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The Essays of Warren Buffett: Lessons for Corporate America

Lessons for Corporate America

 Review

“Larry Cunningham has done a great job collating our philosophy. First class.” –Warren Buffett

“One of the top investment books of all time.” –The Motley Fool

“Two thumbs up.” –CNN

“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

“Of incalculable and timeless value. Cunningham’s Introduction (all by itself) is worth much more than the cost of the book.” –Robert Morris, Amazon Hall of Fame Reviewer

“Recommended reading for the President of the United States and everyone else, not only corporate executives.” –Joe Nocera, The New York Times

“Warren Buffett’s shareholder letters are available on the Berkshire website, but this is a brilliant alternative to the forbidding prospect of working through all of them. In The Essays of Warren Buffett, released in a new edition about every five years, most recently in a 3rd edition in 2013, Lawrence Cunningham has created a highly readable and topically indexed volume.” –Kevin LaCroix, The D&O Diary

“本书是关于巴菲特致伯克希尔公司股东们的信,虽然在中国巴菲特分名远扬,不过对于他的信所流露出来的投资理念很多人未必清楚。
本书共七个章节:第一章节讲的是关于公司治理方面,包括伯克希尔运营的原则、公开的披露、董事会与经理、关闭不盈利业务的考虑、捐赠方法的设计、经理薪酬制度设计。其中令人影响深刻的是伯克希尔对于内在价值增长率15%的最高期望。第二章节是关于公司财务与投资方面,理解公司的经济状况,并能够发现5~10家具有长期竞争优势德价格合理的公司,那么传统的分散投资就毫无意义。强调了熟悉的行业与公司、合理的价格。第三章是将除了普通股,其它替代品,包括垃圾债券、零息债券、优先股等。第四章是关于普通股的说法,指出交易成本、分红、回购方面的论述;第五章是关于兼并和收购。第六章是会计与企业估值,主要是在会计方面对公司财务一些处理,内在价值、账面价值和市场价格,巴菲特德内在价值是DCF模型计算得出:是一家企业在其余下的寿命中可以产生的现金的折现值。按照巴菲特的说法,账面值是对内在价值粗略的跟踪方法。同理的,内在价值是估计值,而不是精确值。最后一章即第七章是会计方法与纳税方法,不同的会计方法和税收措施对公司价值的影响。”

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