not only did he participate in the symposium from the front row he also graciously chaired, on a moment’s notice, one of the panels. Lawrence A. Cunningham New York City February 2, 2013

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Airbus is one of Europe’s great successes, having overtaken Boeing as the world’s largest commercial planemaker. (Both companies have accused the other of receiving unfair competitive advantages, culminating in a W.T.O. ruling that each of them had received preferential subsidies.)

Chinese companies have an operating edge . Labor is cheaper in Shenzhen than in Detroit or Berlin. They have built operational efficiencies and get hefty government support. And China controls the bulk of global raw materials for E.V. batteries, like lithium, which the West is frantically scrambling to source. “Chinese E.V. makers have a structural cost advantage of 25 percent,” Patrick Hummel, a UBS auto analyst, told DealBook.

Trade barriers are unlikely to slow China’s growth. “Any tariff increase will have an impact, but it won’t deter them from arriving,” Munoz said. “This will be a war between tariffs on one side, and subsidies on the other.”

An Airbus-type venture may face headwinds. Executives at Volkswagen and Mercedes-Benz last month said they didn’t want to see an auto trade war. Both companies have strong businesses in China, and have tried to distance themselves from a European Commission investigation into whether China is giving its domestic carmakers market-distorting subsidies. “We stand for free trade,” said Arno Antlitz, Volkswagen’s C.F.O.

HERE’S WHAT’S HAPPENING

A $20-per-hour minimum wage for fast-food workers begins today in California. The law, which has been vigorously opposed by the industry, applies to most of the sector’s workers in the state, and requires that employers also offer paid overtime and family leave. Under Gov. Gavin Newsom, a Democrat, California has championed some of the nation’s most generous workers’ rights provisions, with all health care employees set to receive a $25 minimum wage by 2028.

The Senate reportedly plans to amend the House’s TikTok bill. Senator Maria Cantwell of Washington, the Democratic chair of the Commerce Committee, is expected to push for changes to a proposal that could ban the app in the U.S., The Wall Street Journal reports. This could include giving ByteDance more time to divest TikTok, or broadening the bill to address other social media platforms. Meanwhile, the former Treasury secretary Steve Mnuchin’s bid to buy TikTok is meeting increased skepticism.

Nippon Steel vows to press ahead with a $14 billion deal to buy U.S. Steel. Tadashi Imai, Nippon’s new president, said the Japanese company would negotiate with U.S. Steel’s union workers to win their support. The acquisition has become a hot election issue , with President Biden signaling that U.S. Steel should be domestically owned ahead of a summit with the Japanese prime minister, Fumio Kishida, on April 10.

Debate grows over rebuilding the Baltimore bridge

Workers have removed the first section of the mangled Francis Scott Key Bridge in Baltimore, a step toward reopening the shipping channel. The question now turns to who should pay to rebuild the vital transport span with President Biden set to visit the city this week.

Pete Buttigieg, the transportation secretary, yesterday urged Congress to authorize the needed money, emphasizing that the bridge collapse could have an impact on the wider economy. With cost estimates of at least $2 billion , not everyone in Washington is on board, however.

“ Your district could be next, and this has historically been bipartisan,” Buttigieg told CBS News’s “Face the Nation.” Biden said last week that the federal government would pay “ the entire cost ” of rebuilding — the Transportation Department has secured a $60 million “down payment,” but that’s not enough to complete the work.

But there’s bipartisan hesitation. Representative Dan Meuser, a Pennsylvania Republican, called Biden’s funding pledge “ outrageous ” and “a knee-jerk spend reaction.”

Other lawmakers want to see the companies involved in the crash (and their insurers) pay at least part of the cost. “I don’t think it has to be federal taxpayer money,” John Garamendi, a Democrat from California and a senior member of the House Transportation Committee, told Bloomberg last week. “Let’s first go to the insurance side of it, and then we’ll see what’s left over.”

The industry is bracing for a hefty tab. John Neal, the C.E.O of Lloyd’s of London, called the disaster “one of the biggest marine losses in history.” Morningstar analysts, meanwhile, estimate that it could cost insurers as much as $4 billion.

The collision puts the spotlight on maritime safety and size. Larry Hogan, the former Republican governor of Maryland who is running for U.S. Senate, courted mega-ships during his term in office, from 2015 to 2023, according to Lever News . That’s despite a report from Allianz, the insurer, that flagged “risk management concerns” posed by the giant vessels.

The supersized ship that crashed into the Francis Scott Key Bridge was loaded with about 4,700 40-foot shipping containers, an increasingly common sight amid a global shipping boom. In contrast, ships that sailed at the time the bridge was built in 1977 held about half that .

An A.I. warning label

A big worry about artificial intelligence involves tech companies using huge amounts of public data — including names, phone numbers and addresses — to train their A.I. models.

A recent Commerce Department report on improving A.I. accountability offered a suggestion on how to demystify the technology. It included an image that is familiar to most of us: a nutrition label — but for data, not food.

The idea would be for tech companies to use the label to inform businesses and consumers about how they are using their data for A.I. Such labels could “present the most important information about a model in a relatively brief, standardized, and comparable form,” the report said.

The week ahead

Jobs, inflation data, and a mega proxy fight looms. Here’s what to watch for this week.

Wednesday: Eurozone Consumer Price Index data is scheduled for release. The markets are pricing in a June interest-rate cut if inflation can remain in check.

Elsewhere, Levi Strauss, whose jeans make a prominent appearance in Beyoncé’s latest album, reports earnings. Disney holds its annual shareholders meeting, where its fight against the activist investor Nelson Peltz is expected to come to a head .

Thursday: Donald Trump faces a deadline in his civil fraud case: post a $175 million bond, or risk the New York attorney general seizing assets.

Friday: It’s jobs day. Economists polled by Bloomberg have forecast that employers added at least 200,000 jobs in March. They also expect a slight slowdown in wage gains.

Market quiz, crypto edition

Bitcoin was trading around $69,500 this morning after a rally that saw the cryptocurrency soar 67 percent in the first quarter. Much of the surge came after the S.E.C. approved the creation of new exchange-traded funds in January, making it easier for investors to buy and sell the token.

Which of the following performed even better in the first quarter?

A) The Nasdaq Composite

B) Japan’s Nikkei

C) Cocoa futures

D) Brent crude

The answer: C, cocoa futures, which have more than doubled this year following exceptionally poor cocoa bean harvests in West Africa.

THE SPEED READ

Potential bidders could scoop up some the world’s top ice cream brands , with Unilever’s Ben & Jerry’s and the company behind Haagen-Dazs for sale. (Bloomberg)

The huge investments in A.I. are leading to hype and “grifting” reminiscent of the crypto boom, says Google’s A.I. boss, Demis Hassabis. (FT)

Election 2024

China’s increasingly sophisticated efforts to influence the U.S. election are raising the alarm in Washington. (NYT)

Companies are rushing to meet financing needs ahead of the election to forestall any market volatility. (FT)

Best of the rest

U.S. oil exports have hit records since Western countries imposed sanctions on Russia. (Bloomberg)

“The Celebrity Chef Who Beat the U.S. Military at Getting Aid Into Gaza” (WSJ)

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Andrew Ross Sorkin is a columnist and the founder and editor at large of DealBook. He is a co-anchor of CNBC’s "Squawk Box" and the author of “Too Big to Fail.” He is also a co-creator of the Showtime drama series "Billions." More about Andrew Ross Sorkin

Ravi Mattu is the managing editor of DealBook, based in London. He joined The New York Times in 2022 from the Financial Times, where he held a number of senior roles in Hong Kong and London. More about Ravi Mattu

Bernhard Warner is a senior editor for DealBook, a newsletter from The Times, covering business trends, the economy and the markets. More about Bernhard Warner

Sarah Kessler is an editor for the DealBook newsletter and writes features on business and how workplaces are changing. More about Sarah Kessler

Michael de la Merced joined The Times as a reporter in 2006, covering Wall Street and finance. Among his main coverage areas are mergers and acquisitions, bankruptcies and the private equity industry. More about Michael J. de la Merced

Lauren Hirsch joined The Times from CNBC in 2020, covering deals and the biggest stories on Wall Street. More about Lauren Hirsch

Ephrat Livni reports from Washington on the intersection of business and policy for DealBook. Previously, she was a senior reporter at Quartz, covering law and politics, and has practiced law in the public and private sectors.   More about Ephrat Livni